Unlocking Small Business Ideas: An Australian Guide

Description

An idea is the first step in the process of creating a business. Most ideas, no matter how brilliant they may seem, never actually end up becoming a business. This book explains how to Look for new small business ideas. Evaluate ideas for their commercial potential. Unlock the strategies that turn an idea into a business. English’s focus is on finding the seed of an idea and the process of developing it into a genuine business opportunity. He includes practical diagnostic ‘reality checks’ developed in his small business workshops. He also includes an analysis of changes in the Australian small business environment as result of Covid-19. This practical volume is ideal for any budding entrepreneur looking for guidance on how to evaluate a business opportunity and build a commercial strategy around it. It will also be an ideal secondary reading for books on entrepreneurship and small business courses. Cover Half Title Title Copyright Disclaimer Contents Introduction Part A Unlocking an idea 1 Turning ideas into opportunities Pandemic legacy Health and safety Going digital Buying locally Spotting ideas Product ideas Service ideas Market ideas Radical ideas Assessing commercial potential Potential risks Capturing the market Operating constraints Financial projections Creating a blueprint Summary 2 Start-up essentials Legal structure Sole proprietorship Partnership Proprietary company Trust Australian Business Number Registering a name Choosing a name Company name Business name Domain name Trademark Tax File Number Australian Business Licence Information Service Premises Working from home Serviced office Business incubator Setting up commercial premises Insurance Public risk insurance Fire and property insurance Business continuation insurance Insuring a home-based business Employing staff Fair work system Occupational health and safety Workers’ compensation insurance Summary 3 Getting help Professional advisers Legal advice Financial advice Specialist advice Local support Business mentor Business enterprise centre Trade association State and territory support Commonwealth support Summary Part A Reality check: What are the risks? External risks Compliance risk Technology risk Economic risk Political risk Dependence risk Internal risks Planning risk Marketing risk Deliverable's risk Liquidity risk Personal risk Feedback Part B Unlocking a marketing strategy 4 Marketing strategy Understanding customers Finding a market niche Positioning a business Products and services Promotion Pricing Distribution Marketing mix Summary 5 Traditional marketing In-house communications Publicity Sponsorship Traditional advertising Yellow pages Newspaper Classified ads Display ads Magazines Radio Television Outdoor advertising Personal selling Summary 6 Digital marketing Importance of digital marketing Email marketing Social media marketing Types of platforms Popular platforms Marketplaces and directories Your own website Online advertising Mobile marketing Summary Part B Reality check: Can the target market be captured? Anticipated demand Market size Market growth Market stability Commercial lifespan Spinoffs Market acceptance Need Recognition Compatibility Complexity Distribution Market strength Differentiation Value Customers Suppliers Competitors Feedback Part C Unlocking an operating strategy 7 Service operations Diversity and growth in services Promoting services Unique challenges Competition Pricing Hospitality services Food and beverage operations Food and beverage management Food and beverage marketing Accommodation operations Accommodation management Accommodation marketing Summary 8 Online operations Virtual marketplaces Amazon eBay Etsy Merchant operations Finding information Placing an order Making payment Making delivery Security and privacy Registering a domain name Building a website Template website design Custom website design Choosing a hosting service Promoting a website Register with search engines Online directories Promoting online Buying banner ads Link advertising Post announcements on blogs Publish an e-newsletter Promoting offline Mobile devices Summary 9 Retail operations Disruption and innovation Retail location Negotiating a lease Rental payments Lease term Permitted uses Interior layout Display Colour and lighting Retail operating cycle Purchasing Pricing Promotion Stock control Point of sale technology Summary 10 Manufacturing operations Location Layout Production Outsourcing Stock control Distribution Summary Part C Reality check: What are the operating constraints? Expertise Marketing expertise Technical expertise Financial expertise Functional expertise Managerial expertise Resources Financial resources Physical resources Human resources Critical information Help and assistance Feedback Part D Unlocking a financial strategy 11 Money management Controlling cash flow Profits are not cash Cash flow budgeting Step 1 forecasting sales Step 2 identifying cash receipts Step 3 identifying cash disbursements Step 4 determining net cash flow Step 5 determining the future cash position Credit cards and cash flow Accounting system Balance sheet Assets Current assets Non-current assets Liabilities Current liabilities Non-current liabilities Owner’s equity Income statement Sales revenue Cost of sales Gross profit Operating expenses Net profit before tax Provision for income tax Net profit after tax Analysing profitability Breakeven point Pricing decisions Investment decisions Advertising decisions Product line decisions Summary 12 Financing and taxation Borrowing money Short-term borrowing Trade credit Overdraft Accounts receivable financing Inventory financing Bridging finance Long-term borrowing Personal loan Term loan Mortgage Shop around Leasing Equity capital Internal equity capital External equity capital Government grants Taxation Pay-as-you-go (PAYG) Goods and services tax (GST) Income tax Capital gains tax Fringe benefits tax Superannuation guarantee State taxes Facing a tax audit Summary Part D Reality check: Do the financial projections make sense? Revenue Investment and financing Profitability Breakeven Cash flow Feedback Appendix: Commercial feasibility rating Index