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Opening a New Business in Australia During COVID-19 - What Are the Keys to Success?
Starting your own business is never going to be a simple venture, but for those looking to open up a business during COVID-19 times, there is a whole new level of challenge
Here in Australia measures and restrictions have been lifting slowly throughout the country, with plenty of safety regulations put in place to ensure cases don't rise again. So, while life is starting to enter into the new normal, you may be thinking the time is right to open up your business, but what tips and steps should you take to help ensure you are successful?
Hereís a look at some measures that you may want to include in your plans that can certainly help the business to succeed and push forward even during these very trying times.
Think Long and Hard About Your Business Idea
One of the most important steps is to ensure the business you open is not only in demand but has a place during and after the COVID-19 pandemic. In these few short months, many businesses have been forced to close or shift focus, so you want to ensure your idea aligns with what people are looking for and wanting right now.
As soon as youíve got that solid plan mapped out, itís time to create your business plan. This will act as your blueprint guiding you through those initial months, the first year, second year, and beyond. If you plan on applying for any type of financing, a strong and well-organised business plan will be necessary to provide to the lender.
What About Cash Management?
In terms of hurdles and challenges, most people are well aware that the biggest one facing new start-ups is cash flow. Having enough money to not only get the business up and running but carry it for at least a year, if not more, will be essential. Without a healthy cash flow, the business simply cannot survive.
So, where does the cash come from? It could be from your own savings, perhaps you have lined up a small business loan or line of credit, or maybe you brought in a partner or investor - there are many different avenues you can pursue. The point is that cash flow is already set up and ready to go.
Provide Customers with an App
Another tool you can add to your arsenal is a mobile app for your customers and clients to use. The great thing about apps is that they can work as a marketing tool, and they are a value-added convenient feature for customers. An app isnít restricted by closures and lockdowns and is open 24/7. Itís a great way to ensure that customers can access information regarding your business any time from their mobile device.
Of course, you can take it a step further and allow purchases to be made on the app creating an e-commerce experience. This obviously adds even more value and convenience. Creating an e-storefront is one of the safest ways to go about business during COVID-19, as you donít have to worry about physical distancing measures, disinfection steps, a cap on how many people can be in your business at once, and so forth.
If you are going to go the route of an app, keep in mind you will only have one shot at that all-important first impression. You canít afford to rush together an app that doesnít perform as it is intended. This is why itís a good idea to bring in a professional app developer.
Appetiser, who are professional Australian app developers, stress that an app should do three main things in order to be successful; it needs to offer a marketing angle, offer the latest in technology, and feature a striking design. They even offer a free consultation so you can get an idea of how an app could enhance your company, especially a new start-up.
Physical Spacing Needs
If your company will have an office where you will have employees, then you also need to think about the changing needs in terms of physical spacing. How can you set up an office space that allows for safe physical distancing? Itís all-new territory that not just start-ups are facing, but every company out there.
It could be that you need to rent a larger office space than you originally thought simply to allow for adequate distancing measures.
And itís not just the physical spacing; there will also be heightened measures where cleaning and disinfecting are concerned. These are all things worth being aware of and factoring into your plans.
Being Cautious Will Pay Off
So, while it would be great to just jump right in and get your business going, taking a cautious approach is certainly the wise and measured way to go about things. This will ensure that you havenít forgotten any important steps and that you have planned for a variety of scenarios.