Starting a new Business
As Brand Manager for The Marketing Factory, Tracey is passionate about delivering solutions for business and developing long-term relationships with her clients.
So you’ve decided to start a new business. Firstly, congratulations! It’s a big leap of faith to leave full-time employment and back your own ability to start a new venture. It takes courage, but once the decision has been made, the future success of your business is dependant predominantly on how it is setup from the beginning.
According to the Australian Bureau of Statistics, more than 60% of small businesses cease operation within the first three years.
Also interesting is the top three reasons why businesses fail;
• Poor strategic management
• Inadequate cash flow
• Trading losses
This highlights the importance of developing a great relationship with your business accountant and creating budgets so your overheads and costs are kept at a sustainable and results driven level. Prior to launching your company, ensure that you have conducted due diligence researching the industry you are about to break into, and that there is room for your business to not only exist but thrive within its geographical area.
If your business is online, establishing a clear and distinctive point of difference is essential to stand out in this highly competitive arena.
Developing an outstanding brand that is recognised, stands apart from competitors and engages interest is what businesses ultimately aim for. In this edition, we would like to showcase a company that our team has proudly bought to life, being KLP Family Law.
KLP Family Law has successfully established themselves as a leading family law firm and you would have to agree that their branding and messaging is like no other typical law firm. Founder and Principal Collaborative Family Lawyer, Kate Pateman started the business focusing on servicing a niche and never swayed from offering this specialty service. Kate backed herself and her team, and last month they celebrated five years in business. All involved can truly be proud of the successful foundations that were laid at the beginning that created a business that has achieved five strong years and is positioned to succeed through many more.
Remember, starting a business, developing a brand and taking it to market, can be attempted by anyone. But, when done by professionals with a track record of producing results, gives your new business the best chance of success.
It is also a great idea to check out the many resources available online to set you on the right path and ensure you have all your bases covered. And above it all, be positive and only align yourself with partners and suppliers that share your vision and have the ability to take you far beyond where you ever imagined.