So you want to start a business?

You've got a great idea! No-one else appears to be doing it at the moment. The people you have told have said that they think it would be a winner!

It's a sure fire business success... right?

Well, it all depends on what you do right now.

Interestingly enough, one of the last people that anyone in this situation talks to is an accountant. Yet they should be the first! There are probably two reasons why this is so: fear of the cost of seeking advice and fear that what they will hear will be negative.

Afterall, no-one likes to have it rain on their idea.

However, 1 in 3 of all small businesses started fail in the first year, 2 in 4 fail by the second year and 3 in 4 fail by the fifth year (CPA Australia). Within those statistics you can pretty much guarantee that there were quite a few businesses that believed they had a 'sure fire' concept that would be successful.

The reality is that the success of any business venture is not directly related to the concept... it is related to the planning. The problem is that when you are fresh with a huge marketing idea, planning is the last thing you are wanting to do!

This is where you need to ask yourself "do I want a great idea or do I want a great business?" If the answer is the latter then you need to start being serious about how this great business is going to occur.

One of the earliest things that you need to do is work out a business plan followed by a marketing plan (a little hint: if you can complete both these plans and still have room at the bottom of an A4 page then you've not really done a business or marketing plan!!!)

I will be writing blogs on developing both business and marketing plans in the future.

In the mean time if you are looking at starting a new business you can get get some great resources at http://www.business.gov.au/. A comprehensive business plan template is available at nt.gov.au and an extensive example of a marketing plan is available at business.vic.gov.au.

An interactive New To Business checklist by business.gov.au is available from our site.