New Year, new business! Tips on setting up your new business in 2022
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starting a new business tips new year business tips new business owner tips branded wristbands for events branded silicone wristbands

There’s no better time to set up your own business than the New Year. That exciting feeling as the clocks strike midnight is enough to inspire anyone to achieve new goals!

But setting up your new business can also be daunting with a whole host of things to consider. When you’re starting a new business, tips to help you on the way are essential.

So we’ve put together our New Year business tips to help you get your venture off the ground successfully. Read on to know more about making 2022 the year of your successful new business!

Do the groundwork

The early days of your business will involve getting your plans and paperwork in place so that you start off on the right foot. You’ll need to decide on things like:

  • Your business structure. Will you be operating as a sole trader or with others as a company, partnership, trust or other type of organisation?
  • Your location. Will you be working from home or hot desking, or will you need a base with storage, a shop, offices or meeting rooms?
  • Your business name. The name you choose can make or break your business. You’ll need to choose one that reflects your business, is memorable and hasn’t been used before in your industry or location.

Plan, plan and plan again!

Of all our new business owner tips, planning is perhaps one we can’t stress enough!

One of the first things you’ll need to do is to write your business plan. It will help you describe your objectives, set your goals and convince banks and investors to offer you finance.

Don’t forget to review your business plan on a regular basis. If the past couple of years of the pandemic have taught us anything, it’s that the best-laid plans can change with no warning!

If you don’t know where to start, check out the business plan templates provided on the Australian Government website.

Your business plan isn’t the only one you’ll need to write. You’ll also need a risk management plan to identify risks, assess their significance and know what to do to reduce or treat them.

And you’ll need a marketing plan to help you identify customers and how to capture their imagination so that they buy your product or service!

Make it official

After all this planning, the next step will be to make your business official by registering it.

You’ll need to get an Australian business number (ABN), register your business name and trademark if you have one and also get hold of any licences and permits you need to operate within the law.

Get your finances organised

Getting your finances in order is essential right from the start. One of the first things you’ll need to do is to secure funding for your business. This could come from your own personal savings, a bank loan or investors.

You’ll also need to decide how your day-to-day finances will work, so get a business bank account and set prices that reflect the value of your goods or services while still being competitive.

Set up a system for invoices and payments and make sure you are on top of any tax requirements. You may want to employ an accountant to help you keep up with your financial commitments.

Market your business

Now for the fun part… marketing your business! Set out how you are going to promote your new company in your marketing plan and use it as a checklist to tick off your goals. It should include a range of ways of marketing your company including having a company website and using social media.

And if you’re holding an official opening, why not try some of these options:

  • Plan an invite-only event for potential customers so they can sample your products or services.
  • Offer them discounts on anything they purchase on the day or give them vouchers to use at a later time.
  • Give out branded wristbands for events as a reminder of your business. They can be customised with your contact or social media details, serving as a reminder of who you are and where to find you.

Branded silicone wristbands are an excellent choice as they’re comfortable, durable and come in a range of colours to match your business’ branding.

You can also buy them in bulk so you always have a supply to hand.

Make 2022 the year of new ventures

As you look ahead to the New Year, think of 2022 as the year of new ventures, including setting up your business.

With careful planning and preparation, you’ll be set to make a success of your business in the coming months and years.

If you’re looking for a reliable supply of wristbands to market your business, check out our collection. We offer silicone, fabric and Tyvek wristbands that can be customised to include your business’ contact details and can be matched with your brand colours. It’s one of the simplest ways to get your message across and ensure that your business is memorable in 2022 and beyond!