This month’s journal is a bit late, but as they say, better late than never!
Life has been chaotic lately, with home renovations in full swing. If you've ever taken on a renovation project, you know the challenges of balancing daily life, business responsibilities, and the demands of construction. It feels like a full-time job all on its own.
That brings me to this month's topic: How did I get started with Mr Hux? Where do you even begin when building a company from the ground up?
I had the same questions a few years ago when I embarked on this journey. Starting a company is no small feat, especially when you don’t come from a business background or have formal education in the field. Everything I learned, I learned through research, conversations, and connecting with the right people. The key is to surround yourself with those who are more knowledgeable than you. We've all heard the saying, "If you're the smartest person in the room, you're in the wrong room." It couldn't be more accurate.
This principle is crucial when starting a business. You may have a clear idea of your goals and a rough plan to achieve them, but flexibility is essential. Research is your best friend. There are countless resources available to guide you through the process of becoming a business owner. From obtaining an ACN to registering your business name, finding the right accountant to ensure your taxes are in order, securing your domain names, and locking down your social media handles—these are just a few of the things you'll need to stay on top of.
If design isn’t your forte, consider bringing a designer on board. Whether it's packaging that needs to meet specific regulations, designing a website, or building your social media presence, a designer can be invaluable. Then there’s photography, editing, copywriting, marketing, advertising, and potentially working with stockists or distributors. Will your business be D2C or B2C? Should you go with 3PL or dropshipping?
These are just the surface-level considerations when starting a business. If your venture is product-related, you’ll need to determine if you have a unique selling proposition (USP) or a niche product. Is there a demand for what you’re offering, or are you entering an already saturated market?
Starting a business is daunting, but it’s also incredibly rewarding. Hard work, determination, research, and a bit of know-how will go a long way. The most important thing is to take that first step. Just start.
Until next time,
Yours,
Liam C
