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Video: 6 tips and pitfalls for start-ups print Print

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Watch this short video by Fred Ohlsson, ANZ Managing Direct Retail and Business Banking, on 3 tips to help make your start-up a success, and 3 pitfalls to avoid.


3 tips to make your business fly

Do your homework

Find a need that isn’t being met, research market size, attend business workshops or use free online resources such as ANZ’s Biz Hub. Find out about your competitors. Write a business plan.

Get ready for take-off

Open a business bank account. Arrange for all the systems and processes you’ll need for people to buy. Make sure you meet all legal and compliance requirements. Arrange your company name and domain name.

The launch

Get a marketing plan and online presence. Commit yourself to delivering excellent customer service from day one to help ensure that customers will remember and recommend you.

3 pitfalls to avoid

Not knowing your customer

Your product or service will not appeal to everyone, so get clear on who you’re selling to and why they’ll buy. The more you know about them, the more effective you’ll be.

Not sharing

The likelihood of somebody stealing your idea is low. The likelihood they can help make it better is high. Run your idea past someone with experience and expertise.

Being too optimistic

It might take a while to generate enough sales to cover running costs, so be ready for that. Get solid advice so you’ve got a clear and accurate idea of start-up costs and potential profits.

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