Defining your business idea

Did you just have a great business idea? We’ll help you define the business purpose of your idea – and whether it can deliver a viable and profitable model.

Having that Eureka moment when you cook up a great new business idea is a great moment. You’ll be full of ambition and eager to begin building your startup. But once you’ve had that initial rough idea, how do you assess and plan out your business idea to make sure that it has legs?

For a startup, the key thing is to define what your idea brings to the marketplace. This way, you know WHY you’re starting this venture and – crucially – whether it’s a viable business model.

Research the existing market and do your homework

A first vital step is to clarify the business purpose of your idea. What does it do, how does it cater to an existing or future need in the marketplace and who will your customers be?

Think about what your product or service delivers to the end customer, and why this customer should part with their hard-earned cash to purchase your offering. Design your product/service so that it caters to a customer need that you’ve identified, and make sure your business offers the best solution to that need. In a crowded marketplace, you’ll need to stand out.

Check out the competition

Once you know you know the aim of the new business, it’s sensible to start researching your competitors in this space and how your idea compares.

If you’re bringing a brand new innovation to market, you may well be the first entrant in the market. But for most business ideas, there’s likely to be another competitor out there – and they’ll be eager to take your market share. Research your closest competitors and look closely at their products, services, prices, and their approach to marketing and customer service.

Do the numbers add up?

Getting a great understanding of your financial model is critical to your success. Ultimately, if your idea can’t generate revenue, cashflow and profit, it won’t sustain a real-world business.

A good starting point is to work out your initial costs. Add up your estimated costs for producing your new product, or delivering your service. Include all your raw materials, your overheads, your labour costs and your delivery expenses etc. Then think about the margin (profit) you need to make per unit, and the price you’ll charge to the customer. If you can make enough sales at the right profit margin, will you break even? And will you make a profit?

Write a rough business plan

Every startup needs a business plan behind it. This will be the route map that defines your journey, sets out the key targets and drives the course of the first year or two of the company.

Important items to include in your plan include:

  • A clear outline of your product/service and what it aims to do
  • A definition of your key customer and how you’ll meet their needs
  • An overview of the market – including a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats)
  • A summary of your sales, marketing and business operations
  • Your key objectives for the first year – and how you’ll achieve them
  • Your predicted financial return – and how you’ll generate these profits
  • A breakdown of the initial funding you’ll require
  • Timescales for each element – so you can track your progress

As the old saying goes, ‘Fail to plan, plan to fail’. So, putting time and effort into a well-thought-out business plan could well be the answer to your future prosperity.

And just in case you wonder how we can assist, check out our list of services here.

The Ultimate Bookkeeping Impact Checklist: The Top 22 Ways To Know If It’s Time To Level-Up Your Bookkeeping Support Team So You Can Achieve More Of Your Purpose

Is your current bookkeeping and finance
team helping you achieve more of your
organisation’s purpose… or are they holding
you back?

With the help of this quick checklist, you can stop
guessing and see for yourself what business could
look like with the right purpose-driven bookkeepers
on your side. Download it now for FREE to get started!

Download Now for FREE:

The Ultimate Bookkeeping Impact Checklist

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We’ve Helped These Clients Focus Less On Their Finances, And More On Their Purpose

Here’s what they had to say:

We have had an enduring
relationship because Clare goes
beyond being just a “service
provider”.

The team at Purposely are always
invested in my clients and my own
organisations success. They partner
with their customers, accountants
and auditors to deliver tailored
solutions and they are always
proactive in their approach. If you are
looking for dedication and a long-
term partnership, these are the guys
for you.

Varis K.

VLK Accounting

We engaged with Clare and the
team to bring our organisation
into the cloud and we haven’t
looked back since.

It’s now 4 years down the track and
the Purposely team continue to
provide such an invaluable service to
our business. They understand the
complexities of working with remote
organisations and they handle
everything we need with the greatest
sensitivity. From bookkeeping, to
payroll to assisting us with all our
audit queries. They have changed the
way we operate for the better.

Anna and Steve H.

Noonkanbah Aboriginal Corporation

Purposely has looked after my
business for a long time now and
I am very happy with the service.

They are very professional and I know
things are always up to date. Clare
and her staff are great to deal with
and I trust them, that’s important. I
would not be in business today if I did
not find them.

Les R.

Quic Dig (WA) Pty Ltd

Nothing is too much trouble!

I have never felt so supported in
business… Since joining forces with
Purposely, I have become more
financially aware, have a much better
understanding of my own business
and my cash flow has improved
tenfold. [They] really have my
business’s best interests at heart.

Kellie G.

A* Star Cleanings

Purposely have been 
(and remain) invaluable to us in
making sure that this part of our
business is handled efficiently 
and with careful attention
to detail.

Paying our casual workers on time is
critical to the success of our business.
Mistakes and delays are not easy to
absorb in a small business and it’s a
great comfort to us that Purposely 
feel the same way. Timely, accurate
advice to help our business run
smoothly!

Dirima C.

Dortch & Cuthbert Trading Trust

The integrity of the Purposely
team is beyond question and we
know we can always rely on them
to prioritise the best interests of
our organisation.

Marrugeku engaged with Purposely in
2017 to handle all our bookkeeping
and payroll requirements. They
consistently show up, week in week
out with efficiency and good humour.
Even during the challenging times
faced by the entertainment industry
due to COVID-19, Purposely supported
us all the way. The Purposely team
work hard to manage the complexities 
of payroll for staff in Live
Performance. And each year they
strive to achieve a smooth audit, 
showing their dedication.

Guy B.

Marrugeku Inc.

The team at Purposely has been
a crucial resource to our
business. When we first started
working with them our books
needed dedicated attention.

Purposely did an amazing job at
bringing them up to date, making
things tidy and accurate. The team is
always reliable and consistently get
the work done. While their persistent
reminders may sometimes feel like
hounding, we recognise that it is
precisely what our business needs.
We highly recommend them for their
professionalism and commitment to
delivering results.

Holly G.

Cameron Herbert Constructions Pty Ltd

I have been working with
Purposely for a couple of years
now and in this time the team
has shown significant support to
me and my business.

Their technical expertise has helped me get my business in order leaving me to focus on what I do best. They communicate on a weekly basis so I know where things are at and what is yet to be done. Everything is completed and lodged on time and in full. I trust that they handle my data confidentially and would recommend them to anyone who is seeking the “next level” in terms of a bookkeeper.

Luke D.V.

Swat Suspension Wheel & Tyre Pty Ltd

I’m an exercise physiologist,
extremely busy and very
successful and wouldn’t be
where I am today without the
help of Purposely.

They have saved me a lot of time and
money helping my business to become
more streamlined and efficient, which
has saved me a lot of stress. I would
highly recommend Purposely as they
are very professional and very easy to
deal with.

Chris A.

Chris Anastasios Exercise Physiology

We have been working with Clare
and her team for the last 6 years.

Our initial contact with them came
from the difficulties we faced in
integrating our point of sale system
with our accounting software. We
required someone with technical
expertise to fix this issue, and Clare
immediately got on with the job. Since
then, Clare and her team have shown
commitment to adapt to our evolving
needs and implement effective
systems and processes, all of which
have contributed to enhancing our
overall operations.

Vanessa A.

Think Water Broome

We had no second thoughts on choosing Purposely.

My biggest pain point was not having clarity on the business financials from the previous bookkeepers. It was frustrating to try to communicate with them regarding anything. That’s when we found Purposely (Clare), our first impression was she was very professional and knowledgeable on what she does. We now have clarity, trust and good communication whether it comes to processing the payroll or bookkeeping or even sorting out the invoices. Clare and her team are always there to support and help and simplify things for us.

Bikram P.

Dragonfly Cafe

We have been dealing with Clare and Purposely for over 4 years because they handle the bookkeeping for one of our clients.

We can thoroughly recommend them to anyone that needs an efficient, accurate and easy to work with bookkeeper. We have always found their work to be of the highest quality.

Peter W.

Accounting on Tap Pty Ltd

I have nothing but praise for Clare & the team, they have always bent over backwards to help.

Myself & my business have been involved with Purposely for many years now after our internal Book-keeper decided to retire & suggested I look into what was/is Purposely. Purposely are Kimberley locals & understand how difficult it can be working remotely to run a business in this part of Australia. The team adapted to my requests & business style very quickly and I have to admit I haven’t always been the easiest person to work with due to the remote nature of our work & my lack of computer skills. GND will continue to use Purposely for the foreseeable future of our business.

Sam C.

Great Northern Demolition Pty Ltd

Since we started working with Purposely in 2018, we’ve witnessed their unique approach to bookkeeping which sets them apart.

Their commitment to due diligence and technical expertise exceeds the standards of traditional bookkeeping models. Their thoroughness extends beyond skilful application and experience, encompassing excellent communication with both clients and their accountants/auditors. With an experienced staff member always at hand, they provide a reliable asset to any organization fortunate enough to collaborate with them. Purposely offers an outstanding solution for organizations seeking outsourced financial management, whether it be for partial or comprehensive support.

Desiree M.

Male & Co

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