If you're fostering a business concept that you want to see come into fruition, it's important that you take the right steps to get it there. Having a great idea is only the first stage in setting up shop – to get through the rest make sure you tick off the checklist below for starting a small business in Australia.
1. Do your research
Before committing to your idea, you need to make sure that it has potential.
Doing research gives you necessary insight into the landscape you're stepping into. It helps you identify where you might encounter stumbling blocks, or opportunities you might not have seized upon otherwise. Taking the time to learn as much as you can about the business world, as well as the industry you're looking to enter, helps you keep your footing sure as you move into the new terrain.
Some areas to consider for your research:
- Potential competitors.
- Who your customers will be.
- What your unique selling point is.
- The future of the market you're entering.
- What resources you'll need.
- The nuts and bolts of running a company.
- Potential strengths and weaknesses of your idea.
2. Invest in advice
Running a company involves a whole new skill set for most people. Instead of jumping in at the deep end and hoping you can learn to swim, invest in advice and support. Finding the right mentor can make the difference between success and failure.
For example, many companies rely on their accountants for much more than just taxation advice. Accounting firms often offer business start up and development services to their clients, using their extensive experience in the realm to give solid advice to those who need it.
How they can help you:
- Creating a business plan.
- Helping you choose the right business structure for your needs.
- Building a budget.
- Forecasting cash flow.
- Assisting in registering your business and managing tax responsibilities.
3. Plan ahead
Knowing there's space in the market for your business isn't enough. You need to have a strategy for how you're going to make it your own, and how you'll tackle each different area.
A business plan gives you direction and purpose. It helps you identify priorities, provides you with a higher overview of what you need to achieve and focuses your attention. However, it's not just a business plan you'll need. There are a number of other elements to consider before you get started.
- Marketing plan – Do you know how you're going to get potential customers to notice you? Have you secured a website and domain name for your business?
- Finances – What start up costs are you going to encounter, and do you know how you'll fund them?
- Employees – Will you need to find staff, and if so what skills and experience do you need them to have?
4. Have you covered the basics?
Running a company involves certain responsibilities. Once you've done all your research and planning and before you begin trading, you need to cover the basics. This includes:
- Registering your company and getting an Australian Business Number (ABN).
- Sort out GST and PAYG.
- Organising business insurance.
- Setting up bank accounts.
- Creating an online marketing presence, such as social media accounts or a website.
If you're itching to begin a small business in Australia, make sure you start it off strong. Here at WMC Accounting, our aim is to create a lasting partnership with our clients. From your first steps into the business world, to taking it by storm, we're here to provide you with the support and advice you need to succeed. Reach out to the team today to see how we can help get your small business off the ground.