Have you ever considered starting a business but backed out because you thought it would be too challenging? Contrary to popular belief, starting a business isn’t as difficult as you might think. If you’re seeking additional income and are committed to building a successful business, here are some steps to help you get started:
· Let’s begin with the idea and market research:
Before you begin anything, this is the first thing that you should do. Have some quiet time and nut out your business idea and conduct some market research into your product or business. This practice holds true for all types of businesses, be it restaurants, beauty products, or even small-scale personalised businesses. A well-crafted market research plan ought to involve identifying your target audience, analysing competitors, and evaluating the viability of your business concept.
· What’s the Business Plan?:
Create a comprehensive business plan outlining your goals, target market, marketing strategies, financial estimates, and your operations (is it a one man band or you might need to outsource or hire). This plan will serve as a roadmap for your business and can be useful when seeking funding or support.
· Understand your outlays and initial expenses:
As a new business there will be a lot of things that you need to purchase before you start making money. This is an important step to write all the costs involved before you start the business. What programs will you need? Do you need to buy goods or products to sell? Do you need equipment? Every detail you can think of, write it all down.
· What’s your Business Structure:
Let’s define the business structure, because this will determine the next few steps. Common options include sole trader, partnership, company, and trust. Each structure has its own legal and tax implications, so consider seeking professional advice from an accountant to determine the best fit for your business. Once you know, apply for an Australia Business Number (ABN).
· Register Your Business Name:
This is the fun part! What will your business be called? Once you have a name register it with the Australian Securities and Investments Commission (ASIC)..
· Obtain necessary Licenses and Permits:
Depending on the nature of your business, you may need to obtain specific licenses or permits to comply with industry regulations. Research the requirements for your industry and ensure you obtain the necessary approvals before commencing operations.
· Set up and Research and Tax and $$:
Register for Goods and Services Tax (GST) if your annual turnover is expected to exceed the threshold set by the Australian Taxation Office (ATO). Additionally, it is always a good idea to open a business bank account to keep your personal and business finances separate. This will help in the long run because when you need to get your information ready every EOFY, you will have all the credits and debit in another account.
· Understand Employment Requirements:
If you plan to hire employees, familiarise yourself with Australia’s employment laws and obligations. Research PAYG and what it means for you and your employees. Even as a Sole Trader PAYG is still equally important.
· Insurances and Risk Management, oh my!:
Assess your business risks and obtain appropriate insurance coverage to protect against unforeseen events. Consider public liability insurance, professional indemnity insurance, and worker’s compensation insurance, among others. There are some really good websites that have comparable rates, so shop around and don’t take the first offer.
· Lift off! Marketing and Launch:
Develop a marketing strategy to promote your business and attract customers. Utilise various marketing channels, including online platforms, social media, and traditional advertising, to create awareness and generate interest. This is the perfect example of a task that you could outsource. If you are not familiar with Marketing and launching a new product, then you need to seek professional advice about this. We have countless examples of businesses not preparing themselves for the launch and the business didn’t have a successful few months.
While the prospect of starting a business may seem daunting, by diligently following the steps above, you can pave the way for a successful launch and establish a thriving company. Should you require guidance on marketing strategies or tips for a successful launch, feel free to reach out to Chrissy at chrissy@creativelittlesoul.com.au for a personalised one-on-one discussion to explore your options.