When you are looking to start your own business, it’s an exciting and creative time.
Here’s our 6 essential tips to give your business the best possible start.
1. Get the right advice
Decide on the structure of your business. Do you want to operate a company or conduct business as a sole trader? Are there any licenses that you need to operate? Some places you can seek advice from include your accountant, trade association or local and state government regulations for operation. There are many sources of free advice available to make use of, including websites such as business.gov.au can also help.
2. Register your business
Your business will need an Australia Business Number (ABN) however, may not need to be registered for GST. Once you have an ABN and completed the right registrations for your business, then you can open a bank account for your business. The business bank account is important.
3. Cashflow is king
Do a financial plan for the first 12 months to work out how you can support yourself. Building a business takes time energy and effort, and this is an essential part of working out how you are going to manage the financial aspects of your business. This will give you an overview of what costs are involved in setting up and running your business. Who is going to be responsible for bookkeeping will be an important decision too. There are some free templates to assist with planning available through reliable online sources.
4. Make a Business Plan
A business plan gives your business the greatest chance of success. This is essential for refining your unique selling point (USP) or knowing what you can offer the market. It is vital to research and make sure you understand the market that you are operating within. There are places to do your research such as Australian Bureau of Statistics, which can give you a snapshot of the market or industry you are operating within.
5. Get familiar with marketing and the online world
There’s lots of great marketing tools online to drive your marketing efforts – such as your website, Search Engine Optimisation (SEO) or online shop – to name a few. You can also choose to register for a ‘Google My Business’ account. To be successful in business you will need to sell your products or services and you will not be able to do this without people being aware that you exist. Invest in a marketing plan of action. Understanding your customers’ needs and how you can meet those needs is the cornerstone of good marketing.
6. Take advantage of free support available to you
There are many local, state, and federal assistance programs that maybe applicable to your industry from Long Service Leave for Construction workers and Contract Cleaners to the Small Business Commission of NSW being able to check shop leases for free that you may need to search out and investigate. Investigate grants and other assistance which can support you as you set up your business.
Looking for more inspiration to start your own business? Already in self-employment and need support?
Find out more about APM's Entrepreneur Facilitator Services (EFS) located in Sydney's South West.