10 things you need to start a business

Thinking about starting a business?

Being your own boss and making your idea a reality can be the most exciting thing you’ve done.

There is a lot to consider when thinking about setting up your own business – but the good news is you’re not alone in the process.

Which is where resources like the Self-Employment Assistance program come in.

On 1 July 2022, the Self-Employment Assistance replaced the NEIS program.

Any time, any age, is a good time to start.

2. Do your research

This is a step that will benefit you in the long run.

While many business owners and entrepreneurs can give great attention to their product/service itself – this alone does not justify the need for it.

Doing your research looks like finding out if your idea already exists, who your competitors are, what consumers want, how they use something, if they’d buy something or how they think about something.

Make a SWOT analysis part of your process – identifying the strengths, weaknesses, opportunities and threats.

This process will empower you with the knowledge of what sets your product/service apart, or, what will become your unique selling point (USP).

4. Plan your business

Now you can start doing even more in-depth research, plan how you’ll market your product/service and set up your digital presence.

At this point, you will need to know who your competitors are, and what sets your product/service apart from theirs – what problem does it solve for the customer?

George’s idea for plastic-free hair washing is saving the beaches he loves so much, one customer at a time.

Your digital presence is not just setting up a few social media accounts, either.

Consider if you’ll sell through a website (your own or third party), setting up a business website and how you’ll connect with your customers online.

Consistency is key, so only select platforms you can maintain at this stage.

6. Set up your finances

Business finances are vastly different form managing your own personal finances.

You’ll need to know about cash flow – how you fund your business, what revenue you have coming in, and what your expenses are.

Tax is an essential area you will need to understand or seek professional advice for.

As a starting resource, there are usually a number of resources available from the Australian Government to help you do so.

There are also resources from state and territory governments and even some local councils.

Eliza had already started her business journey, and support from the program helped her launch into national and international markets.

8. Know the law

As said above, there are things required by law for Australian businesses.

And there’s a range of laws which affect and influence how your business will trade.

These include, but are not limited to business registrations, fair trading, contracts, privacy, employment, contractors, franchising, intellectual property, importing and exporting, environmental protections, marketing along with terms and conditions.

It is best to seek professional advice, seek out a business consultant so you can learn what you need to know.

10. Keep required records

Know where your important information is when you need it.

This can be business registration, your financial information, records for your tax return or employee information.

Keeping your records organised can help you understand how your business is tracking, manage your cash flow and meet your legal obligations.

Though you can keep records electronically or as hard copies, the ATO recommends electronic record keeping if possible.

Digital business or accounting software can make record keeping easier. If you decide to use it, make sure it complies with Standard Business Reporting.