You have this great idea, it’s awesome, and you cannot wait for everyone to know and think it’s awesome too. That’s great! Maybe you’ve been working in your field for a while and are thinking it’s time to branch out on your own. Fantastic! I admire you for striving towards your dream. However, there are a few points to notes before beginning your business owner journey. Many of these may be tough questions, or require some time to answer, but starting a business is a big thing and it’s always best to be prepared. It always requires planning and a lot of attention.
Is this the right time for you to start a new venture?
Will it be your sole source of income?
Take time to think about the future if your business succeeds, but also if it fails, all businesses have ups and downs.
Make a pro’s and con’s list, and if necessary, adjust the time frame accordingly.
Do your research! Is there a plausible market – is there a demand?
Do a SWOT analysis, what are the Strengths, Weaknesses, Opportunities and Threats?
Does your product meet a niche market?
Does it have the ability to evolve with time?
Will it keep up with competitors?
Do you have the money or investors?
Will you need to work with a partner?
Do you need help from other professionals?
Sole trader, partnership, trust, company?
These all have pros and cons and THIS gives you a good idea of what they are.
Make a detailed and structured business plan outlining your operational and financial strategies for the start-up, short term and long term.
Use your answers from the first two sections to help you.
Register your business name with ASIC (also check with the Australian Trade Mark Online Search System – IP Australia).
Get an ABN, TFN, etc.
What do you need to know about PAYG and GST, licenses, and codes of practice?
Should you trademark/copyright/patent your idea?
This could be your family, your business partner, business contacts that you will be working with, friends or potential customers.
These people are going to be trustworthy and reliable advisers who can help you at various stages in growing your business.
Your business plan should have addressed some of this, but think about it in even more detail.
Do you have a good credit score?
Are you good a keeping financial records?
Do the financial projections in your plan look positive?
Can you analyse financial statements?
If finance is not your strong suit, one of your support team members, such as an accountant or bookkeeper, may be able to advise and assist you.
By now, your business name should be registered and your finances and support team will be in check.
Marketing to your potential consumers will be the biggest part of setting up a small business to grow successfully.
There are many marketing courses and professionals that can help you, only a quick google search away.
Linden College offers a short small business course to work through these with you, including customer service strategies, how to build customer relations, and grow networks. With this guide and our course, you will be well on your way! Good luck!