21/03/2018
Are you thinking of starting a business?
You may be thinking of starting a new business, buying an established business or perhaps you’ve decided to turn your passion into a business venture? Whatever it is, starting a business is an exciting time with a lot to consider.
10 tips to help you start your business journey!
Tip 1: Prepare yourself for business
It’s important to prepare yourself for business as this will save you time and money. You’ll need to analyse your business idea, your competitors and yourself and find out if there is a demand for your product or service. To help you get started on your venture, read our information on how to prepare yourself for business.
Tip 2: Know your customer
By understanding your customers you’re able to increase your sales and profitability, build stronger relationships and create unique experiences to attract and keep your customers coming back. We have information and tips to help you better understand your customers, including:
profiling your customers
analysing customer touch points
conducting market research
improving your relationship with customers.
Tip 3: Develop your business plans
Investing time and resources into creating solid plans for your business is one of the most valuable activities you can undertake. A plan helps give your business direction, defines your business objectives and how to achieve them, and is vital if you’re seeking finance for your business.
To help you complete your plans for your business, you can download our planning templates and guides:
Business plan
Marketing plan
Emergency management plan
Social media plan
Succession plan.
You can also download MyBizPlan on your tablet device to help write your plan and MarketMyBiz and MyBizShield apps to help you market and protect your business.
Tip 4: Determine pricing objectives
It’s important to determine the best pricing strategy for your business. Pricing your products and services can be a tough thing to do. It can be tricky to find a balance between turning a profit, becoming competitive and staying true to your business plan and market.
Check out our determining a pricing objective tips to help guide you to pricing your products or services correctly.
Tip 5: Decide on your business structure
There are four common business structures to choose from when you are starting a business in Australia:
Sole trader
Partnership
Trust
Company.
It’s important to understand the different business structures and choose the one that best suits your business. Read our Business structure information to learn more.
Tip 6: Apply for taxes
There are a number of different taxes that you may be required to register for as part of running a business, such as:
Australian Business Number (ABN)
Goods and Services Tax (GST)
Pay As You Go (PAYG) withholding.
The taxes you will need to register for will depend on the type of business you are starting and what your projected turnover is. Check out our tax information to help you understand.
Tip 7: Registering your business name
A business name or trading name is the name you choose to run your business and is your most valuable asset as it identifies you to your customers and differentiates you from your competitors. To help you decide on the perfect business name, read our information on choosing a business name. When you have decided on the perfect business name, check out our information on how to register your business name.
While it’s not compulsory to register a business name, if you’re a sole trader or partnership and you want to trade as something like Silver Elm Cafe, you’ll need to register it and potentially get a trade mark for your business name. It’s also a good idea to check if your preferred business name is available as a web address and social media profiles.
Tip 8: Organise registrations and licences for your business
Are you planning to play music, renovate or have a sandwich board out the front of your business? All state and territories are responsible for different business licences, permits, registrations and certificates. You can find out what licences you need for your business by reading our registration and licences information.
Tip 9: Take out insurance for your business
To help protect your business and minimise exposure to risk, it's important to take out insurance. This may include, insuring your company, your income, your commercial risk and workers’ compensation for your employees. Check out our insurance information to find out the types of insurance you need and how to arrange it.
Tip 10: Apply for business finance
Depending on your situation, you may need finance to get your business off the ground. It’s a good idea to see what’s available before you decide on a finance option and visit a lender or investor. Check out our tips on applying for finance to better help you secure finance for your business.
