Starting your business
Starting a business for the first time is exciting and daunting all at once. To help you navigate your way to the start line, we’ve compiled a checklist with links to support you through this process.
Before starting up your business:
- Confirm that you are up for the task
- Research the size of your market
- Identify your core competitors
- Understand your customers
- Conduct a SWOT (strengths, weaknesses, opportunities & threats) analysis
- Identify your set up costs
- Estimate your net cash flow
- Identify your breakeven position
- Develop a business plan & set out your goals
Start up your business
- Choose a business structure
- Choose a business name and register it
- Register a domain name
- Apply for an Australian Business Number (ABN)
- Check with your local government regarding business licences or permits (there are limitations to the size and type of business that can be home based)
- Seek out business advice and support. Here are some organisations that can help:
- Join your local business association - for example, the Salisbury Business Association
- Keep an eye out for grants or subsidies that might be available to your business - here's where to find them in Salisbury
Marketing
- Develop a marketing plan (and a clear competitive advantage within this)
- Create your brand and logo (if applicable)
- Build a website (does-your-business-need-a-website-five-reasons-why-msn.docx)
- Set up a unique email address that matches your website
- Register your business with Google My Business
- Sign your business up to appropriate social media channels
- Set out a short and medium term Marketing Action Plan with a budget
Finances
- Plan funding needs
- Develop an annual budget
- Develop a monthly cash flow budget with profit and loss
- Speak to your accountant about your systems and 12 month tax plan
- Keep the right records
- Learn how to lodge and pay for tax
- Talk with your Business Mentor about your budgets and planning
Protecting your business
- You may need to consider a variety of insurances, depending on your business type, this is an area to get some advice on, you may need a variety of building, professional indemnity, contents, motor vehicle etc.
- Protect your Intellectual Property
- Prepare your business for an emergency (bushfire, flood, financial crash, pandemic etc), there may be risks/emergencies particular to your business or industry that you will need to consider
Know the law
- Learn the legal essentials for business
- Understand fair trading laws and your obligations
- Learn the laws of your industry
- Understand contracts
- Learn about hiring employees and your obligations (Work Cover, Superannuation, awards, insurances etc)