
Steps To Starting Your Own Business In Australia
Steps To Starting Your Own Business In Australia
So you are all set to start your own business and step out into the world as the next most promising entrepreneur, but are you stranded as to how and where to start? You don’t have to learn from mistakes, you save a lot of time and energy by knowing the basic steps involved in running a business. Here are the some checklists that you need to be aware of to turn your dreams into reality.
1. Research
Investing time into research and planning never hurts your business. You must know the depth before you take a leap. Research your business idea and find out its market viability. You must know your competitors, their products, strategies and reach. You should also be able to assess the financial capacity needed to start and run your business.
Well done research can give you insights on how you can reach your target audience and also the marketing techniques that you can use. You can make use of market reports, published statistics, journals and industry publications.
2. Develop a Business plan
A plan is necessary for any type of activity to be executed properly. A business plan will help you run your business in a goal driven and optimal manner. A plan can include details on your business goals, marketing plans, research information, operations, management plan and financial plan.
Your plan needs to be reviewed and updated regularly.
3. Determine your Business structure
Decide on your business structure that best suits your requirements. This will determine the way your business will operate. Some of the common types of business structures include
Business structure can be changed in the future depending upon the growth of the company.
4. Naming Your business
Choosing a company name is an important step of your business. You need to consider your competitors, business goals, branding and marketing strategies while naming your business. You should check with the Australian Securities and Investment Commissions, national Names index to find out whether the name you have chosen is already registered or not. Once you have finalized on your business name, you must register it using the proper channels.
You must also take care of the legal obligations while choosing your business name.
5. Register your business
6. Finance
Get the proper funding and financial arrangements in place to carry out the initial setting up and consequent business operations.
7. Records systems
You must maintain comprehensible and accurate financial records to have a smooth running of your business. Hire professionals to help you with efficient book keeping.
8. Infrastructure
You should start looking for the right premises and start your business operations promptly according to your plan. Here are few things that you need to consider while establishing the required infrastructure.
Besides acquiring the office space, you must also start acquiring the other resources required for you to run the business. Staffing, equipment and other infrastructure must be acquired according to the plan and budget.
9. Insurance
Don’t forget to secure the right insurance as a protection for your business. You can consider the following to determine the right type of insurance for your business.
10. Develop a marketing plan
Delivering your product in the most presentable way is as important as developing the product itself. Marketing plans must be carefully planned and must be able to work around the challenges and make use of the opportunities presented by the current and long term market predictions.
There are a lot of government and private agencies like the ASIC, Business.gov.au, Ausindustry, Grantslink, etc., that would help you on the way to boosting your start-ups.
Manish Khanna is a serial entrepreneur, philanthropist and genuine Australian success story. In a decade he has built an online empire unlike any other. He is currently the Managing Director of more than 10 individual companies. These include the flagship Business2Sell which operates internationally in 6 countries. The others include CommercialProperty2Sell, Million Dollar Mansions, Netvision, BCIC Pty Ltd and Better Franchise Group, to name a few.
With more than 21 years’ experience developing web applications plus very successfully creating, managing and growing start-ups, he is forging ahead to turn more of his innovative ideas into future success stories.
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