27 04 2022 by Tripti Kakkar
Do you have an amazing business idea? Or have you stumbled upon an insightful service that people need? Or are you tired of your 9 to 5 life? Or do you want to finally trust your instincts and turn your side hustle into a full-time opportunity? No matter what your reason is, your decision to invest in your beliefs and become an entrepreneur can be life-altering. We believe every person should listen to their heart and try starting a business at least once in their lives. It’s not just us but even researchers have found Entrepreneurship to be the best career choice.
This journey is definitely exciting but at the same time, it can be a little intimidating and challenging. Especially the beginning. There are a plethora of questions on what, how, where, and when to shape your idea into action. Here are some helpful tips on launching a business in Australia, so you can get off to the best start possible.
1. Examine Your Idea Thoroughly
Once you have an idea in place, invest your time in researching the market, competitors, and consumers. A start-up company must determine which customers are most likely to buy from them, and which competitors it has to beat. Identify your target customers. Determine what kind of companies or individuals you expect to sell to. Discover who purchases from your competitors. Check the web to see if there are any studies available for the profiles you listed. Ask people in your circle who match your target audience, for their opinions on everything related to your product or service.
Find out who your top competitors are next. You may be able to spot some immediately but will likely find out more by asking your customers. Different competitors often pursue unique segments of the market. The highest price-point option is one, while a cheap option is another. The strategy may also vary by age group or location. Understand their relationships. Finally, determine where you belong? Analyse where you can compete with your competitors and where you need to improve.
2. Make A Broad Business Plan
Your business plan should explain your product or service, who the target audience is, why they need it, and how you can profit from it. The first business plan should be short, and also include competitors, funding, sales and marketing activities, and key milestones for the next few months.
Then comes a detailed business plan. Create a strategy for execution and fix a goal that everything should be aligned to and aimed at. It’s also advisable to clearly chart out your brand values and unique proposition, which you can always refer to at the time of creation and execution. It should definitely include financial planning, considering what’s available, what you need, and what should be invested where. You need to strategically map out what you want your business to achieve over the next 6 to 12 months. All your efforts and finances should be driven towards that.
3. Set A Budget For Your Start-up
The budget allows you to determine how much money will flow into and out of your company over a given time. Budgeting helps start-ups decide whether or not they can afford to launch their business - and if their efforts will be rewarded with a return on investment. You can use a budget to estimate the value and earnings potential of a business, as well as find out how much it will cost to start up, whether you'll need to borrow money when you'll break even, the prices to charge customers, and if you can afford employees. To make a budget, first, list your costs and note roughly when they'll occur. Then do the same with income. For the first few months, sales will be slow as customers learn what you offer and begin to trust you. There will be a lot of setup costs involved. Your business plan should include information on how you will cover the difference. What are your financial resources - savings, investors, bank, or family and friends?
4. Choose Your Business Structure
This is an extremely important step. A business structure makes a big difference in how taxes are calculated, liability limits, and reporting requirements. It is therefore imperative that you choose a business structure that will dictate how you run your business and what you must do for compliance reasons. The three main Australian business structures are: Sole trader (or sole proprietorship), Partnership and Company. Your circumstances and the type of business you wish to establish will determine the best type of structure for your needs.
5. Fix A Space For Your New Business
Once your execution plan and structure are in place, you need to think of where to run your operations from? Do you need an office in a commercial building, is there a requirement for a warehouse or would you run your business from home? There are different rules for home-based businesses and those running from commercial spaces. Some businesses might require approval even to operate from home. So you must check local council guidelines to find out the rules in your local area.
6. Register For An ABN
ABN stands for Australian Business Number. As the name suggests this number is mandatory if you need to do business in Australia. An ABN is a number used to identify your business for tax purposes and is required if you wish to register for GST or PAYG withholding. Your ABN must also appear on all invoices and receipts you issue to your customers. To apply for an ABN as a company, you must first apply for an Australian Company Number (ACN). After registering your ACN, you may then request an ABN for your new company.
7. Establish An Online Presence
In today’s economy, it’s absolutely imperative to have a strong online presence. The first step towards building this presence is a robust website. It should list your services or products, brand values, prices, product images, and contact information. A website is critical in providing detailed information about your business, building an impactful brand image, and generating leads as well as converting them. There is a lot of information on building a website online. So if you’re keen on it, you can invest your time in learning and creating your own website using a website builder and plug-ins. Alternatively, you can also hire a freelancer or a digital agency to help you out with this task. Just remember it’s an online home of your Business and your visitors must get the best experience possible. Thankfully the cost of maintaining a website is getting lower by the day. So it’s now affordable for small businesses too.
Along with the website, social media also plays a huge role in the success of a business. It’s important to market and promote your products on social channels. Well-thought-out campaigns and content can give you a lot of traction and mileage, leading to conversions. So make sure you choose the right platforms and plan out content to engage and interact with your customers.
8. Fulfil Legal Requirements
No matter how small the business is, you still need to make your way through the right legal documents. You must ensure your business and website are compliant and protected under Australian Consumer Law. These include terms and conditions and privacy policies for your website. Your company might also need to apply for company registration and require employment agreements. Make sure you also understand your local council’s guidelines and comply with any zoning laws. There are law firms that specialise in assisting small businesses with their legal needs. It’s advisable to book a consultation with them and get all the information needed to set up a sound legal foundation.
9. Have A Trusted Mentor
Launching your own business is worth every stress, every challenge, and every obstacle you might face on your way. However, if you have a mentor the journey could be way smoother. From a friend to an acquaintance, from a teacher to a paid advisor a mentor can be anyone who has the relevant knowledge and experience of setting up a business in Australia. Most importantly, it should be someone you trust. So be ready to soak in all the information and learn as much as you can from your mentor. An up-to-date entrepreneurship course can also act as a mentor and play a huge role in helping you plan and prepare for your business.
We hope these steps provide you with a solid foundation for your next project. If you are interested in understanding how to successfully launch a business, and learning effective strategies, insights, and skills from industry professionals, then consider enrolling in our Business Courses. You can apply what you learn in the course directly to your company, ensuring your business takes off successfully.
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