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How to Start a Business in Australia.
Thousands of new businesses open each and every day. And if all of those people can do it, why not you?
A journey of a thousand miles begins with a single step …
There are often hundreds of thoughts that go into the decision to actually start a business but nothing happens until you take that first step.
Reading through all of the info online, it makes it seem that it is super easy to start a business. And although the process to do the basic stuff is easy, the reality is that there needs to be some
Here is the step-by-step process that you should take to start your new small business.
To begin to walk the path to small business success you want to ensure that you lay a great foundation.
This guide is for general information purposes only and we always suggest checking with a professional for advice surrounding your own specific purposes. You can find an advisor ready to help using our directory found here.
Before you rush into all of the legal side you should start with checking that you idea will likely work.
1. Are you ready?
You’ve made the decision to start, but are you really sure about the reasons why? Why do you want to start your own business. What are you looking for out of it? Is it lifestyle, income, freedom … or something else entirely?
2. Research your Idea
It has been our experience that too many people start a business without having spent any time at all in this step. While their idea is inspired there is often a great rush to get it to market, yet investing in this stage is one the wisest things you can do.
3. Prepare a One Page Plan
Planning is priceless, not the plan itself. Create a road map for your business that shows all of the important details about your business and where you want it to go – all on just ONE PAGE!
4. Products and Pricing
Now you have an idea of your costs, work out what you need to charge to cover your costs.
Develop a pricing strategy that works for your small business.
5. Setup a Budget and Forecasts
Do up an estimate of the costs that will be involved in the setup and running of the business so that you can figure out pricing, products and where the money will come from. Assessing your financial readiness and being realistic about your assumptions is a key part of what you will tackle here.
6. Choose a Business Structure
Choosing a structure is important to setting yourself up for the future and you need to choose a structure that will best suit your requirements. Decisions need to be made about the size of the business, risks involved, potential for personal liability, asset protection, taxation impacts and ongoing costs.
7. Register Your Business
You will need to register your business in order to make it all official. This ensures that your business gets taxed at the correct rate and checks that you hold all of the relevant licences and permits that you need to operate.
8. Legal Obligations & Protecting Your Business
Depending on where you are and what structure you choose, there are legal obligations that come up with starting a business, including registrations for your chosen business structure, licences and insurance – just to name a few.
9. Build Your Team
Business is a team sport. Surround yourself with trusted and reliable advisors who can help your start, build, manage and grow. Quickly build your dream team to start bringing your small business vision to life. Leverage of their knowledge and expertise to shortcut your way to success. Find your next dream team member here.
10. Financing Your Business
Building and managing a business can be expensive and matching your incomings with your outgoings can be tricky. Learn the ways that you can attract and manage your cash.
11. Ready, Set, Go!
Congratulations. You have your business up and running. Now is the time to switch hats to start building and managing your business. Learn more about that here.
12. Get Extra Support
Looking for some extra support to begin your small business journey. Reach out to us on any of our social channels or jump online and ask any questions you have in our community forum on our platform.
No matter which step you are at in your small business journey, we can give you help and support.
Once you have started, the next step is to get the basics of business under control
There is much more to building a profitable and sustainable business than just ticking boxes. To develop the skills you need to succeed join us here at sixty:forty.
We hold regular, expert led workshops, training, discussion events and full courses to show you how to gain a competitive edge.
We are your concierge of everything small business and can support you and your business in both digital and real life environments.