A Step By Step Guide To Starting A Business
Starting a business is exciting. You’ll finally be your own boss and pursuing success in an area that you’re genuinely passionate about. It’s also a scary time because you’re taking a leap of faith and a risk to start and grow something on your own. Having a well-crafted plan is key to positioning your venture for success.
This blog will take you through each step of starting your own business.
Here’s Your Guide To Starting A Business
1. Do your Research
Your business may start from a brilliant idea. Now it’s time to balance it with reality. Ask yourself these questions before setting up:
- Will your business solve a problem or a fulfil a want/need?
- Who is your target market?
- How will your brand fit into the current market?
- Are there other companies offering the same product/service?
Use different ways of research, such as conducting focus groups, surveys and market interviews and data analysis.
2. Make a Business Plan
A must for any business, a business plan is a blueprint of your that guides you from the start-up phase to establishment and eventually to growth. It’s a formal document with your goals and how you can achieve them in a set timeframe. There are different types of business plans suited for all kinds of businesses. Choose the one that works for you.
3. Choose Your Business Structure
There are four structures on which you can build your business in Australia:
SOLE TRADER is when you register someone, usually yourself as the sole owner of the company.
COMPANY is a commercial business that has a separate legal existence to its shareholders.
PARTNERSHIP is when more than one person and entity run a business together, but not in the form of a company.
TRUST is an entity that is in possession of income, property or any other assets for the benefit of a third party.
4. Choose a Business Type
Pick the business type that what you offer is likely to need. It’s critical to find the one that suits your industry because this is how your target customers will have access to you.
Some of the leading business types are:
- Online business
- Independent contractor
5. Apply for an Australian Business Number (ABN)
The ABN is an 11-digit number that acts as a government identifier for the business. Once you’ve secured an ABN, you will be able to register your business name and deal with other government requirements.
6. Identify your Source of Funds Before Starting A Business
It’s important to know what funding resources are available to you to avoid the issue of money flow, especially while starting a business. There are plenty of options that are specific to your situation and each Australian state.
- Private investors
- Bank loans
- Government business grant
- Your own money
When you enter our charity lotteries, you also get the chance to win thousands of dollars in cash. You can invest your winnings and start your own business.
Choose from our charity partners and get to support the causes dearest to your heart as well.
Now is the best time to start a business and be the master of your destiny! We wish you the best of luck!