Utimate Guide to Starting a Business in Australia
Christopher El Khoury
Business
Finance
Starting a business is never easy. It takes a lot of patience, guts and faith to take that leap of faith. To make it easier for you, here is a step-by-step process on how to start your own business.
Analyse your business idea
How will your idea bridge the gap in the market? The basis of a business is an idea. Think about what you want to sell, if that ties to your passion, and how your passion can turn into a product or a service. Observe the gap in the market before you start creating a product or service as that will help put your business in a more competitive position in the industry.
Perform a market research and competitor analysis
A market analysis of industry is an in-depth evaluation of the market’s dynamics. Performing a thorough market analysis reduces potential risks, determines emerging trends, and exposes weaknesses and opportunities in the industry. You want to be sure you know who you are competing against, and what strengths, weaknesses, opportunities, and threats exist for your product or service.
Think about brand Segmenting, Targeting and Positioning (STP)
Having completed the market analysis, STP will need to be established to efficiently market to your consumers without wasting any resources. Marketing blindly to a wide consumer base may do you more harm than good since consumers may not feel a sense of community. Succinct targeting will help your brand cultivate better consumer relationships, thus increasing sales and revenue.
Write a business plan
Many individuals go into the business without having a solid business plan. Regardless of what industry you are in, you need a business plan. A business plan is a blueprint of what you want to accomplish and how. It doesn’t have to be extremely long, but it should incorporate the following:
- Company description
- Vision and mission statements
- Product and services
- Market research (SWOT analysis)
- Financial projections
- Funding requests
- Sales and marketing strategies
- Organisation and management structure
Check business name, IP and domain names
Prior to choosing a name, IP address and domain, check if they are registered. Here are some tools to help you check: business name check, IP address and domain name check.
Decide on a business structure
Choosing the correct organisational structure depends on a plethora of factors. Sole trader, company, partnership and trust are the four most common structures. For more information, click on this link.
Register your name, ABN, GST and TFN, domain name
Since you are building a business, an ABN is legally required to identify your business to the government. Additionally, you will need a new TFN if you decide to operate according to a partnership, company or trust structure. You can register your business here and your domain name here.
Open a business bank account
There is no downside to separating your business finances from your personal finances. Visit NAB, Westpac and ANZ for more information.
Set up social media accounts
Instagram, Facebook, Linkedin, Twitter, Pinterest and TikTok are the absolute basics to social media for businesses. Ensure your posts and content align with your values and brand image. Engage with your following to create a community. Always remember that consistency is key, so make sure your content is scheduled ahead.
A few scheduling tools that you could use include but are not limited to:
This page provides a comprehensive outlook on social platforms that you may be interested to use: https://influencermarketinghub.com/social-media-posting-scheduling-tools/.
Know the law
Get your legal contracts and documents in order and understand Fair Trading and Australian Consumer Law. Research about fair trading laws to prevent any mishaps in your workplace.
Consult your local legal team to find out if the operation of your business can run sustainably without getting into legal troubles.
Register licences and permits
ABLIS details and helps you find the appropriate licence and permits you will need for your specific business. Also, failure to update your licences and permits may lead to fines and penalties. Remember to update your licences!
Get business insurance
Damages or injuries to a person or property can make you liable. Having business insurance will protect your company from harm's way. Visit here to compare business insurance providers in Australia.
Build your website
Building websites is critical to create brand awareness and build credibility for your business. Nowadays, it would put a business owner at a disadvantage when a transparent, digital and immediate access to a business is hindered. Therefore, your business can establish a reputation and become competitive in an industry by setting up a website that provides a seamless surfing experience for your target audience. Here are some website building tools you can utilise:
Set up communication channels
Communication between departments is key to building a successful business. Without clear communication channels internally, it will be extremely difficult to grow your company.
Some internal tools you can use for your company are:
To start a business, it involves a lot of thinking and planning. This guide here provides a summary of resources that would come in handy to help kickstart your entrepreneurial journey. However, it is also the courage, consistency and leadership that it takes to sustain a business. For instance, the Seven Rules to Success explains what it will take to be a successful leader. The process is not easy, and will definitely involve quite a few trial-and-error and problem solving to eventually get there.
