business start up FAQ
Running your own business gives you the freedom to be your own boss and work from home. It also allows you to choose your work hours and practices.
Starting a small business and making it a success requires hard work, focus and commitment. It is best to start out small to test the water. That way, you can get a taste for being your own boss and test whether your business idea looks like it will be a success.
How do I to get started?
When starting a business there are many things to think about, such the type of business, the competition and business viability. You will need to do some market research to find out if there is demand for the products or services you intend to supply. Market research involves finding answers to questions like:
- Is there a market for my product?
- Am I going to be able to get into this market or are there already too many other players?
- Who are my competitors? What do they do and what can I do better or differently?
- What does my target market think of my product or services?
- How much will they pay for it?
- What is the best way to promote my product or service?
To learn more about conducting market research, see the link below (link will open in a new window):
Develop a business plan
Once you have decided your business is a viable option, you need to develop a business plan. Your business plan will highlight everything you need to do to get started and will keep you focused and on track.
Depending on what type of business you intend to start, your business plan could include elements such as market analysis, a management plan and a financial plan.
Once you’ve conducted research into the feasibility of your new business you’re ready to write your business plan.
Your business plan is essential for your business – it’s your blueprint for the future. It sets the direction for your business and keeps you on track once you’re up and running. It’s also a requirement when you’re seeking finance.
Depending on what type of business you intend to start, your business plan could include these elements:
- executive summary – a one-page overview written after your business plan is finalised
- introduction – explains the purpose and objectives of going into business
- marketing analysis – looks at the industry you are entering and how you fit in
- marketing plan – your marketing strategy
- operations plan – how you’ll set up the business, i.e. structure, location, regulations
- management plan – how you’ll manage your business
- financial plan – how you’ll finance your business, costing and financial projections.
Business planning is an ongoing business activity – you should regularly review and revise your business plan.
Register your business
There are many things you need to do before you can begin trading. You will need to register your business name and obtain an Australian Business Number.
In addition, you will also need to understand your tax and legal obligations.
You also need to do the simple things like opening a bank account and setting up a phone line, so potential clients can contact you.
If you are starting a home-based business, some additional issues you need to think about include council approval, zoning regulations and insurance.
What help is available?
Hanson Porter Curzon offer a range of services specific to new businesses, from your boutique family enterprises to those looking to incorporate and list on the ASX. We have experience in locating government grants, tax concessions and other non financial support designed to help new entrepreneurs realise their full potential.
Contact Hanson Porter Curzon to see how our services can benefit your organisation.