Why did the can crushing machine quit its job? Because the work was soda-pressing.
Starting your own business can be both exciting and a bit terrifying, especially if you are leaving your job to pursue your dream of being your boss.
Being the master of your destiny who is attaining success in something they are truly passionate about is a dream for many of us. Like any dream, it will challenge you throughout every step, starting with the endless list of things you would be required to do to make sure your dream boat starts sailing smoothly.
The day you open the doors of your business to the world is something you will likely remember for the rest of your life. There are a lot of places where you can achieve this special feeling, and one such place to start your business is Australia.
Starting a business in Australia requires strong strategic planning, hard work, and utmost dedication. If you feel that you are ready for these challenges, then here are six steps on how to start a business in Australia:
Perform extensive research
We understand that going through unlimited data and web pages can be tiresome. Some may even call it boring. But, the first step towards building a successful business begins with extensive research.
We all hated homework back in school, but before you open your business to the world, you must do your homework and do it well. You need to research the industry you are stepping into, the type of customers you need to deal with, and how to make sure your business will be profitable. Here are a few short questions you need to answer before you develop an official business plan:
- Does the product or service you are offering have a need?
- How can you stay ahead of the competition?
- Who will your target audience be?
- Where can you set up your place of business?
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Prepare your business plan
A solid business plan will help you in many different things. It will help you identify your requirements concerning the amount of funding and staffing you require.
A business plan will provide a framework that will help you achieve all your business goals in a structured manner.
A well-written and structured business plan can help you secure a loan as well.
Despite being clear and concise, your business plan should have a summary of your business goals, a marketing strategy, a deep market analysis, and a brief description of your business.
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Apply for an Australian Business Number (ABN) and register your business
You need your own Australian Business Number (ABN) to legally start a business in Australia. It is an 11-digit unique number provided to your business, and the Australian government uses it to identify your business.
An ABN will allow you to:
- Avail credit
- Register your business name
- Claim taxes
- Give your business a unique identification when dealing with other businesses
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- Secure capital
The biggest concern of most of the new startups is the cash flow. You need money to run your business, not just concerning the business activities. You need money to keep your lights on, pay your utility bills, purchase supplies, etc.
You must raise funds in your initial growth stage. However, there are not many government grants available to help you secure the funds. But, there are many other options, like the Small Business Development Fund, CSIRO Kick-Start, Australian Apprentice Incentives Program, and The Entrepreneurs Programme that you can use to raise the capital you require.
Form a marketing plan
Having a sound marketing plan can make or break your business. While providing your customers with an excellent product or service is important, it is not enough to make your business successful. You must market your business and make the audience aware of your products or services.
Here are a few points you should consider while forming your marketing plan:
- Your social media strategy
- Search Engine Optimisation (SEO) planning
- Advertising mediums
- Your website strategy
Open your doors
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Once you have ticked off all the boxes in this list, you are ready to open for business. It is time you welcome your customers, physically or virtually. But, remember don’t play chess with your customers in Australia. Because for them every check is a checkmate.
