How to Start a Small Business from Scratch in Australia

Are you thinking about starting a small business from scratch in Australia? If you do, get ready to commit yourself fully to your new endeavor since starting a business is not an easy task. However, we have prepared a list of advice and suggestions which will guide you through the whole process. Let’s take a look.

Evaluate your business idea

Are you thinking about starting a small business from scratch in Australia? If you do, get ready to commit yourself fully to your new endeavor since starting a business is not an easy task. However, we have prepared a list of advice and suggestions which will guide you through the whole process. Let’s take a look.

Make a good business plan

The next important step is making a solid business plan. Although this will take you a lot of time, once you’re done, everything will be much clearer and easier. You’ll know what your priorities are, and it will be much easier for you to manage your finances.

Finally, we must mention what a good business plan should include. First of all, it’s highly advisable that it contains a business profile, your goals, market research, operational strategy, your finances and, what’s particularly important in today’s competitive society, an effective marketing plan.

Register for an Australian Business Number

ABN, short for Australian Business Number, is a number that is used by the government in order to identify your business. Although we understand that it seems much easier to skip this step, it is advised not to since the benefits you’ll get are not insignificant. For example, with an ABN you’ll be able to avoid PAYG tax on the payments that you acquire and confirm your business identity in case of invoicing or ordering. Finally, you should know that the ABN application is free and you can even apply online.

Build a good team

We understand that you’re super excited about your new project and that it may even seem to you that you can do everything on your own. However, this is rarely the case and even if everything seems to be going according to plan, one person is never enough to complete the whole project.

So, instead of overburdening yourself, you should build a trustworthy team of professionals who will help you succeed. This support team should definitely include a personal advisor, an accountant and a lawyer. They will all get their own portion of tasks and leave you more free time to do your job.

Renting vs. buying an office space

Another usual question in the business world is whether it’s smarter to rent or buy an office space. And, while the question is fairly simple, the answer is not since it will depend on the city where you want to start your new business.

For example, if you’re thinking Brisbane, you should definitely opt for renting an office space. However, if the state capital of New South Wales is your city of choice, it’s better to use the services of a reliable buyer’s agent from Sydney who will, owing to some insider information, be able to help you purchase an off-market property at a low price.

Take marketing seriously

You can’t even imagine how many new businesses have failed due to bad marketing. So, since you don’t want your business to end up the same way, don’t shy away from hiring a marketing professional. Furthermore, try to be innovative and don’t stick to only one media.

If your target audience is young people, you should consider focusing on websites and social networks as your means of advertising, instead of going for newspaper advertisements. Finally, once you have attracted your customers, keep advertising since in the business world it’s much easier to fall into oblivion than you think.

As you can see, there are a lot of suggestions regarding how to do things right if you want your new business to succeed. However, this doesn’t mean that this is an impossible task, but that you need to make a lot of effort and be fully focused on what you’re doing. Good luck!

*** This Guest Post was from Cooper Klein ***

Cooper Klein is an experienced entrepreneur with a degree in Marketing, based in Sydney.

He’s interested in business, real estate, sports, as well as the latest tech trends. In order to spend more time with his family, two fluffy dogs, and numerous sci-fi books Cooper decided to take a break from his job as a marketing manager at a tech startup, and he’s currently working from home as a blogger and a business consultant.

His motto is: “Stop being afraid of what could go wrong and start being positive about what could go right.”