7 steps to starting Business

by Zach Haris

Starting a business is the beginning of an exciting – and sometimes challenging period in your life. Suddenly you find yourself immersed in a whole new world of licensing, insurance, marketing and leasing – it’s easy to feel overwhelmed.

We have created a business starters’ checklist to help guide you through the early stages of establishing your business. Follow the steps below to help you decide if you are ready to go onto business, how to get started and where to seek help along the way.

Determine if you are ready 
Going into business for yourself for the first time will change your lifestyle, professionally and personally, and can involve a significant financial commitment.

Whether your business succeeds or fails depends on many things including your abilities, initiative and capacity to work, as well as the economic and business environment.

Assess your business idea 
The only way you can know if your business idea is going to work is by undertaking market research. This could involve researching information on the industry, undertaking competitor analysis and surveying potential customers. Determine the strengths, weaknesses, opportunities and threats (SWOT analysis) of your business idea.

Analyse your market research with an open and unbiased mind. If your research shows that a proposed business venture has a high probability of failure it would be unwise for you to proceed.

Read our section on the feasibility of your business idea for more detailed information. IBISWorld reports covering more than 500 industries can be viewed at our business information centre. You can also request industry benchmarks by contacting one of our business advisers

  1. Assess your business idea 
    The only way you can know if your business idea is going to work is by undertaking market research. This could involve researching information on the industry, undertaking competitor analysis and surveying potential customers. Determine the strengths, weaknesses, opportunities and threats (SWOT analysis) of your business idea.

    Analyse your market research with an open and unbiased mind. If your research shows that a proposed business venture has a high probability of failure it would be unwise for you to proceed.

    Read our section on the feasibility of your business idea for more detailed information. IBISWorld reports covering more than 500 industries can be viewed at our business information centre. You can also request industry benchmarks by contacting one of our business advisers

  2. Build your business plan 
    Although initially it may seem like a lot of work, a well prepared business plan can save time and money in the long run and help you secure funding and major contracts

    Learn more about business planing and use our template to complete your plan.

  3. Choose your business structure 
    Once you have established the viability of your business idea, you will need to decide on the structure that best suits your business and its particular circumstances.

    Learn more about business sturture and their tax implications.

  4. Learn more about business structures and their tax implications.
    There are legal obligations associated with starting a business including licences, registrations, taxation and insurance.

    Before your start trading make sure that you understand your legal activites in order to avoid any fines or penalties.

  5. Build your support team 
    It is advisable to surround yourself with trusted and reliable advisers who can help you with start-up issues and then assist you as your business develops.

    Your support team may include an accountant, lawyer or industry association. Our building of your sopport business series has more information to help you get started.

  6. Figure out your finances 
    An important part of running a small business is understanding how to set up and manage your finances. You will need to work out whether you can afford to start the business and how much money you will need. It’s not just your start-up costs, you will also need to assess how you will access the money to fund your future plans.

    If you are considering obtaining finance you will need to complete some financial forecast beforehand to provide to your financial institution or investors.

  7. Market your business 
    Many small businesses come up with a great business idea and then fail to market it successfully. You need to get out and spread the word about your product or service to the right people to generate business. Advertising and selling are part of the process but there is much more involved.

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