How to Start a Business in Australia: 6 – Step Checklist

Setting up a small business in Australia is an exciting opportunity to start something new and to pursuit your passion. Maybe you’ve been thinking of establishing your own café or taking your side hustle of personal training to the next level. Whatever your dream is, our 6-step guide shares the key things you need to consider when deciding to set up shop in the land down under.

1. Research

It all starts with a great idea; the next challenge is to suss out the market to see if your business offerings are viable. You may need to do a bit of market research to find out what your competitors are doing and what other similar products and services may be available.

Here are some other things to consider when in those early research phases:

  • Do my potential customers want and need my business’ product and services?
  • Who is my target audience? How am I going to reach them?
  • If you need to set up a physical business premises where is going to be the best location to set up your store or office?
  • What is going to make my business stand out from the competition? Find your point of difference and try to tap into niche markets to really edge out from the crowd

2. Business plan

Like all great adventures you need to start with map and some idea of where you are heading. This is where a business plan comes into play. It is an important document that underpins the groundwork of your business’ current situation and the plans for where you would like to take it in the future.

While it does some effort to put together, some of the best business plans are ones which are simple, straight forward and focus on exactly what needs to be done to get your business to achieve its goals.

Things like your financials, marketing, products and services and future goals are some of the topics which are usually

3. Register your business

Before you can start a business in Australia there are a few administrative things you will need to do like registering your business. You can find out more about what is required and involved with the process by visiting the Australian Securities and Investments Commission.

Other required admin tasks that you may need to complete include getting your Australian Business Number, registering for GST if required and registering your business name.

4. Establish your capital

Chances are like most small businesses you will require some form of funding to help launch your small business. These funds will help to pay for things like your marketing, lease if renting a space and general operational costs. Different businesses will have different expenses and may source their capital from different places.

These are some of the typical places you may look to raise capital for your small business:

  • Check out if your business is eligible for grants and funding
  • Consider the financial assistance of investors
  • Loans from financial institutions
  • Accessing your own personal savings

If you are ever unsure about which option is going to suit your business best, it is always wise to seek out the advice of a financial professional like your accountant to give you the appropriate advice.

Recommended reading: Cash flow management tips for small business

5. Test run

Once you have established some of the basics of your business like getting the admin sorted, and a good idea of what products and services you will offer, it doesn’t hurt to have a test run. Get your family and friends involved or even consider having a ‘soft opening’ to test how your business will operate with real-life customers.

Think of it like a dress rehearsal. It’s a chance to iron out any issues which may arise before they become real problems, to assess you have the right amount of staffing and equipment to get the job done and that the processes you have in place are working.

It’s also a chance to see your products and services in action, to ensure they work properly and if anything needs tweaking before your open your doors to the public.

6. Get business insurance

After putting in all this effort to start your own small business, you need to look at taking the right steps to ensure you are protecting your small business from unwanted risks with Business Insurance*.

There are plenty of different types of business insurance options available so make sure you take the time to assess the kind of risks your business may be exposed to and what types of insurance are going to be appropriate.

BizCover offers drama-free insurance in minutes, so you can spend more time running your business while we do the shopping around for you. Jump online or give us a call today and get your business insurance sorted in minutes.

This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
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