Tips On Starting a Business In Australia Today
Starting your own business in Australia can be seen as a daunting task, however the pay off can be amazing. There are many barriers that one will face when beginning the journey of setting up a company, but fortunately there are ways to make the process a lot easier. So here are some tips for running a small business today in Australia.
Do some market research
Marketing research can give a business a picture of what kinds of new products and services may bring a profit. For products and services already available, marketing research can tell companies whether they are meeting their customers' needs and expectations. By researching the answers to specific questions, small-business owners can learn whether they need to change their package design or tweak their delivery methods--and even whether they should consider offering additional services.
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 structures and their tax implications.
Write a 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. You’ll need to write a detailed business plan that takes into account your market, set-up costs, forecast profit and loss, cash flow projections, and all that other fun stuff. There are no rules about what your plan should cover or the level of detail. In general, plans need to include information regarding:
vision, mission and goals
products and/or services
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 a bookkeeper, lawyer or industry association.
Sort out your finances
Your business plan should have helped you work out how much you’ll need to start up and stay afloat. But where do you get that money from? You’ll probably need to borrow from a financial institution such as a bank, find some investors, or try crowdfunding.
Then you need to keep track of your finances
Something very important for a new business owner is being able to keep on top of your finances and make sure you have a good way to be able to keep on top of your transactions. Accurate financial record-keeping helps organisations to keep track of their income and expenditure, and to make sure that they stay within budget. Hiring a bookkeeper early in the business start-up process is definitely recommended to ensure that all expenditures are recorded from the very beginning. Scorpion Bookkeeping support many business owners and use Xero (www.xero.com.au) which is a cloud-based accounting software.
Contact us today for a free no obligation discussion.