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Starting a new small business
Congratulations! You’re starting your own business; or trying to…or at least thinking about it. There are so many possibilities ahead but also, a lot of responsibility. It’s both exciting and daunting all at the same time. And so, it’s important to plan for your new small business and take advantage of as many resources as possible every step of the way.
How to setup a small business
To get started there are several key areas to prepare accordingly. Consider the following:
Do you have a small business plan?
The more details you can acquire for every aspect of your business will help you to have a fully fleshed out small business plan which will act as your guidebook as you go about each new step of your business journey. Use the template at MyBizPlan App via business.gov.au to help you on your way to creating a solid business plan.
Capital and resources
What capital and key resources will you need to operate effectively? Will you need an initial outlay to pay for computers, vehicles, furniture or supplies? Have you budgeted to account for all initial costs, loans or rent, and regular payments like utilities, supplies etc.?
What’s your branding?
Have you considered how you will first market your business? Are you utilising social media, such as LinkedIn, effectively to create business connections? Will you utilise television, radio or outdoor advertising? Need a hand with a marketing plan too? There’s an app for that. Try MarketMyBiz App via business.gov.au
What’s your small business location?
Do you need to secure a loan to pay for a lease? What sort of location is best for your business?
Small business employees and staffing
Will you be running your new business completely solo or will you need other employees from the beginning? Have you reviewed the relevant legal and tax documentation for paying employees? Will your employees be full time, part time or casual employees or even sub-contractors? Do you know the difference?
Market research
Have you examined the state of your business sector? Who are your competitors and what’s something new that you can offer? Are there any economic predictions for your business area? For example, the transport and logistics sector is expecting exceptional growth over the next 25 years.
You may not have the capital, networks or know-how to pull together all of the professional resources and advice you need from day one, so we’ve put together a handy list of links and apps that may point you in the right direction.
Additional small business help and resources
ASIC Business Checks via Australian Securities & Investments Commission
Reduce your risk by knowing who you’re doing business with.
The Australian Trade and Investment Commission
Taking the plunge by starting a small business in Australia for the first time since coming abroad? The Australian Trade and Investment Commission may be a great place for you to start. Gain an understanding of investing in Australia, setting up your own business, and employing people in Australia.
Paying your employees via business.gov.au
It’s important to ensure your employees are paid correctly, on time and at the correct rate. You also have to be aware of any other benefits they are entitled to, such as sick leave or overtime.
If you’re interested in stories and learning from other small business owners, or bits of advice from those in the know, here are a few websites and blogs that may be of interest to you:
Australian Small Business Blog
Dr Greg Chapman, author of The 5 Pillars of Guaranteed Business Success, runs the Australian Small Business Blog to share his wealth of small business knowledge with those who need it most – for free!
Get independent, practical and free business, banking and finance advice from this industry not-for-profit. They aren’t brokers, nor do they accept advertising fees or on-sell your data. Best of all - every resource on this website is free for you to use.
This award-winning news and opinion site on workplace health and safety is as informative as it is interesting. Keep up-to-date with daily alerts or visit the site and search through articles and news pieces relevant to your topic of interest or situation.
Another thing to put on your start-up business to do list is to ensure your most precious asset is protected, your vehicle! Truck Assist’s Drive Pack Truck Insurance package is a well thought out solution for small businesses who are seeking to protect their company vehicle. Get a quote online to see how we can have your back on the road.