Top 5 tips for starting a business in Australia

Starting and running a brand new business for you brings a whole new level of stress and anxiety as now there is no steady monthly paycheck that comes with the nine-to-five grind of working for someone else.  Depending on the nature of your business you may now be responsible for that person who works the nine-to-five grind’s steady income as an added stress.

Here are 5 tips to help your business on its way:

  1. Be in the right mindset
    Ensure you are prepared for your new venture it is important for you to understand the scope of your venture and what you are getting yourself into. So take the time to ask yourself:
  • What are you hoping to accomplish with your new venture?
  • What is the income you need to generate to not only keep your business afloat but accommodate that needs of you and or your family?
  • Do you have or can you employ the skill set for what you are trying to accomplish?
  • Is there any advantage to you starting this venture and how long do you plan to run it for?

  1. Have a clear business plan
    It is worth the time and little extra cost to invest in producing a clear and concise business plan to ensure that your business objectives are defined with set targets, objectives and how you plan to achieve them!
  2. Know your market
    Buy understanding your target customer you will be able to create well-defined marketing strategies, ensure your product and the pricing thereof is competitive.
  3. Get your business structure, name, taxes, any required licenses, etc. sorted out
    Ensure you have your businesses tax information and requirements sorted out.
    That your business has been registered and that the name is clearly defined.
    Research any special certifications and licensing that may be required for the type of business.
  4. Ensure you are properly financed and ensured
    Proper financial projections and requirements will ensure your business stays afloat until it starts to turn over a profit.