Ultimate Guide To Start A Small Business In Australia In 2022

January 21, 2022    Accounting Services Perthwa

As a business enthusiast, you may dream of becoming an entrepreneur one day, and for that, you may already have started planning for a grand opening day. Owning a business means you will be your own boss, design all the departments, and make all the big decisions. However, before you launch your company in Australia, you must also keep in mind that not all small businesses achieve the highest level of success. 

In addition to dedication and hard work, you will also need strategic planning according to your business structure. For example, if you plan to start a sole trader business, a sole trader tax accountant will be required for important business advice. This blog focuses on the six steps required to start a new small business in Australia.

Step 1: Do A Detailed Research

Whenever you plan to start something new, the first step will be thorough research. When it comes to starting a small business in Australia, you must research the industry you will be working in and your target audience. Before developing your formal business plan, ask the following questions to yourself:

  • Do I need specific services and products to offer to my customers?
  • Who will be my target customers?
  • Which location should I choose for my company office to work well?
  • How can I make my business stand out?

You should also not forget to consider special circumstances which may affect your business. For example, with the COVID-19 pandemic still being there, it may not be the best time to start a luxurious restaurant. However, you may consider opening any other food-related business such as an eatery or a cafe specialising in delivery and take-outs. With time and situation becoming normal, you can expand it to a large restaurant.

Step 2: Draft Your Small Business Plan

Whenever you ask someone how to start a small business, they will advise you on drafting a proper business plan. A well-written plan will benefit you in three ways. First, you can identify what staffing and funding need you to require. Secondly, you can get a loan more easily. Thirdly, you will also have an organised framework that will be instrumental to achieving goals in your first year as a company owner. Make sure your concise business plan includes the following points:

  • A detailed description of the business to outline the services and products you will offer 
  • A summary of the business goals you want to achieve
  • A list of the key employees you will hire in your business
  • A market analysis that discusses the need for the services and products you will offer
  • A well-designed marketing strategy

Step 3: Register The Business

Once you decide on the specific business structure you will choose, it is time to register the business with the Government of Australia. The good thing is that the business registration service is pretty easy, and the process can be completed in a few minutes. If you go to the relevant website, you will find a helpful tool for guidance about tax registrations and a business structure that will be the most suitable for your new business.

Step 4: Secure Capital

Depending on your business type, you will need funding for various costs like office space, furnishings, equipment, daily operating costs, and marketing costs. Because you are opening a small business, you will need to wait for several months to make significant profits, and that is why you may consider taking help from one of the following funding sources:

  • Traditional bank loans: Many banks in Australia provide loans to numerous small business owners across the country. So, it can be an effective option.
  • Grants and funding programs: You can also look for various grants and funding programs offered by the Government of Australia.
  • Private investors: Private investors are those individuals who lend financial support to new companies.
  • Your personal savings: If you have an ample amount of personal savings, you can use it to launch your business.

Step 5: Come Up With A Marketing Plan

Developing a marketing plan should also be included in your small business checklist in Australia. Once you secure funding for your company, you have to figure out now how you will promote your services and products. Unless you have sufficient knowledge about marketing, you may hire a marketing professional to help you with your marketing strategy. The strategy must include:

  • Social media strategy
  • Website development and management
  • Advertising channels
  • SEO (search engine optimisation) planning

Step 6: Consider A soft Opening 

You will always want your business opening day to be a grand one. However, it has been found that people forget to fix some of the common problems before the official opening ceremony out of excitement, and when the day comes, they suddenly find major computer issues. If you want to avoid such situations, you may schedule a ‘soft opening’ about 1 month before formally opening your company to the public.

When you carry out a soft opening, you are getting more time to analyse the effectiveness of your phone system, website, production line, and other key aspects of your company. It will also help you make sure that everything is smooth and fine by officially starting your small business operations.

The Bottom Line

Starting your own business will be one of the greatest achievements in your life. If you effectively follow all the steps discussed in this blog, you can place your business on the success path from the moment you formally start your operations. 

An accountant will always be beneficial in maintaining a steady cash flow and providing valuable assistance in other business areas. To hire a professional, you can type ‘accountant for small business near me’ on the Google search bar and explore the top results. 

Accounting Services Perth is a company that has been providing top-rated accounting services over all these years to businesses of every size. It will undoubtedly come on top in Google search results, and so it will not be a bad idea to contact them at any time.

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