Practical Guide: Starting Your First Small Business
So you want to start your first small business in Australia? Do you feel like you have what it takes to be a successful entrepreneur? Becoming an entrepreneur in Australia is one of the most exciting things a Australian citizen can do. Every single business initially starts with a single idea. If you have that idea and are itching to get started then here is a practical guide on how you can start your first small business. Even the fact that you are doing your research and looking at this article is a fantastic sign. Starting a small business requires a lot of pre planning and studying of the current business market.
So you have a business idea that you think would be great. First off, it is time to think of a creative name for your company that has not been taken. To do this you will have to do a name search through the Government and then eventually register your business name. This is not a complicated process but what will help you is to know exactly what type of business you want to start. There are sole-proprietorships, partnerships, etc. The outline to each is available on our website and also on the governments business website as well.
Once your business has been registered, before you do anything else, you have to create a business plan. This is a crucial step that so many entrepreneurs overlook. It is integral for your business to have a plan to follow. The plan will describe all of your business basics: what you do, who you are, how you will do it, where you will do it, and why you are important. It will also outline the current market that you are entering into and what separates your business from the competition. You also have to include both your short term and long term goals as a company. These are so important as they will influence the decisions you make on a daily basis. At the end of the plan you must have a detailed annual budget for the year. It will have all of your financial information including operational costs, projected incomes, and balance sheets.
We offer a Business Plan Builder tool that helps you create a professional looking business plan with everything you need in it. All you have to do is fill in the blanks. It is the easiest way to create a business plan.
In order to run your business in the first year you need to raise enough capital. This is why funding and financing are so important. You can gain funds from the Government, banks, and private funding agencies. We offer a list of hundreds funding programs with our Funding Database tool. It is available to you to see what you may be eligible for.
If you are starting your first business, use all of the tools we offer as they will help you when you need it most. We are here to help your small business be successful and answer any questions you may have.