Eight steps to starting a small business
I OFTEN get asked what steps should be considered before starting a small business.
Follow these eight steps to help you decide if you are ready, how to get started and where to get help.
1. Determine if you’re ready
Why do you want to start this business? Will it give you the lifestyle and income you’re looking for?
2. Assess your business idea
Market research can help you assess the viability of your idea. Remember to analyse the strengths and weaknesses of your idea versus your competitors. Visit the SBDC’s Perth office to access free research resources, including IBISWorld.
3. Build your business plan
Your plan should detail the industry structure, competitive landscape, your business objectives, strategies, marketing plan and financial forecasts.
4. Choose a business structure
Your structure will impact many factors from your business name to your liability and how you file your taxes. Seek advice from an accountant before choosing a structure.
5. Check your legal obligations
There are legal obligations associated with starting a business, including licences, permits and registrations. Visit www. smallbusiness.wa.gov.au to access a free online Business Licence Finder.
6. Build your support team
Surround yourself with advisers such as an accountant, lawyer and the SBDC, who can help you start and grow your business.
7. Figure out your finances
Can you afford to start the business? Use the SBDC’s free online tools at smallbusiness.wa.gov.au to assess your financial readiness.
8. Market your business
Once your business is up and running, you will need to attract clients and customers. Advertising is just part of the process; there’s much more involved.
Develop the skills you need to succeed in business, attend SBDC’s low-cost workshops, including How to Write a Business Plan, Marketing Your Business, Website Planning, Understanding Business Financials, and Digital Marketing.
Don’t miss my next article where I’ll discuss the importance of a business plan. For more, visit small business.wa.gov.au or call an advisor on 13 12 49.