Eight steps to starting a small business
WHEN one door closes another may open.
Kitchen Warehouse founder John Macaulay went on to build a national business after redundancy.
Mr Macaulay opened discount stores before moving into kitchenware.
“We didn’t want to be an ordinary kitchenware business, we wanted to be the best,” he said.
“We went around the world looking at kitchenware shops and then initially we opened Home Provedore in Fremantle on Market Street and ran that for a couple of years before I OFTEN get asked what steps should be taken before taking the plunge into 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.
Why do you want to start this business? Will it give opening a shop in Cannington.
“After selling our discount and two-dollar shops, we moved into opening at Osborne Park and then here at Melville. In 2003 we also opened our first online store.”
From opening stores in WA, Kitchen Warehouse expanded nationally.
The former iT consultant said the best time to expand was in economic tough times.
“We moved over east because if you want to be at a national level, you have to grow nationally,” he said. you the lifestyle and income you’re looking for?
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.
Your plan should detail the industry structure, competitive landscape, your business objectives,
“It’s much easier to expand at times when everywhere else is holding back.
“When we opened up the Home Provedore in Fremantle it was during a bad time for Freo.
“People kept asking us ‘why are you opening up now?’.”
The Fremantle resident said the best advice he had for businesses was to get good advice and join the local business chamber.
Kitchen Warehouse will host a Fremantle Chamber of Commerce event at its Melville store on October 11 from 5.30pm to 7pm. strategies, marketing plan and financial forecasts.
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.
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.
Surround yourself with advisers such as an accountant, lawyer and the SBDC, who can help you start and grow your business.
Can you afford to start the business? Use the SBDC’s free online tools at smallbusiness.wa.gov.au to assess your financial readiness.
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.