Eight steps to start­ing a small busi­ness

Stirling Times - - SHOP LOCAL -

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.

The Squire’s For­tune is mak­ing way for The Peach Pit.

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