It’s one thing to want to start a business, but another to set it up and run it, which is why careful planning and consideration should be done beforehand. This is especially true if you start a business in a foreign country, where ignorance of the legal and local requirements, including understanding a public officer’s roles & responsibilities in Australian business, for example, could land you in hot water even before you launch your company.
Understand Your Why
Being an entrepreneur is not for everyone, and that’s a fact you should face before you start your venture. Take the time to ask yourself the hard questions.
- Why do you even want to start a business? To pursue your passion, create general wealth, or gain financial freedom?
- Do you think your business idea has the potential to make money now and in the future? Make sure you answer yes to both before you even move on to the next step.
- Is the timing right to start a business? No matter how great your business idea is, starting at an inopportune time may work against you.
- Can you easily change course when the need arises? Mobile app development for business, for example, wasn’t in the plan for many business owners years ago, but it is now. Similar changes can happen in the future, and you must be ready to pivot and adapt.
Market Research and Demand
It’s not what you want that will make you succeed in the business world, but what your target audience wants. It’s up to you to identify the pain points that you can solve and bring in customers and profit to your venture.
- Know who your target audience is, their needs, spending habits, behaviour, and every other factor that can influence their buying decisions.
- Find out if there’s real demand for what you’re offering and how high the demand is. Who knows? You might be selling in an oversaturated niche, which will not work in your favour.
- Know who your competitors are and the products or services they are offering. You will have to work harder if you’re selling a similar product just to get a piece of the market.
- Think of the pricing strategy to implement, making sure the rates remain competitive without hurting your business’s profit.
Legal and Regulatory Requirements
It’s important for your business to be compliant with Australian laws and regulations right from the start.
- Choose the correct business structure so that the right tax rules are used and you meet legal requirements.
- Make sure to appoint a public officer who will communicate with the Australian Taxation Office and ensure your business is compliant with the required tax obligations.
- Comply with all registration requirements, such as applying for ABN (Australian Business Number), GST (Goods and Services Tax), and TFN (Tax File Number).
- Check if there are industry-specific permits and licenses that you need to comply with, and at what level. You may need to apply for permits at a local, state, or federal level.
Business Plan
Once you’ve identified your market and the products you want to sell, it’s time to create a road map for your business.
- Make sure your business plan covers three major factors: how to focus on the business, funding and staffing.
- Decide between taking a traditional or a lean start-up approach to creating a business plan. The former takes in all the details, from an executive summary down to financial projections, while the latter is designed for those who want to start quickly. With a lean start-up business plan, you must be ready to alter your operations at some point in your business.
On top of these, you need to prepare for financial planning, risk management, marketing and branding, and operational efficiency. Let Acclime Australia help you plan your business the right way.
