Running your own business gives you the freedom to be your own boss and work from home. It also allows you to choose your work hours and practices.
Starting a small business and making it a success requires hard work, focus and commitment. It is best to start out small to test the water. That way, you can get a taste for being your own boss and test whether your business idea looks like it will be a success.
How do I to get started?
When starting a business there are many things to think about, such as the type of business, competition and business viability. You will need to do some market research to find out if there is demand for the products or services you intend to supply. Market research involves finding answers to questions like:
- Is there a market for my product?
- Am I going to be able to get into this market or are there already too many other players?
- Who are my competitors? What do they do and what can I do better or differently?
- What does my target market think of my product or services?
- How much will they pay for it?
- What is the best way to promote my product or service?
To learn more about conducting market research, see the link below (link will open in a new window):
Develop a business plan
Once you have decided your business is a viable option, you need to develop a business plan. Your business plan will highlight everything you need to do to get started and will keep you focused and on track.
Depending on what type of business you intend to start, your business plan could include things like market analysis, a management plan and financial plan.
If you would like information and templates to develop your own business plan, have a look at the link below (link will open in a new window):
Register your business
There are many things you need to do before you can begin trading. You will need to register your business name and obtain an Australian Business Number.
In addition, you will also need to understand your tax and legal obligations.
You also need to do the simple things like opening a bank account and setting up a phone line, so potential clients can contact you.
If you are starting a home-based business, some additional things you need to think about include council approval, zoning regulations and insurance.
What help is available?
You may be eligible for support or assistance through the New Enterprise Incentive Scheme. The New Enterprise Incentive Scheme helps eligible unemployed people start and run their own small business.
Through the Scheme, you will get training, support and help to become self-supporting and independent in the first year of your business.
A network of private, community and government organisations including Business Enterprise Centres and TAFE Small Business Centres deliver the New Enterprise Incentive Scheme throughout Australia. All New Enterprise Incentive Scheme providers have accessible training facilities and premises.
More information on the New Enterprise Incentive Scheme is available through this link:
The Employment Assistance Fund is also available to eligible self-employed workers and helps pay for the costs involved in modifying your workplace and purchasing special or adaptive equipment.
More information on the Employment Assistance Fund, including eligibility criteria, is available through this link:
There are a number of other government schemes and initiatives that can help you start your own business (links will open in a new window):
- Indigenous Capital Assistance Scheme
- Information for businesses about the Indigenous Employment Program
Business.gov.au is a whole-of-government service that provides essential information about planning, starting and running your business. It provides useful ‘how to’ guides and templates for developing your business plan and more. Visit business.gov.au: