3 Basic Steps to Starting a Business In Australia
Starting a business is a dream not just for entrepreneurs at heart but for those wanting to break free from desk jobs and be their own boss. Running your own business means you have control of your time, brand, and goals. The rewards are great, but it does come with its unique challenges.
Despite the global crisis last year, 15.4% or 355,722 new companies entered the market. Small businesses take the lead, with 99.8% of all Australian businesses considered SMEs, which employ less than four employees. It’s why there’s increasing outsourced talents, freelancers, and remote workers today.
The demand for small business accountants and bookkeeping services surpasses the current supply in Australia. For instance, there are hundreds of open positions for business accountants on the Gold Coast alone, with an average $91,495 yearly income.
All this should more than encourage you to start your own business. If you’re ready to take the plunge, keep the following steps in mind:
Step 1: Have a Clear Vision for Your Business
Conduct an extensive study to determine whether or not your business idea is viable and if there is a market demand for the product/service you want to offer. When you come from an angle of serving people’s needs, you will draw leads and conversions for your brand. Listen to potential customers through family, coworkers and peers, social media platforms, forums, and other user-generated content.
Going back to our example above, if you are a business accountant who can offer bookkeeping services on the Gold Coast, determine marketing strategies specific to that area. Prioritise providing meaningful customer experiences to build consumer trust from the get-go. Start networking with companies, small businesses, and the like outsourcing accounting and bookkeeping services.
Step 2: Define the Specifics of Your Business Structure
Once your planning is done, begin to nail down the specifics. Determine the legal structure of your business based on the provisions set by your locality. Define asset protection, minimising tax and maximising profits, administrative operations, and the like. Several businesses encounter challenges just because of tax issues.
Before launching, you’ll also have to consider how much you are investing and how much revenue is needed to reach break-even. Don’t run your business on empty and keep extra funds for those so-called rainy days.
It’s strong business sense to determine what assets you prioritise as you jumpstart your business. You do not have to have everything all at once. Keep longevity in mind so you will not only start a business but keep it.
Step 3: Execute Your Business Strategy
Move your business from planning to execution with discipline and accountability. Stick with your goals and do the task until it is done. If you have a team, map out tasks and delegate properly for every phase. Outsource tasks you cannot handle, so you stay on track. Starting a business is not something you do on a whim or if you have extra time. You need to prioritise, strategise, and do what it takes to move from planning to execution.
Starting a Small Business in Australia Can Be Worth It
Starting a business in Australia is the easy part. The real challenge comes in making your business thrive and become a long-term profitable one. Resilience is crucial to stay in the game. Stay open to new and better ways of doing your business, and be humble enough to change strategies if something is not working. Starting your own business is worth it, and if you keep making the right business choices, you will keep thriving and see growth amid the circumstances.
If you are a small business and need end-to-end accounting and bookkeeping services on the Gold Coast, our Gold Coast Business Accountants here at New Wave Accounting and Business Advisory are ready to serve you.