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Tips for starting a new business

Great success in business will be the result of good business strategy. Here are some tips which may help your business become not only sustainable, but also more successful.

You must do your homework & prepare, prepare, prepare!  You’ll need to analyse your business idea, your competitors and also make sure there’s a demand for your product or service.

Who is going to buy your products or services? By understanding your customers you’re able to increase your sales and profitability, build stronger relationships and create unique experiences to attract and keep your customers coming back.

Investing time and resources into creating a solid plan for your business is one of the most valuable activities you can undertake. A plan helps give your business direction, defines your objectives and how to achieve them, and is vital if you’re seeking finance for your business.

Pricing your products and services can tricky. You need to find a balance between turning a profit, being competitive and staying true to your brand and market.

There are four common business structures to choose from when you are starting a business in Australia: Sole Trader, partnership, trust or company.  It’s important to understand the different business structures and choose the one that best suits your business.

There are a number of different taxes that you may be required to register for as part of running a business, including, but not limited to: Goods & Services Tax (GST) and Pay As You Go (PAYG).  The taxes you’ll need to register for will depend on the type of business you’re starting and what your projected turnover will be.

A business name is the name you choose to run your business. It can be one of your most valuable assets, as it identifies and differentiates you from your competitors. While it’s not compulsory to register a business name, if you’re a sole trader or partnership and you want to trade as something like Silver Elm Cafe, you’ll need to register it and potentially get a trade mark for your business name so that others can’t use it. It’s also a good idea to check if your preferred business name is available as a web address and social media profiles.

Are you planning to play music, renovate your premises or have a sandwich board out the front of your business? There are different licences, permits, registrations and certificates depending on what type of business you run, and where you’re running it from.

To help protect your business and minimise exposure to risk, it’s important to take out insurance. This can include, insuring your company, your income, your commercial risk and workers’ compensation if you employ people.

Depending on your situation, you may need finance to get your business off the ground. It’s a good idea to see what’s available before you decide on a finance option and visit a lender or investor.

Related Tag: Company Incorporation

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