Many aspiring business owners hit a roadblock when they realise that turning a great idea into a viable business takes hard work and some serious planning. When you’re in the process of getting a business up and running, you’ll need to consider a number of questions:
- Am I really ready to commit the time and money needed to start and run a business?
- Is there a need for my proposed product or service offering in the market?
- What should my business structure be?
- Do I need employees or can I go it alone?
- What legal obligations do I have?
- Where will I get funding for my business?
- How will I promote my business?
Developing a business plan is one of the most important steps in answering the questions above and making sure you have a clear path ahead of you. A business plan is also useful if you’re applying for a business loan or seeking funding elsewhere, as it backs up the viability of your business venture.
You’ll also need to think about what resources and strategies are required to put your business plan into action. As with any major life decision, preparation is key.
In this section, Business Australia takes you through how to start a business and help you understand what's ahead, so you have the right tools at your disposal.