Get across the boring business basics
Before you dive into the fun of promoting or selling, you need to take care of the administrative side of starting a business. Here are a few business basics to keep in mind. Are they exciting? No. Are they important? Absolutely!
Identify your target market
The first step to building a successful business is identifying who your customers are. Research your market and figure out who’d be interested in your product or service. Ask yourself:
- What is their problem you’re trying to solve?
- What solution do you offer?
- What does their life look like? E.g .occupation, income, location, fears, aspirations.
- What media and advertising do they consume?
The clearer the picture you have of your target audience, the more successful your marketing strategies are likely to be.
Write a business plan
A solid business plan is your roadmap for success. It outlines your business goals, strategies, and the steps you’ll take to achieve them. A business plan also helps you anticipate challenges and prepare solutions in advance.
Choose your business name and structure
Now this is the fun part. Choosing the right business name is more important than you might think. It’s the first impression your customers will have. Make sure it's unique, easy to remember, and reflects your brand. If you’re keen to attract business online, consider an SEO-friendly business name.
You’ll also need to choose a business structure, such as:
- Sole trader
- Partnership
- Company
- Trust
Each structure has different legal and financial implications, so take time to research which option suits your business.
Register your business
Once you’ve chosen a name and structure, you’ll need to register your business with the appropriate authorities:
- Register your company with the Australian Securities and Investments Commission (ASIC)
- Apply for an Australian Business Number (ABN)
- Consider registering for Goods and Services Tax (GST) if your annual turnover exceeds $75,000 or if you want to claim GST credits
Sort out your business finance needs
Ideas are free. Businesses cost money. How will you fund your startup? Just like at home, financial management is essential for your new business. Here are a few areas to focus on:
Open a business bank account
Opening a business bank account should be one of your first steps.
Keeping your personal and business finances separate isn’t just good practice, it’s essential for tracking your income and expenses, managing taxes, and maintaining a professional image.
A separate business bank account simplifies bookkeeping, saving you money in accounting costs come tax time.
Consider your startup costs
You need to know what you’re in for. There can be a few costs to consider when starting a business. A startup cost calculator can help you identify potential expenses and evaluate your financial readiness. Here are some potential setup costs to consider:
- Office or workspace rent
- Equipment or tools
- Stock
- Business insurance
- Marketing
- Software subscriptions
- Staff wages
Calculate your expenses and make sure you can afford them before taking the next step.
Forecast your cashflow
Cashflow is the lifeblood of any business. Creating a cashflow forecast helps you estimate your expected monthly sales and expenses and plan for the months ahead.
Having a cash buffer, like an unsecured business overdraft, can help you avoid running out of money.
Start a business with Great Southern Bank Business+
When the opportunity arises to keep things simple, grasp it with both hands.
Business+ is Great Southern Bank’s business banking platform built specifically with smaller small businesses in mind.
Here’s what makes it ideal for startup owners:
- Open business accounts in minutes
- $0 monthly account fees on your Business+ Account and Business+ Saver
- Free1 access to Business+ Invoices to help you get paid faster
- No compromise on service with live chat support (from real people)
- Access through Business+ online or Great Southern Bank Business+ app
Starting a Business Checklist
There’s plenty to think about after you’ve committed to starting a business. Here are some of the basics you’ll need to tick off before your doors open.
- Identify your target market
- Write a business plan
- Choose a business name and structure
- Register your business
- Open a business bank account
- Take out business insurance
- Calculate your startup costs
- Forecast your cashflow
Remember to check out our Business Hub. You’ll find heaps of free resources and plenty of helpful information to keep your business humming.
