How to Run a Small Business in Australia
- Do you want to know how to run a small business in Australia? It’s a shared dream by all entrepreneurs – to start a business, and watch it proliferate and grow. If you have ever asked yourself “how do i start a small business in Australia” then keep reading.
- There’s little doubt how exciting it can be to begin your small business – to see it take form and grow while you’re the boss. It doesn’t matter if you are an entrepreneur, a start-up, or a micro-business.
- And, even though it can be exciting, it’s not hard to be stuck on step one. That step of where do you start that will open your business’ doors.
- It really does not matter what your passion or commitment level is. It does not matter what type of enterprise you’re going to construct.
- The only thing that matters are the basic rules you need to follow in order to be successful. And, it doesn’t matter how much passion you have, the level of your commitment or the type of business you want to develop, you must follow these rules and learn how to run a small business in Australia if it is going to get off the ground and be a success.
How to Run a Small Business in Australia
1 – Unique Selling Proposition (USP)
What does it mean to start a business? It means you’ll be offering something unique – something that has yet to be offered in the world. This is known as the unique selling proposition or USP. It’s a classic marketing concept that denotes that your company is doing something that is different or better than other companies.
If you are learning how to run a small business in Australia, you must present potential customers with something they’ve yet to see or experience. You want it to get their attention with originality and freshness.
2 – Conduct Research
If you plan to be different from your competitors, then you need to do a little homework. You must research the market extensively if you are to be successful. When learning how to run a small business in Australia, before you make any kind of move, be sure to carry out an in-depth competitive analysis of the present-day market. Ask yourself these questions:
- What companies are the biggest and most current players?
- What are these companies’ strengths?
- What are these companies’ weaknesses?
- Do you want to directly compete with them?
- Would you rather have your own niche?
You need to look at the wider picture of the industry you want to break into. What are its patterns, where is the market headed and is possible new opportunities to crop up?
3 – Draft A Business Plan (For Success)
After you’ve got a feel for the market, it’s about time to come up with a business plan. Be sure you carefully think about the strategies you will be using from day one. If you are learning how to run a small business in Australia, make sure you address the following:
- How will you advertise your business?
- How will you advertise it so that it stands out among your competitors, and get your target market’s attention?
- Are you going to establish any contingency plans should there be a big market disturbance?
You’ll also need to address the issue of financing. After all, a good cash flow is needed especially in the beginning. How will you be funding your business? Where will that money be coming from?
4 – Determine What The Business Structure Will Be
Before you can even open your doors, you must determine what business structure you’re going to follow. A good way to determine the structure is to think about what you desire from the business.
- Are you looking to generate a large income from it?
- Would you rather spend time on it as a hobby?
This may be the point in which legal advice is necessary. This person can tell you if your business could prosper with you alone at the helm or if you should have a partner.
5 – Register Your Business
You are now near the end of our list of how to run a small business in Australia. The last official business before you open your business is to get it registered. Now, this isn’t a you “should” do it situation. You need to make sure the business is recorded correctly with the Australian Taxation Office (ATO) – to ensure you fulfill the proper tax obligations and save you a lot of trouble when it’s time to file taxes. Be sure you get an Australian Business Number, which is useful when you deal with different businesses.
6 – Get A Registered Trademark
When thinking about how to run a small business in Australia, a registered trademark is potentially one of the most important considerations. You may be wondering what a trademark is, and why you need to attain one for your business? A trademark provides you with legal protection of any feature that’s associated with your brand, business, product and/or service. This can include but is not limited to:
When thinking about how to run a small business in Australia, what is the most sought after asset in a business? It’s the friendliness, kindness and generosity you put into your brand. Keep in mind that the “mark” you use to denote your business from others in the marketplace is essential to your business’ bottom line. Therefore, you should always seek out and get trademark protection to safeguard your company, its brand, service and product.
5 Benefits To Getting An Australian Trademark Registration
- Attaining a registration means the trademark because your property and changes it into an asset that you can sell, license or inherit.
- You can possibly boost the business’ value by safeguarding the name with a registration.
- You have rights over the trademark, keeping others from using it
- You can boost your business capital by licensing it to other individuals.
- The protection is good for 10 years and then, so long as you pay the renewal fees, is good for an indefinite amount of time.
If you fail to get a trademark registration, then there’s nothing stopping another business or trader from taking it for themselves and registering it. If they’re permitted registration rights over the mark, you will have to stop using it. And, if you fail to do so, it may allow the individual or company to sue you for using the work – even if you were the one who was using it initially.
There is little doubt how important a trademark is to a business, and if your goal is to become a franchise or boost the reach of your company – to increase the number of customers/clients you have, then you must have a company trademark.