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Starting a Small Business

Starting a Small Business

Two young women running a small business
Small Business Entrepreneur

How to Start a Small Business

Day by day, the number of small businesses keep increasing, although mainly due to its flexibility, but some never last the day. You need to ask why? It is because one cannot rush into the business without proper planning. This article is ready to guide you through it all. Hence, it is high time you stopped procrastinating and set up your business.

Validate Your Business Plan

Smiling bearded man wearing gloves, owner of a small woodwork business, standing in his workshop

No one starts a business without a business idea. You must identify what business you want to delve into and investigate your potential customers, and the possible needs your business idea seeks to satisfy. After identifying all these, you must test the reality of your plan. The reality test must cover the market suitability and competition level of such product or service.

Business people working on start up

Conduct Research

Particularly in Australia, there are specific requirements you may need to fulfil to establish a business successfully. First, you must ask yourself if you are deemed fit to start a business by the law. The law specifies that people who have been declared bankrupt and declared disqualified by ASIC may not establish or run a business. There are other requirements you may check on the ASIC website.

Make A Business Proposal

It is essential because to fail to plan is to plan to fail. It offers guidance throughout your start-up process. A business proposal entails financing sources that may include personal savings, investors, family and friends, and loans. Also, it helps you determine the structure of Business. The primary forms of Business are Sole proprietorship, Partnership, Liability Companies, Joint Ventures and Trust. A sole proprietorship business is a one-person business and the easiest to set up. It doesn't require much capital, and much depends on the sole trader. On the other hand, a partnership involves about two to twenty persons and requires more capital. However, the Business does not end with the death of one of the members. The other forms of trade also have their distinct features. You must conduct proper research and decide which suit your idea and pocket. This step largely determines the outcome and success of a business. You may review your plan from time to time even after the Business is started to achieve optimum results.

Fulfilling Legal Requirements

You must register your Business for legal purposes. The process of registration depends on the structure of the Business. You may need to register your business name. You may also apply for an ABN (Australian Business Number) as your Business progresses or ACN if the Business is a company. ASIC registers all names of businesses operating in Nigeria for a fee. Click here to read more.

The First Business App

The First Business App is an app designed to aid the creation of a smooth business plan. In essence, it helps you get ready for your new Business. Its features include health check; a to-do check-list; case studies that analyse your business idea test; and networking platform. You can download the App here.

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