Your guide to starting a small business
Everything you need to know about how to start up a small business in Australia.
- How to get an ABN
- Types of business structures
- How to write a business plan
- What is & how to calculate cost of goods sold
- Budgeting and forecasting for small businesses
- Budgeting tips for small businesses
- What is brand identity?
- Common and famous business mistakes
- What is a business strategy?
- Accounting terms for small businesses
- What is the role of Director in a small business company?
- Characteristics and tips to be successful entrepreneur
How to get an ABN
If you’re setting up a new business, you’ll need to know how to get an ABN in Australia – otherwise know as an Australian business number. Read the article to find out exactly what an ABN is, what it’s used for, and what information you require to apply for one.
Types of business structures
A business structure refers to the legal structure of a business, and in Australia there are 4 main types; Sole Trader, Partnership, Company and Trust. Read the article to find out more about these structures and the advantages and disadvantages of each type to help you decide which one is right for your business.
How to write a business plan
If you’re setting foot into the small business world and are unsure of how to write a business plan, don’t worry – we’ve got you covered with our free small business plan template and strategy tips. Click below to read more and to download your business plan template now.
What is & how to calculate cost of goods sold (COGS)
Simply put, the cost of goods sold (COGS) is a core calculation in the buying and selling of goods by a small business, distributer, wholesaler, or manufacturer. Read the article to find out everything you need to know and to understand how to calculate COGS.
Budgeting and forecasting for small businesses
Budgeting and forecasting for small businesses sits at the very heart of profitability and success. Luckily, budgeting and forecasting is easily taught and implemented with either small business accounting software or basic accounting techniques. Read the article to find out how they both work.
Budgeting tips for small businesses
For those small businesses who budget effectively, there are innumerable rewards in terms of boosting savings and managing debt. Read the article to find out tips and strategies to help you quickly improve your finances.
What is brand identity?
Your business brand identity is one of the main reasons customers buy from you. It defines who you are and the image & perception your business portrays. Read the article for tips on creating your brand identity.
Common and famous business mistakes
For those small business owners looking to avoid the harsh reality of failure, learning from common and famous business mistakes is an excellent remedy to your own possible missteps. Read the article and learn from their demise.
What is a business strategy?
You have a tantalising small business idea, a solid financial basis, and a lot of determination, but no business strategy. What is a business strategy and why does a good business idea need one, you ask? Read the article for more information.
Accounting terms for small businesses
Small business accounting terms can seem daunting. But when they’re explained, they’re relatively straightforward and understanding them will strengthen your accounting know-how and the financial health of your small business.
What is the role of Director in a small business company?
What is a director in a company exactly? What is their role? How does it differ to the role of a CEO or managing director? As a small business owner, what do you need to understand about the role of a director? Read the article for more information.
Characteristics and tips to be a successful entrepreneur
Successful entrepreneurs have a lot in common but what exactly makes them so effective? Read on to learn what it is that helps a successful entrepreneur hit such dizzying heights.
Starting a business FAQs
What business can I start from home?
The Covid-19 Pandemic has opened up a whole new remote world. Trends coming out of 2020 mean it’s never been easier to run your business from home. Cloud applications and the decline of face to face, necessitating new ways of interacting and forming relationships.
Here’s some business that you can start from home:
- Blogging & copywriting
- Buy and sell on ebay or FB marketplace
- Services based businesses e.g accounting, graphic design etc
- Virtual assistant
- Pet grooming/walking
How can I get small business mentoring or support?
Starting your own business can be scary at first but there is help available. The Australian Government has a host of grants, programs and support for small businesses and new business businesses. Check out the below for more information:
- The Government run New Business Assistance with NEIS mentoring and support program. Learn more >
- Grants & programs. Learn more >
- Expert advice. Learn more >
What are some overlooked business start up costs?
Starting a business can be an expensive exercise. Here are some start up costs that are often overlooked:
- Professionals & business registrations. Including domain name registration, accountant, bookkeeper or business advisor fees or licences and permits for your particular market.
- Technology. Including remote working equipment, software costs, computers, printers, scanners, modems and IT servicing,software for accounting, security, design, documents, internet and mobile packages
- Marketing. Including website, ecommerce, advertising, including social media ad spend, logo, imagery, signage, branding and design
How can I fund my new business?
There are many ways to raise money to support your business, it’s up to you to choose the most suitable and sustainable option for you and your business. Here are some common capital raising methods:
- Existing savings or current earnings if you are still working.
- Selling assets
- Family & friends
- Credit card
- Loan from the bank
- Short term business loans
- Government business grants
- Angel investors & venture capital
See our business financing hub for more information.