{"id":270684,"date":"2024-07-08T15:48:25","date_gmt":"2024-07-08T03:48:25","guid":{"rendered":"https:\/\/www.reckon.com\/au\/?post_type=sbh&p=270684"},"modified":"2025-05-29T17:31:43","modified_gmt":"2025-05-29T05:31:43","slug":"starting-a-business","status":"publish","type":"sbh","link":"https:\/\/www.reckon.com\/au\/small-business-resources\/starting-a-small-business\/starting-a-business\/","title":{"rendered":"7 step guide on how to start a business in Australia"},"content":{"rendered":"

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.23″ custom_padding_tablet=”” custom_padding_phone=”0px||||false|false” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.23″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” width=”100%” custom_padding=”||0px||false|false” global_colors_info=”{}”][et_pb_column type=”1_3″ module_class=”table-contents” _builder_version=”4.23″ background_color=”#f3f2f6″ custom_padding=”25px||25px||true|false” sticky_position=”top” sticky_limit_bottom=”section” sticky_position_tablet=”top” sticky_position_phone=”none” sticky_position_last_edited=”on|desktop” pac_dcm_carousel_specific_module_num=”0″ border_radii=”on|24px|24px|24px|24px” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.23″ text_font=”||||||||” global_colors_info=”{}” background__hover_enabled=”on|desktop”][\/et_pb_text][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.16″ custom_padding=”|||” pac_dcm_carousel_specific_module_num=”0″ global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Copy paste body text here” _builder_version=”4.27.4″ header_2_font_size=”32px” hover_enabled=”0″ header_2_font_size_tablet=”30px” header_2_font_size_phone=”26px” header_2_font_size_last_edited=”on|tablet” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

I bet you didn\u2019t know that last year over 250 000 people started their own business? Have you ever thought of joining these hundreds of thousands of Aussies? When you consider the reasons for people leaving their job to become their own boss, such as achieving a flexible lifestyle, financial independence or pursuing their personal passion \u2013 it seems ideal!<\/p>\n

We know before they took the plunge, they had many concerns like you such as if people would buy their product or service, or if they will have enough cash flow to maintain their lifestyle. However, if you consider the right questions and have a detailed plan in place it will give you the most potential for success.<\/p>\n

Here are 7 steps you can follow to ensure you\u2019ve considered all the factors in starting your own business, and be ready to launch.<\/p>\n

1. Think of a good business idea<\/h3>\n

Ask yourself why you want to start your own small business.\u00a0<\/em>Perhaps you have a hobby that you love, or a particular passion? This may be a good business idea to choose. If you do, you could earn income from something you would happily do anyways, for free! Still, you\u2019ll need to consider if there is a desire for your product or service, if it\u2019s viable against your competitors, and evaluate the time and money it may take to get set up. You should also validate your idea by talking to potential customers. Ask them if your product is something they would pay for and if the price point is reasonable.<\/p>\n

2. Research your competitors<\/h3>\n

Now\u2019s the time to consider who you\u2019re up against and if your product or service will attract customers away from them. Is it 1 large competitor or are they many small businesses in this industry and market? What makes your business different from the rest? The best way to figure this out is to do a SWOT analysis. Think about what your business<\/a> strengths and opportunities are, as well as the weaknesses and threats.<\/p>\n

3. Pick a business name<\/h3>\n

Let\u2019s name your business! Have a think about what your product or service does, and what emotion you want your business brand to evoke. You can begin by writing down related words and brainstorming names.<\/p>\n

This make take a few days or weeks (you may even change it after you\u2019ve launched) \u2013 sleep on it, ask your friends & family for their feedback and once you\u2019re happy with it, you\u2019ll need to lock it in.<\/p>\n