8 Steps to Starting a Business in Australia in 2021 (and beyond)
The 8 key milestones to take you from concept to launch in no time. Because starting a business in Australia in 2021 doesn’t need to be overwhelming.
The key milestones to take you from concept to launch in no time
Starting a business in 2021 is a big undertaking, especially when you have a Little Co (aka kiddos) and possibly a corporate job to juggle.
“Will it pay off? How can I possibly make it work? Where do I even start?”
These are some of the common questions that come up for aspiring business-owning mums who are looking for more freedom and a chance to harmonise their #mumbition, wellbeing and livelihood.
To take the overwhelm out of starting a business in Australia in 2021, we’re spelling out the 8 key steps it takes to successfully take an idea from concept to launch - no matter if you're starting an online graphic design business or a food truck, as a (soon to be) small business owner it's important to think about each of these steps.
1. Make sure you’re actually ready
Starting a business can mean more freedom and control for you and your Little Co, but it can also bring drastic lifestyle changes with it.
It’s a good idea to look at the opportunities and challenges in more detail before going too far down the rabbit hole only to discover that it’s not going to work out for you and your family.
Here are some great questions to ask yourself right at the start:
- Are you qualified to operate in your area of business?
- Will you persist even if the early days may be tough?
- Do you thrive on challenges and finding solutions on the run?
- Do you enjoy making decisions and taking control of your business direction?
- Have you realistically considered the hours involved to get the business off the ground?
- How are you placed financially and can you sustain your lifestyle (and business) when first starting out?
- Do you have the support of your &Co (family and friends) and can rely on them to step up when you need a hand?
- Will you upskill in areas of your business that are new to you?
2. Pressure-test your business idea
Once you have that bright spark and are set on your winning business idea it can be challenging to take a step back for an objective take on things.
That’s where research comes into the picture. Take a detailed look at every aspect of your business idea and pressure-test it for its likelihood to succeed long term.
These are some practical ways to research the feasibility:
- Take a look at the industry as a whole
- Take a look at your competitors (direct and indirect)
- Go straight to the source: Survey your ideal customers
- Map out your strengths, weaknesses, opportunities and challenges
And once you have all the information on hand, objectively look at where you sit in the market and how likely it is your business idea will add genuine value within the current landscape.
3. Write your business plan
Many new business owners like to skip this step because it seems like a whole lot of time for not much return.
We beg to differ!
A well-considered business plan will not only save you time and money down the track, you might actually need one to secure funding or when pitching for major contracts.
Don’t know where to start? Here’s a government-designed business plan template to take and run with.
4. Settle on the right business structure for you
Businesses come in many shapes and sizes. And so do business structures.
There’s a perfect fit for everyone, and finding your perfect structure comes down to personal circumstances.
The Australian Government has a handy planning tool that can help you settle on your business structure. You can access it here.
5. Make your new business bulletproof
Depending on your industry and the nature of your concept there are legal considerations to keep in mind when starting your business in Australia.
These include (but are not limited to):
- Tax Obligations
- Insurance Cover
Learn more about your small business obligations here.
6. Find the right experts to support you
It can pay off to seek professional advice at this stage of your business journey to ensure you tick all the boxes. Because starting a business comes with varying levels of difficulty.
If you want peace of mind before you launch, finding an expert team to assist you when you need them most can be the best investment you make for your future business success.
Some of the experts with industry-specific knowledge are:
- Industry Associations
Why not have a 30 min 1:1 session with one of Mums & Co’s Experts to get the ball rolling?
7. Map out your finances
It’s one thing to come up with a winning business idea. The other (and equally important) part is how you’re going to get it off the ground and fund it long term.
Here are a few questions to help you get started:
- How much will it cost to start the business?
- How much will you need on an ongoing basis to cover expenses?
- Where will the funds come from?
- Do you need to secure external investments?
For practical budget considerations and forecasting tools click here.
8. Spread the word
Now that you’ve pressure-tested your idea, done your research and have nutted out your finances and legal obligations, it’s time to share your new business with the world.
Take the time to develop a strategy that gets your product, service or offer in front of the right audience.
What the perfect marketing mix will look like varies from business to business and from budget to budget.
Here are some practical questions to help you focus your efforts to begin with:
- How can you possibly grow awareness without ad spend?
- Where does your ideal customer hang out online?
- Do you know any aligned businesses for brand collaborations?
- How can you best showcase your point of difference?
And once you’ve successfully started your new businesses, find a network of fellow business-owning mums to cheer you on and share the journey with you. It makes everything so much easier!
Ready to harmonise your ambition, livelihood and wellbeing? Join Australia's most caring business network where you’ll find experts, business advice, a member directory and events. Sign up for a free trial today.