Breathing life into that money-making venture lurking in the back of your mind is a matter of following some basic steps, writes Helena Keers.
History tells us that Australians are an entrepreneurial lot. War correspondent and historian C. E. W. Bean said so. And it’s no less true today than it was 60 years ago that Australia is a land of opportunity for hard-working entrepreneurs. But while many of us have aspirations to go it alone, there are a number of hurdles to clear before the going gets easy. So what should you do to get started? Here are some handy hints to guide you through your first steps and make setting up your own business a breeze.
Step One
Once you’ve come up with your business idea, take the time to research your options and think through your plans.Step Two
Write down your ideas and draw up a business plan describing your business, the market, the outlook, the competition, your suppliers, your strategy and your experience, as well as a profit and loss and cash flow forecast. You can use this to show potential investors.Step Three
Think about your experience and decide whether setting up your own business is the route to success. Sometimes buying an established business or franchise can be a good way to get experience before making the leap on your own. Mind you, a franchise isn’t cheap. As a franchisee you have to pay costs such as licensing fees and royalties, which can be 7 to 12 per cent of your sales. For more information on franchising, check out the Franchise Council of Australia‘s website.Photo: Paul Harris.