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Starting a New Business
If you have an idea for a new business, or feel there is a demand for a product or service that is not currently being met, you may want to start a new business from scratch.
If you have an innovative idea for a new business, or feel that there is a sector of the market that is not currently having its needs met and would like to satisfy that demand, you may want to start a new business from scratch.
Some of the advantages of starting a business from scratch include:
- Freedom of choice – no constraints on previously established image, brand, policies or facilities
- Flexibility – you can determine your own pace of development and the amount of time and money you want to invest. You can also structure and organise the business as you see fit
- Competitive advantage – by being the first business to cater to a new market niche, you are the market ‘leader’ and should have an advantage over future competitors
- Starting from scratch means that you will not be inheriting any of the problems that an existing business may have. You could stand to benefit from starting a business from scratch if you already have a good number of contacts in your network and have enough start-up capital
There are disadvantages however, including:
- Higher risk
- No immediate inflow of cash – this makes financing a core issue. Please be aware that most new businesses will operate in deficit during the establishment phase. This is normal and should be resolved once the business establishes a customer base
- Your initial outlay won’t be repaid until sales are made and debts collected
- Lack of track record could make it difficult to obtain financing through loans as financial institutions typically require a performance history
It is of high priority that you put a great amount of effort and time into research and preparation to ensure that starting from scratch is suitable for your new business.
It is strongly advised that you seek the advice of a lawyer and/or accountant before making any commitments. Here at The Quinn Group, our years of experience in taxation, law and accounting will ensure that you get tailored advice on how to start your business in Australia. If you would like to speak to a member of our team about starting up a business in Australia please contact us on +61 2 9223 9166 or submit an online enquiry.
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The Quinn Group operates Quinn Consultants, Quinn Lawyers, Quinn Financial Planning and Quinn Financial Solutions. The Quinn Group provides related information in regard to legal, accounting and financial planning issues. Liability limited by a scheme approved under Professional Standards Legislation* *other than for the acts or omissions of financial services licensees.