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Before you begin setting up a new business, a clear and precise strategy must be set in place to ensure that the set-up process, establishment and growth of your new business are successful. A business strategy will make it easier for you to manage your business. The strategy should be well researched and cover key aspects of the business.
In the first stage of starting a business, the following issues should be carefully considered:
1. What business types are you considering? Will you create a new business from scratch or buy a pre-existing business?
2. A lot of time, money and energy will be invested in starting your new business. It is important to plan ahead to ensure that your efforts are not wasted. Some of the things you will need to consider include:
- Market research – it is important to understand trends amongst Australian consumers who will be relevant to your new business. The success of your business will largely depend upon your ability to adapt to the new consumer environment.
- Raising funds – a stable income stream will be the lifeblood of your new business. It is important to have a clear financial strategy to ensure that your new business will be financially viable.
- Establishing contacts – this is especially important if you are starting the business from scratch. Knowing the right people will be a great advantage to establishing and growing the business.
- Scout for a location – choosing the best location for a new business is difficult and requires sound advice from a commercial real estate professional. Knowing how the business location and rent will affect your business goals is crucial.
- Staffing – there is the possibility that your new business will require new employees. This will mean that you will be liable for employee related taxes, legislation and human resource regulations.
3. There are benefits associated with buying an existing business/franchise stemming from the fact that the business has already been established. This means that there should be a reasonable location from which to operate the business, a network of suppliers and distributors may already exist, there is a pre-existing customer base, the business already has a presence in the market (which may be positive or negative), and that the business already has a revenue stream.
Starting a business in Australia can be risky, especially if you are planning to start a new business from scratch. To ensure that you are successful it is crucial that you evaluate the potential success of your new business. A sound business strategy will provide direction and focus.
On top of all this, the Australian Government imposes a number of regulations on the way overseas businesses operate new/existing businesses in Australia. The accounting and tax obligations may therefore become rather complicated. It would be beneficial for your business to seek advice from an accounting and legal professional to ensure that your new business will meet all of it’s obligations.
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.