Starting a business is a big responsibility. Whilst running your own business can give you the freedom to become your own boss and generate an income, there is so much you need to consider.
Before taking the plunge and becoming a new business operator, you should ask yourself these questions.
If you’re confident you are ready to start a new business after answering these questions, you will need to make a number of decisions. For example, will you be starting your business from scratch, will you be buying an existing business, becoming a franchisee or otherwise?
You will also need to develop a business plan, determine if you need to hire employees, how to protect you business, how to market your business and so much more. This guide will provide you with valuable insights and advice about starting a business in South Australia to help you understand what's ahead.
For a list of resources available in Australia for start-ups and entrepreneurs, please refer to this digital booklet(PDF, 622KB).
Business Structure
Seeking professional advice about the best business structure for your new venture is an important step in the planning phase for any business. The most common business structures include:
- sole traders;
- partnerships;
- companies;
- trusts;
- co-operatives; and
- Incorporated associations.
For information regarding the advantages and disadvantages of these common business structures, visit the State Government's Business Hub.
A business plan is a living document that should speak to the operational, financial and marketing objectives of your business. It should identify business opportunities, challenges, goals and the strategies for achieving them.
In addition to helping you start, manage and grow your business effectively, a good business plan can assist you in applying for a loan, a business grant or pitching to investors who need to understand the full potential of your business idea.
Download a free business plan template here.
Thinking about hiring staff for your business? This checklist for small business owners will help you meet Australian laws when hiring an employee. There are also tips that might help you through the recruitment process.
Alternatively, you might want to consider an apprentice or trainee. Apprenticeships and traineeships are types of formal training arrangements that combine work with study for a qualification in a trade or occupation. To find out if hiring an apprentice or trainee is right for your business, visit the Skilled Careers website .
Keeping your staff healthy and safe is an important part of running a business. Safe Work SA is South Australia’s workplace health and safety regulator, providing advice and education on Work Health & Safety (WHS) as well as enforcement of WHS laws. Learn about your businesses responsibilities and WHS requirements.
More than ever, cyber security is something that should be top of mind for both businesses and individuals. With billions of dollars scammed from businesses across Australia annually, it’s important for businesses to reduce the risk for not only themselves, but their customers. Learn more about protecting your business here.