Starting a business in Australia? Ask yourself these 10 questions first.

The idea of starting a business sounds exciting and appealing, but it certainly requires a lot of hard work and dedication. Many Aussies dream about running a successful business with flexibility and independence but turning the dream into reality can sometimes be more challenging than expected. This means you need to have the right information before you take any action.​

For all future business owners, here are 10 questions you should ask yourself before starting a business in Australia.​

Getting enough funds to get started is significant when it comes to starting a business. Without sufficient funds, you may not be able to build your business. The first step is to write down everything you need to buy. Consider if you need to build a website, rent an office space, whether to hire employees or contractors and more.​

 In order to get an estimate on how much money your initial investment will need to be, we have an article on the costs of starting a business in Australia. Hopefully, this will give you a basic idea of costs.​

After having a ballpark figure in mind, you can start to think about funding. There are a number of ways to get funding, such as​

Knowing your competitors allows you to understand what they are offering in the market and what they aren't. In addition, it allows you to gain a better understanding of the market. Your competitors' products or services, pricing, and marketing strategies will be revealed through competitive analysis. Ultimately, this information you gather will help you develop a better product.​

It’s important to understand and make sure your product or service has a unique selling point (USP) so you can stand out from the competition. It is the reason people should choose your products or services over your competitors. Your website, flyers, advertisements, and other marketing materials should highlight the answer to this question.​

It could be as simple as sourcing all raw materials ethically or offering a lower price. If you don’t already have a USP (unique selling point) yet, you could identify your differentiators by doing some competitive research.​

Marketing to the right people is core to a successful business. You should be asking yourself who your target audience is.​

Knowing your target audience will enable you to convey the right message, and offer the right products and services to the right people. Know that targeting everyone is pointless. Finding a niche market and concentrating on it is the key to success.​

Pricing your product or service can be tricky; you don’t want to be overpriced or set your price too low. Correct pricing has a direct impact on sales and incorrect pricing may lead your business to failure. ​

Competitive research comes in handy when determining your optimal pricing. What are your competitors offering? What’s included in their packages? Do they charge extra for additional services such as shipping? You’ll also want to take into consideration the costs of providing your service or producing your product. Don’t forget things such as postage, production, software, marketing whilst leaving room for profits.​

While different pricing strategies can apply, you need to figure out what suits your industry.​

Read more: Pricing your product or service​

Before starting a business, you need to ensure that you understand all the legalities so you won’t get caught off guard with breaching laws. The common legal requirements for starting a business in Australia are:​

Business owners have an important and challenging responsibility: staying on top of their tax obligations. It's crucial to understand what your responsibilities are as a business owner, even though most owners seek the advice of professionals (accountants and tax agents).​

In general, tax obligations depend on your business structure, type of business, and whether you have employees. ​

Here's a quick overview of what you need to know as a business owner:​

Read more: Master checklist for new business owners​

You can choose to pay for professional advisors such as accountants and lawyers, or you can just talk to people you know in your network to validate your business ideas. In order to make good business decisions, or even to challenge your assumptions and blind spots, you should get a wide range of advice. When it comes to starting a business, there is nothing you can do if you do not know what you don't know unless you consult with your advisors, no matter if they are professionals or friends or family. ​

Read more: How to find the right accountant for your small business​

You can easily get cloud-based software to make your business process more efficient. For example, CRM systems (e.g., Hubspot, Keap) can help to stay in touch with your prospects and customers; project management tools (e.g., Asana) can help you to track the progress of the projects you’re working on; accounting softwares (e.g., Xero) can help you with bookkeeping, record keeping and generating key financial reports and much more.​

A stack of software for your business may cost you upfront, but it will streamline mundane administrative tasks and improve business operations.​

We’re an online accounting firm that is always right here for you, your accounting pain relief. The most advanced technology lets us work way more closely with you than a normal accountant world. ​​

We have a dedicated team of certified accountants and a support team to take care of your business no matter where you are, so you can focus on growing your business. We take out the ‘fluff’, break down the barriers and get things done. Looking out for you is what we are all about. Get started for free today.​