15 Steps to Start Your Business in Perth

Step by Step Guide

Business
15. Apr 2021
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15 Steps to Start Your Business in Perth

Planning to start your business in Perth isn't easy.

At one moment, you will be excited about making profits, becoming your own boss, pursuing your passion, and managing a successful enterprise. 

In another minute, you will be worrying about how to survive Perth's competitive business climate, attract more customers, minimise losses, and actualise your dream within the set period. 

If you are battling such a situation right now, don't overthink.

The following business ideas will guide you step by step.

Hundreds of entrepreneurs have used them to start and grow their businesses. 

 

Steps To Start Your Business

1. Determine if you are ready

Decision making about starting business Perth

Excitement can trick you into feeling like you are too ready to start, but in the real sense, you aren't.

On the other hand, worry may discourage you from starting your business, yet you are ripe for the challenge.

So, how do you decide if you are really ready to launch your startup?

Here are ideas suggested by Entrepreneur's business experts.

  • You have a strong affection for business
  • You trust your idea will work
  • You have a ready market for your product or service 
  • You are prepared to learn new business skills always
  • You understand that businesses have risks
  • You have enough finances to run all business operations

 

2. Conduct market research

Many successful businesses enjoy longevity simply because their owners took the time to study and understand the market.

So, if you want to be counted among successful entrepreneurs, don't underestimate the power of market research.  

This research will help you gather the helpful insights you need to start and run your business.

It will help you understand competitors better, as well as identify the right target customers.

Also, the research will help you develop products that can win hearts easily.

 

Market research data Market research

 

3. Write your business plan

Many budding entrepreneurs consider a business plan as a document for a loan application, getting investors, applying for business licenses, or seeking partnerships.

The entrepreneurs choose to ignore the plan if they have enough finances to start and run their business. 

However, business experts say that a good business plan is more than a fund-seeking document.

It is a roadmap that steers your company in the right direction. 

The plan details all tasks needed to run and grow your new business, and it has essential metrics to help you gauge your day to day success.

Furthermore, a business plan enables you to prioritise important tasks, beat deadlines, and forecast potential issues.

 

Business Plan

 

4. Figure out your finances

Money is the most important thing you need to start your business in Perth.

You will need it to run vital business operations, buy machinery, hire more staff, rent or build your business premises, purchase assets, as well as fund your business growth. 

Without money, you will struggle to grow amidst competitors with adequate resources.

All in all, inadequate finances shouldn't stop you from actualising your dream.

You can get funding from investors, banks, and SME lenders.

With the right idea, you will hardly miss a financial organisation to fund your business. 

 

5. Assess your business idea

Business Idea in Perth Business Idea

 

Your business' success depends on the idea behind it.

If you have a unique concept that offers a solution to an existing problem, then your business is likely to scale up rapidly.

However, if your idea is too common, expect a hard time growing.

So, how do you know your business is worth the salt before you launch your business?

It is simple.

Just evaluate your idea critically before you start your business.

A good business idea should be:

  • Unique
  • Easily scalable
  • Profitable
  • Innovative
  • Sustainable
  • Hard to copy
  • Financeable

 

6. Choose your business name

A business name is the face of your business.

A good one builds recognition, creates an excellent first impression, and boosts referrals.

The wrong name will do quite the opposite.

It will make a bad first impression, discourage referrals, and minimise brand recognition.  

If you wish to avoid the latter outcome, scout for an easy-to-spell name that describes your business.

The name should sound professional when said aloud. 

 

Choosing a business name
Brand your business

 

7. Pick your business location

Business location

Even with an innovative idea, adequate finances, and a dedicated team, your business can fail to thrive if you set it up in the wrong location.

It may prevent you from expanding or even discourage your customers from visiting again. 

Actually, it would be prudent to delay starting your business rather than opening it in the wrong location.

So, what makes a good business location?

It depends on the type of business. 

For instance, if you are opening a retail shop or a restaurant, scout for a secure, easily accessible location with enough foot traffic.

Possibly, the ideal location should be a reasonable distance away from already established competitors.

 

8. Choose your business structure

business structure

A business' legal structure affects various aspects of your business. It determines the taxes you will be paying, the profits you will be pocketing, the amount of paperwork needed, and your overall powers in running the business. 

That said, choosing the right business structure requires much thought and planning before you settle on the most suitable. Here is a quick overview of the four primary business structures you ought to consider. 

  • Sole proprietorship

A sole proprietorship is a one-person business. The owner enjoys all proceeds from the investment while bearing all the risks and liabilities. As well, in a sole proprietorship, the owner is the major decision-maker. 

  • Partnerships

In the partnership business structure, two or more entrepreneurs team up to start and run a business. They share profits equally and manage the business collectively. As well, the partners share losses and liabilities equally. 

  • Corporation

A business corporation is an entity created to conduct business on behalf of multiple shareholders. It operates under a board of directors chosen by shareholders. The shareholders receive proceeds in the form of dividends and cash appreciation, and they enjoy full protection against liabilities. 

  • Limited Liability Company

A limited Liability Company is a combination of partnership and corporation business structures. It is owned by an individual, groups, or corporations. Profits and losses are passed directly to the members. 

 

9. Check your legal obligations

No matter the type of business you operate, you will always be subject to various legal responsibilities.

While the obligations differ from business to business, here are the most common responsibilities to expect. 

  • Registering your business properly
  • Respecting other people's intellectual property
  • Providing a safe working place for you, customers, and employees
  • Protecting customer's privacy
  • Filing your tax returns
  • Insuring your business properly

 

Legal obligations Australia

 

Before launching your startup, make sure you understand all the legal obligations related to your business.

Otherwise, you will lose precious time and resources in court battles. 

 

10. Register your business

register business

Though not mandatory, registering a business isn't something to ignore when establishing a successful entity.

With a registered business, you won't struggle so much to build your reputation or get into contracts with suppliers, customers, funders, and investors.

Businesses operating in Perth are registered through the Australian Securities and Investments Commission, or the Australian Government's Business Registration Service.

Before you begin the process of registering your business, make sure you have an Australian Business Number, your proposed business name, and the personal details of your business partners.

You will pay a processing fee. 

 

11. Get federal and state tax IDs.

income tax

Before launching your startup in Perth, you will need an Australian Business Number that identifies your business.

This eleven-digit number will come in handy when applying for Goods and Services Tax, filing taxes, or claiming energy grants.

As well, the ABN identifies your business when invoicing or ordering products from other businesses.

You cannot operate a serious business without an Australian Business Number.

So, make sure you have it as you plan to venture into business.

 

12. Apply for licenses and permits

When running a new business, liabilities should be the last thing you ever want.

They will erode your reputation, expose you to unnecessary financial losses, as well as eat into the time you would have spent growing your startup.

But, with the proper licenses and permits, you can operate your business without issue.

Therefore, before you, open doors make sure you have all the necessary permits.

You can get a detailed list of the specific permits you need from the WA Small Business Development Corporation's online license finder.

 

licenses and permits

 

13. Open a business bank account

Experts claim that opening a business bank account should be compulsory for entrepreneurs looking to set up an independent business. It will save you from mixing your personal banking with your business. 

With a business account, you will spot financial inaccuracies easily, organise your accounting records properly, and avoid all other blunders associated with mixing personal and business banking. 

A business account is mandatory if you are running a partnership, corporation, or a limited liability company. 

 

Opening bank account Perth Opening bank account

 

14. Build your support team

Success is a teamwork effort.

You should get someone to handle duties that you cannot execute professionally, bring in new ideas, and give you the morale you need to prosper.

Don't shy off from delegating if at all you want to scale up quickly. 

However, before you get a new member to join your support team, vet them thoroughly.

Make sure they will surely help you gain traction.

Probably, you should get team members with a solid background in business, good communication skills, robust leadership skills, and a strong determination to grow. 

 

support team

 

15. Market your business

With a business name, adequate finances, and a professional support team on standby, feel confident to set up your business in Perth. 

However, you should remember that there is no way prospects will know about the new business in town if you won't market it.

That said, you should spend your first few days advertising your business on the right channels. 

Smart marketing is the only way to enhance your business visibility, get more customers, improve sales, and make profits. 

 

Marketing Marketing social networks

 

Starting a Business in Perth: Frequently Asked Questions

Can I start a business at 15?

Anybody with a robust entrepreneurial passion can start their business as early as 15 years.

Even younger entrepreneurs aged below 15 can set up one under the supervision of parents or guardians.

However, the law doesn't allow school-going entrepreneurs to run their businesses during school days.

Also, school-going entrepreneurs aren't allowed to operate their business late into the night, during a school day.

 

How much does it cost to start your own business?

The cost of starting a business in Perth depends on many factors.

It depends on:

  • the type of business
  • the number of employees
  • rent
  • business registration
  • professional fees
  • advertising
  • cost of starting inventory
  • operating cash
  • insurance

 

Basically, it is hard to quote an exact figure.

However, if you want a more detailed estimate, you can get help from Small Business Development Cooperation, a statutory authority that supports Western Australia's budding entrepreneurs. 

 

Business costs

 

What documents do you need to start a business?

Starting a business doesn't just need finances and infrastructure.

You will also need a couple of documents to get funding, process licenses, enter into contracts, guide your employees, amongst other functions.

Some of the documents you need include: 

  • Business plan
  • Partnership agreement
  • Buy/sell agreement
  • Employment contract
  • Business permits and licenses
  • Employee guidebook
  • Confidentiality agreement
  • Terms of service

 

Can I start a business without registering it?

If your business uses your official name as its brand identity, you don't have to register it.

Nonetheless, if you use any other business name, you will have to register it with the Australian Government's Business Registration Service or Australian Securities and Investment Commission. 

 

What is the main requirement to start a business?

Ideally, there are several requirements to start and run a successful business.

But, money is the main resource. You will need it to run every aspect of a business.

Actually, without adequate finances, your business will remain just a dream. 

 

What skills do you need to start a business?

Managing a business is a game. You can hardly beat your competitor if you lack the right entrepreneurial tactics.

Therefore, before you start a business, check if you are well-equipped with the following essential skills.

You will need them to outwit competitors. 

  • Financial management
  • Leadership
  • Marketing and sales
  • Time management
  • Networking 
  • Communication
  • Negotiation
  • Project management
  • Problem-solving

 

Skills

 

Is it challenging to start your own business?

With determination, a unique business idea, and enough resources, starting a business isn't difficult.

However, you shouldn't expect everything to run smoothly always.

At times, you will need extra effort to make sales and keep customers. 

 

What are the easiest businesses to start?

Perth has lots of business opportunities for everyone.

So, if you are not ready to take bigger challenges, or you want something to hone your entrepreneurship skills, here is a list of easy businesses to consider starting.

  • Personal training
  • Daycare and babysitting
  • Residential cleaning
  • Painting companies
  • Digital marketing
  • Interior designing
  • Photography
  • Pet sitting
  • Landscaping
  • Property management
  • Beauty therapy
  • Moving companies
  • Delivery service
  • Car repair and car washing

 

What are the cheapest businesses to start?

If you have inadequate starting capital and yet you have an untamable zeal to run a business, don't give up.

There are a couple of businesses that you can start with very little or no startup income.

Check out this list to spot one that makes the most sense for you.

 

• Pet sitting

Pet sitting

Pet parents always look for somebody to take care of their furry friends whenever they travel or when their busy schedule won't give them time to attend to pets.

So, if you love pets, you can start this venture.

You need no income to start pet sitting. 

 

• Residential cleaning services

Cleaning services

With everyone getting busy with work, parenting, schooling, and other activities, people are always looking for someone to help them clean.

You can start with a few cleaning supplies and grow your way up as you get more gigs. 

 

 

• Event planning

Event planning

Event planning is another easy business to start.

This business entails helping non-profit organisations, corporations, government organisations, and individuals to plan and execute events successfully.

You just need strong communication/negotiation skills and some creativity to grow in this business. 

 

• Local tour guide

Tour guide

Perth is a ready market for local tourist guides with beautiful nature parks, sandy beaches, high-class hospitality services, and vibrant city life.

Therefore, if you understand Perth inside out and get along with visitors well, dive into tour guiding, and you won't regret it.

 

• Virtual assistant

Virtual assistant

If you prefer working from home, try out virtual assistance.

This business entails helping companies or established businesses with digital marketing tasks, customer support, and other administrative tasks from the comfort of your home.

 

 

What are the most successful small businesses to start?

There is no denying that some businesses are more profitable than others. They have low risks, less competition, a colossal market, low startup costs, and reasonable profitability. Are you scouting for such opportunities? These ideas wouldn't disappoint. 

  • Solar Power and Installment
  • Gig-economy online platform
  • Elderly care
  • Affiliate marketing
  • Photography
  • Health/fitness coaching
  • Digital marketing
  • Personal training
  • Online retail
  • Interior designing
  • Agribusiness
  • Auto repair

 

What businesses are in demand?

 

• Eldercare •

elder care

With the ever-rising population of seniors, many households are always searching for a good eldercare facility.

With this ever-rising population, starting an eldercare facility will not disappoint.

 

 

• Restaurants specialising in a specific niche •

Special restaurants

With high traffic from locals and visitors, the demand for specialised cuisines keeps increasing by the day.

You can seize this opportunity and set up a restaurant specialising in international cuisines or specialised diets.

 

 

• Personalised gifts business •

personalized gifts

Perth is a hub of events like birthday parties, baby showers, weddings, graduations, anniversaries, and several other events.

As you know, such activities come with a constant demand for personalised gifts.

Thus, a well-advertised personalised gift shop will never run short of clients. 

 

• Gym •

Gym

Walk into Perth's parks and trails, and you will spot hundreds of Western Australians walking, jogging, or running.

This means that there is a ready market for well-equipped fitness facilities.

After all, many people would prefer working out indoors. 

 

• Online courses •

Online courses

You don't have to get out of your home to make a living out of business.

Instead, you can create online courses based on your field of expertise and sell them.

In this case, you will get customers from around the world.

Not just from Perth. 

 

Which business will grow in the future?

You cannot talk about the future without mentioning the world's technology sector.

New advancements keep popping up, and there is always a ready market for new innovations.

With these insights, you cannot go wrong if you build a future-oriented business based on groundbreaking advancements like:

  • IT support
  • Mobile Apps
  • Blockchain
  • Online security
  • Self-driving technology
  • E-commerce
  • Smart home gadgets
  • Green power
  • Artificial Intelligence

 

What do rich people invest in?

Wealthy people invest tactfully. Instead of investing in an already saturated market, they look for those less invested opportunities with high demand and great returns.

That's why most of their investments keep flourishing.

Many of these public figures prefer:

  • Low-risk businesses like real estate
  • Monopoly businesses 
  • Luxury hotels
  • High-risk ventures with high returns
  • Startups with a promising growth potential

 

Over to You

Now that you have a good business idea and the skills to help you launch your startup, don't wait.

Mobilise your resources, and launch that business.

With passion and proper business skills, you won't take long to gain traction. 

 

Free Classified Ads Perth

 

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