Starting your own business is a rewarding and challenging career option. However, be aware that a high percentage of new businesses fail in their first 3 years of operation due to poor planning and management.
Following the 7 steps in this guide will help improve your chances of success.
Consider your suitability - ask yourself if you have the right skills, knowledge and experience to run a business.
Consider your idea - assess the merit of your business idea and determine whether people will be willing to pay money for your product or service.
Consider your market - identify your target market and develop a way of attracting them.
Consider your competition - research the level of competition to help determine your competitive advantage.
Consider your environment - understand the internal and external factors that can have a potential impact on your business.
Consider your finances - determine your start-up costs, running costs and pricing strategy.
Consider your start-up - consider the necessary legal requirements and resources you need to start your business.
For more information about how to start a business, and the licences you may need to run your business in Queensland, visit ABLIS (Australian Business Licence and Information Service).
Source: www.business.qld.gov.au
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