To download a print-friendly PDF version of the New Business
Checklist click
here.
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Intellectual Property
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IP Australia
www.ipaustralia.gov.au
233 Adelaide Terrace PERTH WA 6000
Tel: 1300 65 10 10
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Will you employ staff?
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If you intend to employ staff, you will need information
on:
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Department of Consumer and Employment Protection
www.docep.wa.gov.au
219 St George's Terrace PERTH WA 6000
Tel: 9282 0777
Advice line: 1300 304 054 (cost of local call)
Dept of Employment and Workplace Relations
www.dewrsb.gov.au
Level 12, 250 St Georges Terrace PERTH WA 6000
Tel: 9464 4200
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Awards and Agreements
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Award/Wage Rates
www.wagenet.gov.au
Tel: 1300 655 266 - State Awards
Tel: 1300 363 264 - Federal Workchoice
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Workers compensation insurance
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WorkCover WA
www.workcover.wa.gov.au
2 Bedbrook Place SHENTON PARK WA 6008
Ph: 9388 5555
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Occupational Health and Safety
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Worksafe Western Australia
www.safetyline.wa.gov.au
5th Floor, 1260 Hay Street WEST PERTH WA 6005
Telephone: 9327 8777 or 1300 307 877
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Set up Bookeeping/Record Keeping system
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Entry options
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Startup
Takes time and patience…
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Existing
Buying an existing business can be more
expensive to get into in the first place; however, can provide
established premises, equipment and customers. If buying
an existing business, request details of the last three
years' trading figures, break-up of the purchase price (including
goodwill), history of the business and owner and the reason
for the sale.
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Franchise
Is an alternative form where a company
will sell you established products, operating methods, and
cut out much of the leg work involved in starting up.
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2. you
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Personal Stuff
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Motivation
Not everyone is suited to running their own small business,
so be honest with yourself about why you want to go into
business for yourself. 'Buying yourself a job' or simply
to remove yourself from an existing difficult employment
situation is not necessarily the best foundation from which
to start!
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Small business and family
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Strengths and Weaknesses
Work out your own strengths and weaknesses and be realistic
about them. We can't possibly be experts at everything,
so consider what personal strengths you bring to the business
and perhaps more importantly, the areas that need some development.
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Goals
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Are your personal affairs up to date?
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Insurance Broker
Financial Planner
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3. the idea
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Planning and Research
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Having a good idea is not enough!
Before you start up, you need to know:
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1.
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is there really a demand for your product / service?
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2.
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is your product / service right for the market?
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3.
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is thereroom for a new business in
the market?
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Research
Remember to take time to collect impartial
and accurate information, not just feedback from family
and friends!
Your research should include:
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Consulting with people operating in
your industry - including your suppliers, competitors,
agents, associations and authoritative individuals
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Find out current trends in the industry
and any seasonal fluctuations
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Identify your competitors and determine
what they sell, who they sell to, at what price and
other marketing aspects
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Identify all possible suppliers for
your business
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Identify your target market. Who are
your customers? Where are they? How can you get to
them?
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Identify internal and external factors
affecting your business proposition. What are your
business venture's Strengths, Weaknesses, Opportunities
and Threats?
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Develop your Unique Selling Proposition (USP). What
is going to make your business stand out?
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Don't rush!
What is your timeframe?
Years of experience support the view that a business idea,
well researched and considered has a higher than average
chance of survival.
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When researching it may be useful to refer to:
Australian Bureau of Statistics
FMRC Industry Benchmarks
IBIS Industry Reports
Local Library and Shire Offices
Book of Lists
Yellow Pages and local information directory
Industry Associations
Other similar businesses
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Location
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Where will your business operate from?
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Local Councils
Call us at the SBCSEM for further info on the Incubator
facility.
SBCSEM offer access to a commercial tenancy expert.
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Marketing andPromotion
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How do you plan to market your business? Sit
down and work out the target audience (who really buys your
goods), where are they located, and what is the best means
to reach them (don't automatically assume one form, e.g.
Yellow Pages, is the best option!). Then work out how much
this will cost, how long you will use the advertising, and
what message you will put in it.
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STRATEGIC LEVEL
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A broad Product / Market Definition:
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What are you trying to sell and to
whom?
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SWOT Analysis
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Strengths, weaknesses, opportunities
and threats
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Market Segmentation
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What are all of the types of customers
that you could sell to?
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What are the main categories of product or service
that you could sell?
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Which product / market segments will you target?
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Why? What makes what you have to offer especially
suitable to this market segment?
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Customer Analysis (for each market Segment):
Describe your customer (who, what, when, where, how,
how much, why, what motivates them?) Why do they buy from
you?
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Competitor Analysis (for each Market Segment):
Who are your main competitors? What are their strengths
and weaknesses?
What segments of the market are they targeting?
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TACTICAL LEVEL - Outline your marketing plan in
terms of:
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PRODUCT / SERVICE
Describe the main features and benefits of the product or
service that differentiate it from the competition. These
may include:
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Physical features (sizes, colours,
etc.)
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The product range, accessories, etc.
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Quality; Warranties; Service support
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Put yourself in your customers shoes - why
is your product / service better?
Why would they choose yours over any competitor's?
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PRICE
Have you taken ALL your costs into consideration when working
out your prices?
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DISTRIBUTION (Service Delivery)
Consider how the products / services will be delivered to
the customer and the costs associated with this.
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PROMOTION
How will you let customers know what you have to offer?
Consider:
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What are the best promotional tools
for your products?
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Will you advertise? If so: through what
media? What will be your message? How often? at what
cost?
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Can you use publicity, editorial or
public relations activities to reduce costs?
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Will you use gimmicks, inducements,
specials, give-aways? etc.
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PEOPLE
Who will make it happen? Do you need additional staff; training
and development; Remuneration
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Funding and Finance
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Furniture, Fittings and Equipment Required
Not all businesses cost that much to set up but it is normal
to expend some monies on setting up a business.
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Start-up Costs
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Operating Costs
You need to research and estimate ALL costs associated with
operating your business throughout the year. Remember to
include advertising, wages, insurances, leases, motor vehicles
costs, and those costs specific to your industry.
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Cash Reserves
How much cash do you have in reserve (working capital)?
A general rule of thumb is start-up costs plus three months'
worth of business operating expenses available in ready
cash.
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Budgeted Earnings
It's wise to look at the best and worst case scenarios.
What is the minimum amount you need to draw from your business
to survive? (This figure is base core survival stuff!!).
You also need to calculate your preferred drawings rate.
Drawing figures will vary from business to business and
will depend on a whole lot of factors, but you need to give
yourself a starting point!
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Sales Estimate
Have you estimated the sales of your products / services
for the first couple of years' operations?
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CashFlow Forecast
Have you calculated how much money you expect to flow in
and out of the business in the first twelve months? THIS
IS THE MOST IMPORTANT PROJECTION YOU CAN DO BEFORE COMMENCING
OPERATIONS!
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Loans
Do you need one? What type of security can you offer? What
do you want the loan for?
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Business Planning
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This is a document that should tie all your
work in the above areas together, lay out your plans for
the future, and act as a blueprint for the future. A good
business plan will show whether your idea is viable or not.
It will also enable other people to give you useful feedback
on the viability (or otherwise) of your project, and help
financiers work out whether or not they will loan you any
needed money.
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Copies of business plans available from the BEC office
or online
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Business Support
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