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  • #972671
    teenz
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    Hi all,

    I’m new to the forum :)

    I’ve been considering starting up my own business. I thought about buying a franchise but for a few reasons have decided against it.

    But I have no idea where to start. I’ve been thinking about business loans so I’m aware I will need a business plan etc, but do I need some sort of deposit/capital to be able to get a loan?

    Any tips or suggestions to point me in the right direction would be great.

    Thanks :)

    #1057422
    Pinnacle TMS
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    teenz, post: 70541 wrote:
    Hi all,

    I’m new to the forum :)

    I’ve been considering starting up my own business. I thought about buying a franchise but for a few reasons have decided against it.

    But I have no idea where to start. I’ve been thinking about business loans so I’m aware I will need a business plan etc, but do I need some sort of deposit/capital to be able to get a loan?

    Any tips or suggestions to point me in the right direction would be great.

    Thanks :)

    Welcome to the forum, Teenz (sorry you didn’t leave your name :)). Sounds like you need to go to an accountant so you can get some ground floor advice on your business structure and he/she may have contacts as well as advice in relation to money issues. You may also need a solicitor, depending on your business needs, eg sole owner or shared. When you chose a name for your business make sure you have searches done to see its available to use not only on the business registers but also as a trade mark. You don’t want to chose a name and then have to change it because it’s already taken by a competitor as a registered trade mark. Once you have chosen your name, you will probably also need a web designer unless you want to do that yourself. I believe there are a number of people here on the forum that can help – check out the directory – but if you need some referrals let me know. Good luck – its an exciting time!

    Cheers,
    Suzanne

    #1057423
    JacquiPryor
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    Hi Teenz,

    I have tried to ‘attach’ a document here in the hopes it would be of assistance, but think it’s too big. Our office has published a few checklists for starting up new businesses – see http://www.australiantrademarks.com.au/BusinessChecklists.php. These go over a few things you will need to do as well as some ‘ideas’ on other things to consider depending on the type of business you are setting up (certain industries will require you to have permits or similar, such as liquor related etc). Hope they give you some food for thought! As Suzanne mentioned, an accountant will be able to help in determining best structure for your business or company, and likely be able to help in a few other areas.

    http://www.business.gov.au is a good resource (this is a government site) that also provides links to checklists, forms and links to other useful sites and information (for example for information about registrations and licences you may require etc). Specifically, they have information about finding a business loan at http://www.business.gov.au/Howtoguides/Startingabusiness/Startinganewbusiness/Pages/HowcanIfindabusinessloan.aspx

    Hope the above helps – all the best moving forwards!

    #1057424
    Adam Claydon-Platt
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    Hi Teenz,

    Welcome to the forum! Hope you find exactly what you’re looking for here :)

    Congrats for considering starting your own business – I’m sure it will turn out to be a really fulfilling journey for you.

    It sounds like you’ve already got a rough idea about what you would like to do?

    Basically, I like to follow these steps – hope they help you too!

    1. Decide your Dream Job
    We only live once, so it’s very important to think hard about what your dream job is – literally choose the thing that would make you happiest to be doing!

    2. Research the Market, and Find your Niche
    Do some simple research (online etc). Are there any changes that could be made to existing businesses that would improve the product or service? Define what will make your business unique. What will attract customers to give you a try?

    3. Make a Simple Business Plan
    It doesn’t have to be too detailed – in business, you’ll find that things don’t always turn out the way you expect, so you need to be adaptive. It should be a work in progress. In the beginning, even simple dot points is fine!

    As for getting a loan, it may be difficult until you get the ball rolling a little. I always recommend starting small, and keeping things as simple as possible, to minimise capital outlay / risk (and stress!). Then, only after you start seeing some profits coming in, you can think about expansion.

    4. Find an Accountant
    Sit down with a friendly accountant, tell them your plans, and they’ll tell you what you need to do to set things up correctly!…

    Sorry if it’s over-simplified – hope this points you in the right direction, and let me know if you have any more questions about these, or any further steps! :)

    Adam.

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