Before writing your plan
Before writing your business plan, honestly evaluate yourself and decide if your business idea has a good chance of success. Analysis can help you anticipate any challenges you may face and help you overcome them. It can also help set the goals for your business in your business plan.
Analyse your business idea
Is your idea feasible? Before starting your new business, find out if there is a demand for your products or services. It's also useful to find out who your competitors are and whether the market can sustain your business.
Researching all aspects of your business idea will involve gathering, analysing and evaluating information to help you write your business goals. Some questions to consider are:
- What product/service will you provide?
- Is your idea viable?
- How will you protect your ideas?
- Is there a market for your product/service?
- What skills do you need?
- Who are your competitors?
- What difference will you bring to the market?
- Do you have the financial capacity to start a business?
Are you ready to venture into business? Operating a business is not just about working for yourself, it's also about having the necessary management skills, industry expertise, technical skills, finance and of course a long-term vision to grow and succeed.
At the outset it's important to consider whether you really understand what's involved and whether you're suited to business and self-employment. Examine these questions:
- Why are you starting a business?
- What are your business and personal goals?
- What are your skills?
- What income do you need to generate?
- What are the advantages and disadvantages of starting your own business?
- What are the barriers to entry in starting or growing your business? How will you overcome these?
- Have you considered an exit strategy and succession planning?
There are a number of government services available to help you plan, start or grow your business. These services can provide general advice, workshops, seminars and networking events, and can even match you with a mentor or business coach.
Search Advisory Services to find a business adviser near you.
Educate yourself and seek business advice and support
Attend business events
Small business workshops and seminars are run regularly in most areas of Australia, and deal with issues such as planning, marketing, financial management, innovation, employing staff and exporting.
You may also find it useful to attend networking events to help expand your business. By developing networks, you can keep up-to-date on industry and local information, promote your business through new contacts and learn key skills from other businesses.
Search Events for networking, mentoring or training events and seminars.
Take on a mentor or business coach
Participating in mentoring or coaching programs can help you develop a greater understanding of business processes and practices, and equip you with the skills you need to grow and improve your business.