Do your research before starting a business

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Are you ready to start a business? 

Pre-planning and a step-by-step approach will help you to confidently set up a new business. To help get you started, visit Small Business Development Corporation’s 8 Steps to Starting to help you decide if you are ready to go into business.

The Australian Government’s Guide to Starting a Business can also help you through each step. Download the Australian Government’s Starting Your Business Checklist to help guide you through the early stages of business.

ASIC's First Business app can help you decide if you're ready to start a business. Download the free app from the App Store or Google Play.

Develop your business plan

When starting out, a well prepared business plan will help you test the feasibility of your new business idea, set up operational and financial objectives and make sure your business is manageable and effective.

You will need to review your business plan on a regular basis, and update whenever your circumstances change.

Download the SBDC’s Business Plan template and Guide to Writing a Business Plan to help assist you to complete your plan.

Market research

Market research allows you to identify your industry, customers and competitors. The results of your research will give your business direction and help you to understand what your customers want, where their buying locations are, how much they are willing to spend and more. Visit the SBDC’s 8 Steps to Marketing Your Business to help you through the steps on how to conduct your market research and how to analyse and act on the results.

The Australian Government’s Business website also provides information on how to effectively conduct Market Research, help you to understand who your customers are what your competitors are doing.

Depending on your industry, there is likely to be information available in published reports or studies from these sources:     

Write your marketing plan

A good marketing plan will help you answer key questions about your business, act as a reference document to help execute your marketing strategy and develop a structured approach to creating services and products that satisfy your customers' needs.

When writing a marketing plan you need to be clear about your marketing objectives and how you're going to achieve them. 

Use the SBDC’s Marketing Plan template and guide to help set realistic and measurable objectives, includes budgets and action plans, and allocate responsibilities. The Australian Government Business website also provides a clear, step-by-step process on how to writing a marketing plan.