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You’ve decided to go into business, but where do you begin? Whether you have a great idea for a business or are looking to take over an existing operation, having accurate information about your business obligations, the industry market you are entering, competitors and understanding your finances is vital to building a successful venture.
Starting a new business requires knowledge around a number of areas, such as registration, licensing, finance, employing staff and taxation. Planning is also a critical step to your business’ long term sustainability, so new business owners should seriously consider writing a business and marketing plan, and assessing the finances and capital requirements of starting and maintaining the business. Business Victoria provides a range of resources, information and guidance on starting, operating and managing a business.
Research and having accurate information about your business is vital to starting a successful venture and will contribute to your business growth, innovation and continued success. It’s important to add a point of differentiation to your product/services to ensure you are recognised and remembered in the market place and in comparison to competitors. For instance provide additional value, offer a price discount or provide a totally unique product/service offering to consumers.
To better understand the marketplace, including industry profiles, structures and business locations, use the City of Port Phillip’s Economic Profile tool to research.
Use the Community Profile tool to research the potential consumer market and find a business location that best suits your product or service offering. You can research income levels, residential density, ethnicity, age and more indicators across Port Phillip with this resource.
If you decide to start up a business, you’ll need to:
In addition to registering your business, depending on the type of business you intend running, you may require a permit(s) to operate. For further information visit: