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. Small Business Victoria provides a range of resources, information and guidance on starting and managing your business.
Having accurate information about your business is vital to building a successful venture. Research will contribute to the success of your business, It’s important to add a point of differentiation to your product/services such as providing a cost or providing a unique offering that consumers will value or being more competitive on price or service than your competitors.
To better understand the marketplace, including industry profiles, structures and business locations, refer to the City of Port Phillip’s Economic Profile. (link) The Community Profile provides details about the consumer market, such as income levels, residential density, ethnicity and age, so that you can find a business location that best suits your product or service offering.
City of Port Phillip Community Profile
If you decide to start up a business, you’ll need to register with the Australian Tax Office and apply for an Australian Business Number (ABO) or Company Number:
Depending on the type of business you intend running, you may need additional permits, either from Consumer Affairs Victoria or from the City of Port Phillip: