You are in the right place if you are looking for step by step advice to help you set up your business. If you are already a business owner, you can access easy to understand tips, tools and information to help your existing business prosper.

I know that starting a business can be a daunting task for a new business owner because it involves change, learning new skills and it requires courage, determination and a lot of hard work. Even if you are ‘just’ acquiring an existing business, it is still a new path for you so take a moment and acknowledge yourself for choosing to be a leader. For stepping up and stepping out of your comfort zone and making your own path - you write your history. Starting a business can be one of the most gratifying, rewarding and liberating experiences one can have in life provided you succeed.

You have decided to go into business because you want financial freedom, lifestyle change, or you are tired of working for someone else, or you want to turn your hobby into a business opportunity, and want to build a global empire or all of the above. Whatever your reasons you are in the right place to get access to valuable advice, material, tips and people to help you in your journey towards business success.

I have put together the following essential steps to help you get an overview of what’s required in setting up your business.

Overview for setting up your business 

        1. Develop a winning mindset

• What makes you happy?
• What did you dream of as a child?
• What motivates you?
• What are your values?
• Is what you want to do in line with your value system?
• Why do you want to be in business?
• What will you sacrifice by starting your business?
• What will you tolerate by not doing it?
• How long do you want to be in business?

2. Know your target market

• What sort of business do you want to start?
• What are you selling (products, services or both)?
• Who are your customers?
• Why should they buy from you?
• Do you want to sell online, locally, nationally, internationally?/li>
• Who are your competitors?
• What are you going to charge for your product or service?
• Where can you distribute a potential customer survey?

3. Get legal and financial advice

• What are the legal requirements for your business?
• Are any licenses or permits required?
• What about copyrights, trademarks, patents, protection of intellectual property?
• Are there any requirements from the local council?/li>
• What statutory and regulatory requirements apply?
• Will you be operating from home, or will you need to rent a shop or office?
• How will you finance your business?
• Will you need a bank loan?
• What type of insurance will you need?
• Will you have to register for GST, PAYG?
• Will you pay Superannuation?

3.1. Choose the right business structure

After analysing all pros and cons, which business structure best suits your requirements?

• Sole traderli>
• Partnership
• Company
• Trust

3.2. Register your business

• What is the registration process for your chosen business structure?
• What is your business name?
• Does it already exist in the Australian Business Registry (ABR)?
• Is your business name registered with Consumer Affairs Victoria to get an ABN?
• Have you had an ABN before?
• Is your company registered with ASIC? What is your ACN?
• Is your business registered with the ATO for a TFN, BAS, PAYG withholding?

4. Prepare your business plan

• What is your mission and vision?
• What are your personal, business and financial goals?
• What are your strengths, weaknesses, opportunities and threats (SWOT analysis)?
• What is your product and service?
• Who are your customers?
• Who are your competitors?
• What equipment will you need?
• Where will you operate from?
• How much starting capital will you need?
• What is your sales forecast for the first 12 months?
• What are your business KPIs (key performance indicators)?
• What is your marketing budget?

4.1. Write your standards manual

• What are your business benchmarks and standards?
• What is important in your business?
• What are your business policies (customer care, warranties)?
• If you were not there, how would you want someone else to run your business? Who would you choose?

4.2. Design your business systems

• What is your sales process?
• What marketing systems do you have in place?
• What financial tracking systems do you have in place?
• What human resource systems (hiring, training, etc.) do you have in place?
• What technology systems do you have in place?
• What continuous improvement processes do you have in place?
• What OH&S systems do you have in place?

5. Design your brand

• Who is your target audience (male, female, young, old, professional, students, other)?
• Where are you aiming for in the market place (low, mid range, high-end)?
• How do you want to be perceived?
• What is your message?
• What needs to change in your personal image to suit your business image?
• What do you want your brand to communicate?

6. Get a business mentor

• Will you engage services of a business mentor or a business coach?
• What mentoring services are available (private and public)?/li>
• Do you know someone (a business owner) who works with a consultant? What do they say?
• Have you thought about consulting with an existing business owner to guide you through the process?

6.1. Develop your marketing strategy

• How do you plan to market to your customers?/li>
• Through brochures, pamphlets, ads or articles in the local paper, cold calling, attending networking event, direct response marketing, social media, website, Google AdWords, cross-promotion, etc

7. Develop your marketing material

• Do you have your business cards, letterheads, brochures, flyers, vouchers, etc. printed?
• >Do you have a website?/li>
• Do you have your signage done for your business and maybe your car?
• Do you have promotional stationary?

7.1. Use social media

• Is your target market likely to use any of the social media (Facebook, Twitter, MySpace, YouTube, LinkedIn, Xing, Digg, etc)?
• What is your message to the social media community?/li>
• How often will you update your profile and messages online?

8. Attend networking events

• What business networking groups exist in your area?
• What networking events are your potential customers likely to attend?
• What is your networking budget?
• Which social networking activities can you attend to meet your potential customers?

8.1. Build strategic alliances

• Which businesses can you build strategic alliances with and cross promote?
• Do they share your value system?
• Are they professional and ethical in their conduct?
• Are they likely to improve or damage the image of your brand by associating with them?

8.2. Build customer base

• Do you care about customer satisfaction?
• Is it important for you to get repeat business from your customers?/li>
• Are you friendly, courteous, fair and professional towards your customers?
• Does your business have a customer service policy?
• Do you ask your customers for feedback to improve the quality of your product or service?

9. Hire the right staff

• Do you have an organisational chart for your business?
• Are you looking for long term staff?
• Do you have a position description for each of your staff?
• Do you have clear expectations of your staff?
• What personal and professional qualities do you look for in your staff?
• What will you need to work on to be a great boss?
• How will you motivate your staff for them to perform at their best?

9.1. Give staff the right training

• Have the staff studied the operations manual?
• Have you reviewed goals and objectives and individual training plan with each staff?
• Have you developed a staff training matrix (matching training to the skill-set)?
• Have you assigned a mentor to each of your staff to help them learn?
• What help is available from local, state and federal government for further education and training of your staff?

9.2. Delegate and manage

• In your business are you typically the first person in and last person out?
• Do your staff come to you and ask your opinion and decision on minor tasks?
• Do you micromanage?
• Is your focus more on working ‘in’ your business rather than ‘on’ your business?
• How do you manage in case you are away from your business (holidays, illness, etc)?
• Do you trust your staff?
• What needs to happen for you to develop a trusting relationship with your staff?

9.3. Develop a learning culture

• How do you learn from your business mistakes?
• Do you review successes and failures for process improvements?
• Do you and your staff keep making the same mistakes time after time?
• Do you encourage staff to actively participate in the improvement of business processes?
• Do you have a knowledge sharing system in your business?
• Do you hold brief daily team meetings to ensure everyone is on the same page?
• Do you praise your staff for their successes and encourage them?

10. Plan and follow business exit strategy

• How long do you want to be in business?
• How much money do you have outside of your business to fund your retirement?
• What is your exit strategy (selling, merging, management buyout, listing on the stock market)?
• Will you have to pay Capital Gains Tax (CGT)?
• Do you have a succession plan?
• Do you want to pass your business on to the next generation?
• Does your family want to be involved in the business?
• Do they share your vision for the business?
• What do you plan to do when you exit the business?