5 Things to Consider when Starting your Small Business

When you are thinking about starting your own small business all you want to think about are the positives  however there are some things you should consider before jumping on the roller coaster. 

1) Who are your customers?

Without customers you will not have a business, it is important you understand your customer. Who is your niche market? Who is your ideal customer? By answering these questions you will be able to market, brand and price your goods or service.

2) Competition!

Who is your competition? This is your chance to go and checkout any competition and compare what you are selling, with what they are selling. What could you do better? This gives you an opportunity to figure out how your business will be different and hopefully better than your competition.

3) Why do you want to start your own business?

This is one of most important questions to ask yourself before embarking on the road to becoming a small business owner. You need to be clear of this and go in with your eyes wide open.

4) Budgeting

The fun part! While you are caught up in the excitement you need some help in terms of setting up a budget. So that you are not overestimating income and underestimating the costs.  It is important to have an accountant to develop a realistic budget.

5) Rules and Regulations

Depending on what your service or good is will depend on rules and regulations and these vary depending on state to state. Remember that you must be aware of employment, workplace safety and taxation’s laws! Check out www.business.gov.au