Essential requirements for setting up your business
According to accountants and other business advisors, preparation of a business plan is an essential first step if you have decided to set up and work in your own business. The process of completing your business plan will help you to determine if the business is feasible. If you need financial assistance to start and operate the business, the lending organisation will insist on seeing and reviewing your business plan.
The essential components of a business plan typically include:
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A description of the business which would include an overview of the industry in which it is to operate, how the business is to be structured, managed and staffed, its legal status, the products and/or services to be provided and to which markets, how the business is to be positioned in the market place and the pricing strategy.
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An analysis and description of the market the business will serve including the size of the market, the customers of the business, the competition, and estimated sales.
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How products/services will be developed and/or manufactured, costs of production etc.
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Sales and marketing strategy including method of sales and how the business will be advertised and promoted.
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Details of ownership and the management team.
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Financial statements including a balance sheet and cash flow projections.
There are numerous sites on the internet which contain business planning tips and samples of business plans. This link will take you to one of them: http://www.morebusiness.com/
There are a number of other essential requirements associated with setting up a business including:
Determining the legal structure of the business and applying for an ABN or ACN (Australian Business Number of Australian Company Number if the business is to be incorporated as a company). Apply to the Australian Taxation Office at this link for an ABN/ACN and to gain access to other information related to setting up a business ATO - setting up a business
Registering the name of the business. This can be done through this SA Government website Register a name in SA
Tip: It is strongly recommended that you seek the services of an accountant who specialises in small business to assist you with initial advice and the process of setting up the business.