The Small Business Development Corporation (SBDC) aims to deliver practical support to small businesses, contributing to the growth of this sector. Our Employer Engagement team recently sat down with SBDC to discuss how you can turn your ideas into a successful business.
Here’s what they had to say:
So you have a good idea, but is it good enough to start a business? The hardest part about being a business owner is taking your ideas and turning them into reality.
Don’t let your ideas lay dormant because you lack the time to develop them, and lack money or courage. Here are some tips to help you turn your idea into your very own business sooner.
Step one: do your research
No matter how much you think you know about a particular industry, it always pays to do your research before committing your time and finances to a new venture.
Before you can convert your idea into a business, you will need to think about how your product or service will be sold, who will be purchasing it, its benefits and how it differentiates itself from others already operating in that industry.
So, before you take the leap, make sure you learn as much as you can about the industry you plan to venture into. You can do this by talking to business owners currently in the industry or, if you can, look at doing some part-time or casual work on the weekend in a similar business. You can also utilise industry benchmark and economic data reports to learn more about the current and future state of the industry. By doing this you can get a better understanding of the nuts and bolts.
Step two: get the necessary skills
As a business owner, you’ll need to be across every aspect of your business. While you don’t need to be an expert in everything, you’ll need to have a general understanding of some key topics. Topics like tax obligations, financial management, your obligations as an employer if you’re hiring staff, and how to market your business.
There are also areas like people management, where you may need to upskill.
To help get you started, the Small Business Development Corporation (SBDC) has a range of practical workshops for the business skills you’ll need. The SBDC’s free ‘Starting a Business’ workshop will give you a good insight into the key steps to take to start your business; from an initial assessment – which looks at your suitability to run a business – to financing your business idea and identifying sales opportunities. Visit smallbusiness.wa.gov.au for more information about the various workshops offered.
Step three: have a plan
While a business plan helps highlight key considerations you’ll need to make around your business, it’s also important to plan on a personal level.
Be thorough in your plans for how you want to implement your business, including how you will manage your finances and any family commitments you have. Running a business may take up more time than you think, which is why doing your research first is really important.
Step four: get advice
There is a range of free support and advice available to you, including the free business advisory service offered by the SBDC.
Before you make hasty decisions or sign a lease, make sure you get the right advice. Even if you need to pay for advice from an accountant or a lawyer – the cost of getting their help will be far cheaper in the long run than making financial commitments that put you at a disadvantage.
Free resources to help you start a business
If you’re ready to start your own business, the SBDC has a range of resources to help you get started, including helpful information on starting a business, and free business templates, guides and tools that will help you build your knowledge on a range of business topics and help you get things right with your business planning.
For more information on starting and running a business visit www.smallbusiness.wa.gov.au or contact one of the SBDC’s experienced business advisers on 13 12 49.