Business Point

Individuals entering small business do so for varied reasons including the desire for independence, profit and accumulation of wealth, an outlet for creativity, the desire to be one's own boss, to buy themselves a job, to achieve status, recognition, and pride in building something from scratch.

When starting or purchasing a business, you may need to carry out some or all of the following activities:

• Check on what licences / registrations may be required
• Determine establishment costs and the source of funds
• Check with your local council about zoning and regulations
• Consult with people currently operating in your industry
• Determine your pricing policy
• Identify any trends or seasonal factors that may impact on your industry.
• If buying an existing business, obtain 3 years of trading figures
• Do a SWOT analysis on your proposed venture
• Develop a sales and marketing plan
• Prepare a cash flow projection
• Determine your personal financial position and ability to access further funds if required
• Use a qualified accountant to discuss your proposal and the most appropriate legal structure suited to your circumstances
• Develop a business plan for implementation
• Utilise the resources of your local Business Enterprise Centre

There are a lot of decisions to be made before you jump into a new venture. It is important to rigorously test the potential of a new business idea. Doing thorough research and educating yourself before you start will ensure you are well prepared for long-term success.

You will find more information in:

The Keys to Business Success business guide.

A complete list of 25 business guides can be accessed by clicking here.

You can obtain licence and registration information through the Business Licence Information Service (BLIS).

Hard copies of any “How to” business guides can be attained by contacting Business Point.

Phone 1800 440 026 or email businesspoint@development.tas.gov.au