Starting off on the right foot with tools and tips from Business Victoria

• Make your compliance easier
• Solve a problem
• Learn a new skill

Here are our top five tips to get you started

1. Know your market

Make sure you have a market, you will need to identify your target market and know who your customer is.

Ask yourself:

• Why would they buy your product or use your services?
• Who are your customers and what do they want from you?
• What do your customers need?

Find out how to do low cost market research

2. Your business plan is your best friend

It doesn’t have to be complicated but you do need to know where you are going. Don’t just do a business plan for the bank, do it for you.

When putting together your business plan here are a few things you need to think about:

• What is the ‘elevator pitch’ for your business? A vision of where you want to be in a few years’ time could help secure finances.
• What are you offering? How will it be produced?
• Who is your target market?

Get a free BUSINESS PLAN template

3. Understand your finances

Positive cash flow is the key to a successfully business. Understanding the financial side of your business will set you up for success

So before you bet your house:

• ATTEND AN ACHIEVING FINANCIAL SUCCESS SEMINAR
• LEARN MORE ABOUT YOUR FINANCIAL STATEMENT

4. Be on familiar terms with your compliance obligations

Regulation and compliance is part of doing business.

5. Don’t walk alone, let us come with you

The start-up journey can be lonely but we can help and support you.
Join the Business Victoria community

• Facebook: I am a Business owner in Victoria
• Follow us on Twitter @business Victoria
• Fortnightly tips to your inbox