Steps for Planning a Small Business in Geelong, Australia

by Ethan More
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Small Business

99.8% of businesses in Australia come under the definition of small to medium businesses, according to the Bureau of Statistics. The GDP growth of Australia was 2.9% in 2017-2018. 

These statistics show that Australia has a primary market for small businesses. 

If you are a resident of Geelong, it is way easier for you to buy commercial real estate at Geelong. The value of the commercial real estate at Geelong is promising and ideal for small businesses. 

Take Advice from Small Business Association

You can visit the website of the SME association for Australian residents and take guidance from them. There are multiple small business plans that you can make for your store in Geelong. 

You can ask for help from another similar business owner. If you have any doubts or concerns about your new business idea, ask another fellow business owner about it.

You can reach out to online forums for help and common questions that all business owners have before starting. Talking with a business expert or advisor can help you realize the challenges of business ownership, and you can deflect a few bumps. 

Connect With Sponsors

All businesses need a financial plan. If you think that your savings are not enough for your business to stand on its own, you must look for sponsors. Many resourceful people like to invest in small businesses and independent shops. You can look for these sponsorships and present your business ideas to them. 

If the sponsor liked your presentation and thinks there is scope in your idea, they will invest in your business. If you are sure that you have a perfect idea for a business, do not settle on the first deal. Search the market for investors, pitch your idea to them and select the one that gives you the most benefits. 

Look For Property

One of the most valuable features of a small business is its location. A small business works within a local boundary, and you have to select the right place for it. The location of your store can also help you with sales. You have to find commercial real estate at an affordable price.

Buy the place in a business-friendly neighborhood and make sure that your business has a chance of growth. Check the location for advantages and disadvantages and look for other corporations that can be your competitors. 

Dissect Your Plan

After you have secured a location and a financial sponsor for your business, start focusing on a plan to make your business grow. 

Divide your business plan into stages. Expect zero profits for the first few years and market your product on appropriate platforms. 

You can hire staff and assign them different tasks. While hiring staff, make sure that you are looking for a team. Hire people that will fit into your team. Small businesses have intimate working environments, and they need a sturdy team to run smoothly. 

Get Permissions 

Apply for business license and permissions. The Australian business license’s time frame is one of the best that you can get anywhere. Ensure that you have all the necessary documents and files, and you will get your permits in ten to fifteen working days. 

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