Business start-up guide

Starting your own business is a rewarding and challenging career option. However, be aware that a high percentage of new businesses fail in their first 3 years of operation due to poor planning and management.

Following the 7 steps in this guide will help improve your chances of success.

Consider your suitability – ask yourself if you have the right skills, knowledge and experience to run a business.

Consider your idea – assess the merit of your business idea and determine whether people will be willing to pay money for your product or service.

Consider your market – identify your target market and develop a way of attracting them.

Consider your competition – research the level of competition to help determine your competitive advantage.

Consider your environment – understand the internal and external factors that can have a potential impact on your business.

Consider your finances – determine your start-up costs, running costs and pricing strategy.

Consider your start-up – consider the necessary legal requirements and resources you need to start your business.

For more information about how to start a business, and the licences you may need to run your business in Queensland, visit ABLIS (Australian Business Licence and Information Service).