Home Business Development Series Starting A Business

Starting A Business

by admin

The importance of writing a business plan.

Starting a business can be a rewarding experience and fulfilling career move, and to give yourself every chance of success it is important to develop a clear and concise business plan, laying out your goals in detail and how you intend to achieve them. There is plenty of scope to build a career in the arboriculture sector, with skills shortages an ongoing issue for employers, and for workers who are dedicated to learning and developing a broad range of experience over time, opportunities will likely present themselves.

Starting a business may well be a natural progression for some, however it is important to be realistic about the challenges ahead, and detailed planning can help determine what it will take to achieve your goals and just how ready you are to take on the extra responsibility.

First Things First: Are You Ready?

Of course, as a starting point it is important to be fully qualified and knowledgeable, and wide-ranging industry experience will serve as a solid platform to begin exploring what sort of opportunities are available.

However, a willingness to take on the responsibility of running a business is also important, and it will help to be clear in your mind about what exactly you want and your preparedness to shoulder additional responsibilities, and to be realistic about your chances of success.

Australian Bureau of Statistics statistics shed light on business movement, showing that there were over 2.37 million actively trading businesses in the Australian economy as at June 30, 2019, with a 15.4 per cent entry rate and 12.7 per cent exit rate in 2018-19.

The statistics show that the Agriculture, Forestry and Fishing industry division was the only division to post an overall decline in business count in 2018-19, comprising a 6.9 per cent entry rate and 7.8 per cent exit rate.

Business Plan Checklist

Putting together a business plan will help to catalogue what is required to establish and grow your business, and to clearly articulate step-by-step processes and strategies, along with measures of success.

As advised via the business.gov.au website, it is worthwhile taking your time in putting together a plan (along with regularly reviewing it, and potentially taking steps to protect its content), and seeking out professional help if required, with different steps encompassing:

  • Determining who the plan is for – will it be purely for internal purposes, or also used for external purposes (such as when seeking financing)? Being clear on the plan’s purpose can help develop it for the right audience
  • Getting the research done – incorporating decisions about your business structure, marketing strategies and finances, with research helping to develop goals and targets, facilitating a better understanding of where your business needs to be heading
  • Being clear about your finances – in seeking to secure financing, you will need to show how much money you have, how much you need and how much you expect to make in the near future
  • Finishing with a summary – summarise the key aspects of your plan using as few words as possible, including details about your business, market, goals, current financial position and what any financing you’re seeking will help you achieve

The good news is that there are plenty of small business advisory services available, and it is certainly worthwhile utilising resources such as www.business.gov.au to determine what free and low-cost services are available in your area.

Related Articles