If you’re working full-time but are considering starting a business, here are our top four tips to help you make the transition.
Step one: Do your research
It’s surprising how often we meet clients who are planning to start businesses in industries in which they have no previous experience.
But before you take the leap, learn as much as you can about your selected industry.
Talk to business owners currently in the industry or, if you can, look to do some part-time or casual work on the weekend in a similar business. This way you can get an understanding of the nuts and bolts of your chosen industry.
To gain access to this kind of data, contact us for free market research and industry benchmarking reports. If you’re in regional WA, contact the Business Local service provider in your area to access these reports.
Step two: Acquire the necessary skills
As a business owner, you’ll need to be across every aspect of your business. While it’s not necessary to be an expert in everything, you will need a general understanding of some key topics; tax issues, financial management, your obligations as an employer if you’re hiring staff, and how to market your business.
There are also areas like people management, where you may need to upskill.
To help get you started, we have a range of practical workshops to help you on the road to building your business skills. We recommend starting with our free Starting a Business workshop, which will give you a good insight into the key steps to take to launch your business.
Step three: Have a plan
When we say have a plan, this isn’t just for your business. While a business plan helps highlight key considerations relating to your business, it’s also important to plan on a personal level.
In particular, having a solid plan around your finances and any family commitments you have. Running a business may take up more time than you anticipate, so doing your research up front is a really important step to take.
Step four: Get advice
We offer a range of free support and advice, including the free business advisory service.
Before you quit your job, or sign a lease, make sure you get the right advice. Even if you need to pay for advice from an accountant or a lawyer, the cost of getting their help will be far cheaper in the long run than making financial commitments that put you at a disadvantage.
Free resources to help you start a business
If you’re ready to start the transition from your day job to running your own business, we offer a range of free support and advice. This includes:
- Contacting our free small business advisory service and speak to one of our experienced (and local) small business advisers. We provide this service free of charge to all existing and aspiring business owners in Western Australia. If you’re in regional WA, you can also contact the Business Local provider in your area for free guidance.
- Reading through the starting a business section of our website for information on how to get set up and plan for success.
- Using our business templates and tools to build your knowledge on a range of business topics and help you get things right with your business planning.
This article is republished from the Small Business Development Corporation (SBDC) website. The SBDC is a WA State Government agency that supports small business. Please read the disclaimer before relying on this information, which has been developed primarily with Western Australian businesses in mind.
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