Developing a business idea

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Having a great business idea is the easy part. Turning that into a successful business takes a whole lot of planning, research and commitment.

Why start your own business?

Despite the hard work involved, starting your own business can be a very rewarding experience. Consider these reasons and come up a list of your own:

  • To be your own boss
  • To be able to work flexible hours
  • To develop your own creative ideas
  • To take advantage of a market that you think you can provide for

The Business Victoria Website has information about how to start a business (new window) is a great interactive way to find out what's involved.

Will my business idea work?

Define your business idea and write down answers to these questions:

  • What is my business idea?
  • What skills do I have?
  • Will people buy my products or services?
  • How much will they pay for my products or services?
  • Who are my competitors?
  • How can I do things differently?
  • How many sales will I make in my first year of operation?
  • What kind of expenses will there be?
  • Can I make enough money to keep the business and myself going?

Start researching your industry and your market. Your business idea will take shape when you conduct your research and start writing your business plan.

Writing a business plan

Careful research and planning is the key to making your business idea a success. A business plan not only provides a map for implementing your business idea, it's really helpful when you're trying to get financial help.

Having a well-developed business plan can convince people you're seeking help from that you are serious about your idea and that you know what it will take to make that idea work.

Starting a business without a business plan is like going on a road trip to a place you've never been before without a map or enough petrol in your tank.

Visit the Business Victoria website (new window) for more information and templates on writing a business plan.

Links

Business Victoria - Starting a Business Checklist
Facts about starting and running a small business.

Australian Taxation Office - Small Business Assist
Provides practical assistance to small business in Australia

Australian Bureau of Statistics (ABS)
Develop a demographic profile of your target market. Examine an industry relevant to your business idea or check out an overview of small business in Victoria.