Business Research | Business Research Methods | Youth Central

When starting a new business, there's lots of research to be done.

Research your industry

Research your specific industry. IBISWorld provide industry research reports. While you have to subscribe and pay for full reports, they do provide free, comprehensive overviews of each inudstry sector that detail the overall industry revenue and employment in Australia.

Research your competitors

Find our who your direct and indirect competitors are in the space you plan to operate - whether you're planning to open an online business selling jewellery or a cafe in a suburb of Melbourne. Direct competitors are those offering similar or the same products or services while indirect competitors are those that offer different products or services but compete for the same dollars from your target market.

Do an internet search to find out who your competitors are, what products and services they offer, who you think they are targeting and what prices they charge. You can then adjust your business plan accordingly. 

General sources of business information

The following websites provide information that will be helpful during your intial research, to help you work out if your business idea is viable, how much it is going to cost and everything you need to do to set it up.

Australian Bureau of Statistics (ABS) 
The ABS provides free, objective and reliable statistical information about Australia.

Business Victoria
Covers starting a new business, buying an existing business or a franchise, and running a business.

Business Licence Information Service
Find out what kinds of licences and permits your Victorian business requires.

Victorian Business Names Register
Apply for a business name or search for business names registered in Victoria.

Australian Business Register
Apply for an Australian Business Number (ABN) online, search for ABNs or download a form to be completed and sent by post.

Australian Taxation Office - Starting your own business
Provides practical assistance to small business in Australia.