How to start a new business

Want to start your own business? Don’t know how? Did you know Self-Employment Assistance can help you start or grow your small business?

Self-Employment Assistance offers accredited training, workshops, tailored business advice sessions and small business coaching services to help your business thrive! 

Self-Employment Assistance is a FREE Australian Government program that provides:

You can find out more by visiting Self-Employment Assistance online or watching the video below.  

To help you kick -off your self-employment journey, here are 10 steps to work out what business start.

10 steps to help you decide what type of business to start

Step 1 – List your skills. 

Knowing what skills you have is great way to help you decide what business you want to start. Ask yourself what are you good at? If you are having trouble coming up with skills, you can google ‘skills list examples’ to get ideas. Write them all down, you will be surprised by how many skills you actually have.

Step 2 – Re-write the list with only the skills you enjoy doing.

Now, focus on the skills that you enjoy doing, whether it be working with people, problem-solving, working with your hands, or creative multi-tasking. By re-writing your list with skills you enjoy you will be more productive and motivated to make your business a success- because you will actually enjoy the work you’re doing.

Step 3 – Select three skills from your new list you perform the best at. 

This is a hard step and may involve some input from friends, family or old co-workers. If you really want to know what you are good at, ask them to pick three skills off the list that they think you perform best at. You can also pick three, then match all the responses together to find an easy answer for your strongest skills.

Step 4 – Generate ideas around your top three skills; research online to help you get ideas.

Once you have your top three skills, you can brainstorm ideas around them. Researching online to find case studies, industry insights and relevant content can help you come up with ideas where you can use your skills. This will help you to understand the value you bring to your business and how they can be used to solve a problem for your potential customers – you might also find some creative ideas that will really set your business apart from others.

Step 5 – Review each idea for how competitive the market is for that business service or product.  

When choosing which business idea to go with it is important that you do some ‘market and competitor research’. Google to see what businesses offer similar services or goods to your potential business list. For example, if from your skills list you are thinking of starting an administration services business, you might have a look at who else offers this type of service in your area. How much do they charge? Can you charge less to be more competitive? What type of services do they offer? Can you offer something they don’t?

Step 6 – Select the most unique (least competitive) business services or products from your ideas list.

After doing a bit of research you will be able to narrow down your list of business options. You will now know which ones are the most unique, with very few businesses offering that type of product or service. This will help you in the long run – giving your business a great point of difference in the market.

Step 7 – Perform market research into the demand for those products or services. You can ask friends – would you buy this, or do you need this?

Performing market research is essential in order to gauge the potential demand for your new product or service. A great way to do this is by asking friends and family if they would purchase what you are offering, or if they would find it useful. This can help provide invaluable insight into the demand of the market, as well as providing feedback on what needs to be improved before launch. Additionally, professional market research organisations can be consulted to provide much more detailed analysis and recommendations.

Step 8 – Rank each product or service in a new list based on the level of demand.

Creating a list that ranks each product or service based on the level of demand is an important step in understanding the current market. This exercise helps to identify what products are in highest demand, allowing businesses to make informed decisions about their product offerings and adjust their strategies accordingly. By ranking these products accurately, businesses can stay up to date with the current market trends and increase their chances of success.

Step 9 – Consider the cost to get each product or service idea started.  

When it comes to starting a new product or service idea, it is essential to consider the cost involved. This could include the cost of purchasing materials, hiring staff and also any marketing expenses that may be incurred. A thorough analysis of the overall cost should be conducted before any decisions are made. This will ensure that your business is able to cover the costs and remain profitable in the long-term.

Step 10 – Determine which product or service is the most financially viable given your current financial circumstances.

When it comes to determining the most financially viable product or service for you, it is important to consider your current budget. It is essential to allocate resources correctly and make sure that you are making the most of your money. It is wise to create a budget and stick to it, as this will help ensure that you are making financially viable decisions and not overspending.

Who is eligible for Self-Employment Assistance?

To be eligible for Self-Employment Assistance you must:

• Be at least 15 years of age (or 18 years of age to access Small Business Coaching)
• Be an Australian citizen, or the holder of a permanent visa, or a nominated Visa Holder (including a New Zealand Special category Visa, Temporary Protection Visa Holder and a Safe Haven Visa Holder)
• Not be undischarged bankrupt
• Be in education and/or employment for no more than 25 hours per week