Running a business. Planning for success. Syllabus - Planning for success. Selecting business opportunities Market research Location Demographics Competition Target markets Selecting the appropriate structure Sole Trader Partnership Private Company Incorporated. Arranging finance
Planning for success
When identifying opportunities for small businesses a number of factors need to be taken into consideration
Complete a SWOT analysis of your market day business
What kind of legal business structure will best suit your way of doing business?
Forming an incorporated association allows a small non-profit community based group an easier and inexpensive means of establishing a legal entity.
Sell goods and services but profits are returned to the association.
A legal entity that would suit a sporting or gardening club wanting to trade.
Starting a business can be costly.
A sole trader has the least costly set up and a company the most expensive.
Leasing equipment or buying through a hire purchase agreement can minimise upfront costs
a loan from family or friends.
Start a business from scratch
Buy an existing business
Buy a franchise
Wages, superannuation, taxes must be paid.
Staff entitlements like sick leave and
holidays must be monitored.
Facilities like toilets and drinking
water need to be provided.
Important to be aware of and complying with laws involved.