BUSINESS INFORMATION
Steps to starting a business
Use these steps to guide you through the initial stages of establishing your new business with DCK Enterprise.
Starting a business marks the beginning of an exciting—and sometimes demanding—phase in your life.
Navigating the world of licensing, insurance, marketing, and leasing can be challenging.
DCK Enterprise has developed a checklist to help guide you through these foundational steps. Follow the steps below to assess your readiness, get started, and identify resources for support along the way.
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Download and print a copy of the “starting a business checklist” from DCK Enterprise, and check off each section as you complete it.
Determine if you are ready
Starting your own business changes your professional and personal life, often involving a considerable financial commitment. Success or failure can depend on various factors, including your abilities, initiative, and the business environment. Take time to assess your readiness and business skills.Tip : Testing a business idea as a ‘side hustle’ can be a practical approach. Check out DCK Enterprise’s “Starting a Side Hustle” guide for more information.
Assess your business idea
To understand if your business idea has potential, conduct thorough market research. This can include industry research, competitor analysis, and surveying potential customers. A SWOT analysis—identifying strengths, weaknesses, opportunities, and threats—is essential for evaluating your idea’s viability.
Review your market research objectively. If it suggests a high risk of failure, consider reevaluating before moving forward.
For more insights, explore our section on evaluating business feasibility. DCK Enterprise provides access to IBISWorld reports on over 500 industries; contact us to request access.
Build your business plan
Creating a well-structured business plan can save you time and resources and increase your chances of securing funding and major contracts. Although it may seem like a considerable task, investing in a strong plan from the outset is beneficial.
Explore our business planning resources and download DCK Enterprise’s free business plan template to get started.
Choose your business structure
After confirming the viability of your business idea, the next step is to select a structure that aligns with your business’s needs and circumstances.
Discover more about different business structures and the tax implications associated with each on DCK Enterprise’s platform.
Check your legal obligations
Starting a business involves legal responsibilities, such as obtaining licenses, completing registrations, managing taxes, and securing insurance. Make sure you are aware of and meet these obligations before starting operations to avoid potential fines or penalties.
Find guidance on DCK Enterprise’s resources to ensure compliance with all necessary legal requirements.
Build your support team
Surround yourself with trusted advisors who can assist with start-up challenges and provide guidance as your business grows. Your support team might include an accountant, lawyer, or industry association.
DCK Enterprise’s guides offer helpful information to get you started:
- Choosing an accountant
- Choosing a lawyer
- Choosing a financial lender
- Choosing suppliers
- Choosing a website professional
- Choosing an industry or business association
Figure out your finances
Understanding how to set up and manage your finances is a crucial aspect of running a small business. Assess if you have the resources to start the business and determine how much funding you’ll need for both initial and future plans.
If you plan to seek financing, prepare financial forecasts to present to potential lenders or investors.
Market your business
A great business idea is only successful if people know about it. Marketing is essential to generate business and reach your target audience. While advertising and sales are key components, there is much more involved in promoting your product or service effectively.
Visit our marketing section for helpful resources and guidance.
We have partnered with Western Australia’s Individualised Services (WAIS) to present this information in an easy-to-read format. For the Steps to Starting a Business and other small business resources, visit the WAIS website.
SMALL BUSINESS HELPLINE
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If you can’t find the right information, our business advisers are here to assist with any questions or concerns.
- Call us on 000 000
- Book an online or phone appointment
- Chat to us online
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