In Australia, there are more than 2.1 million small businesses; these businesses create approximately 97% of the businesses that are recognized as entities in the area. If you’re the owner of an online business, it might be time that you expand your operations and take things to a business location.
You’re in luck; below we’ve created a complete guide to make it easier for you to set up your business location from start to finish. Get ready to bag some new customers after you’ve scrolled through this comprehensive guide.
Create Your Business Plan
If you’re already operating your business online, you’ve taken the first step in being a business, but there’s more work that needs to be done. The next thing you need to do is create a business plan for your company.
This is beneficial if you’re looking to gain capital from others to support your business. Your business plan will detail the money you need to purchase or rent your business location.
It should also detail the cost of moving your business from just a website to an in-person store. Your startup cost includes what it will take to run your business daily, from paying your staff to the materials needed every day.
Your business plan should also outline the current sales numbers for your business and how you intend to pay back the money borrowed to fund an in-person location. The more thorough your business plan, the better your chances of gaining capital from investors interested in your business.
Investors want as much information as possible about what their money is going towards. It gives them peace of mind that they’re investing in something worth it.
Register Your Business
It’s assumed you’ve already created a name for your business, but have you registered your business name yet? If not, we recommend you take a detour to the ASIC website to register your business.
To register your business, you’ll need to gather a few things beforehand:
- Business declarations
- Business eligibility
- Name of the business owner
Once you’ve provided this information, you’ll then be prompted to make a payment. After which, you’ll have to wait and should hear something back from them within a 10-day period.
When creating your business name, choose something that will stand out and catch the attention of potential customers.
Ensure you don’t choose names that resemble your competition because the last thing you want is for customers to mistake your products and services for there’s.
Consider the Structure and Do Research
The next thing you should do after you register your business is thinking about the type of structure you want for your business. It would help if you conducted some research beforehand to ensure you make the right decision.
Research and the structure go hand in hand because you’ll need to research to find the perfect location for your business. The location of your business will determine what kind of structure you end up choosing.
In Australia, there are a few business structures that are commonly used and will work well in the market environment created there. These structures include:
- Joint ventures
The business structure depends on the environment surrounding your business. It should be noticed that if you choose to change locations or create a new location, it will define the new structure that you adopt.
Adjust Your Tax Information
As you expand into your building space, you will need to adjust the information on your tax documents. The reason for this is you’ll take on more staff and supplies that could be used as deductibles on your business taxes.
If you’re not certain about the steps you need to take when doing your business taxes the right way, we recommend speaking with the ATO or Australian Taxation Office.
They’ll be able to give you more concrete information about the next steps you need to take because not reporting your taxes properly could leave you in financial and legal trouble.
Review Your Supply
Expanding your business means you’ll need to use a supply chain that accommodates your growth. Take some time to evaluate the current supplier you’re using and inquire about whether they can make the change with you and what that will cost.
It would help if you considered things like the cost of importing and exporting materials and goods to create your products. You also need to ensure that every part of the supply chain for your business falls within the regulations imposed by the government.
Hire Your Staff
Now comes the fun part of the business transfer process, hiring your staff. Keep in mind that the staff you hire will be the first people customers contact; therefore, they will create important first impressions.
There are several things you need to keep track of when it comes to your staff like:
- Employee taxes
- Superannuation funding
- Employee residency
- Employee compliance
Each person you hire should understand they’re a representation of your business and should agree with your company values and goals. You shouldn’t only hire front of the house staff; you should also look for staff to provide bookkeeping services.
Your staff dedicated to bookkeeping and accounting will ensure every penny and dime flowing in and out of your business is accounted for. This makes it easier to go back and pull information as well as complete company taxes.
Use SBR or standard business reporting. It will help to streamline the record-keeping process, ensuring your business and all employees within it are remaining within compliance at all times.
Choosing Your Business Location
Above, we listed several things you need to do if you’re starting a business online or in person. But, now we’re going to shift our focus to provide you with some information about how you should choose the office space where your business will be located.
We understand this might be a lot to digest, but trust us, we’re giving you all the information you need to get your business off the ground at lightning speed the right way.
Think About Your Suppliers
While most suppliers can travel to you, it doesn’t mean you want to make the trip hard for them. One of the first things you need to consider when looking at commercial properties is how difficult or easy it will be for you to connect and create relationships with your desired vendors.
Depending on where your company is located, it can increase or decrease the price of the goods and materials you’re purchasing from the supplier. Another thing to remember is the further away your business location is from suppliers, the higher the chance of you experiencing delays down the road when it comes to shipments and receiving your goods.
Check the Budget
It’s one thing to conduct your business entirely online; it’s another to do so in an office space. Before expanding to commercial properties, take some time to evaluate your business budget.
Do you have the funds needed to purchase or rent commercial space? We recommend you set a budget before looking at spaces you’d like your business to be.
Here are some things to think about that your budget should allow for:
- Location taxes
- Necessary business renovations
- Requirements for minimum wage
- Price of monthly rent
- Business permits
- Hidden costs
Keeping these things in mind will ensure you don’t overspend on a location outside of what you can afford while still getting everything you need out of a space.
Think About Your Clientele
You should already be in the habit of thinking about your clients when making decisions for your business. The client experience is important and can make or break your business.
For example, if your business is a high-end boutique, it wouldn’t be the best idea to purchase a location in a college town. Not only are you not going to receive the clientele you’re looking for, but it could also mean you have to change locations in the future.
You should know the type of business location you need because of your brand and how you want to present your brand.
Safety is Key
When people are shopping or using a service provided by your business, they want to do so in a safe environment. You should always choose a location that makes you feel comfortable and protected when you’re there.
This is important, especially if the items you’re selling are high-end, putting them at an increased risk of being stolen. You should also think about your staff when choosing your business location.
If they don’t feel safe when they come to work, it will increase your employee turnover and make employees not want to come to work. If the employees don’t want to come to work, it means you’re understaffed, which can also affect the amount of business you can do that day.
Demand, Demand, Demand
The business market runs on supply and demand. When your target audience demands a specific product, you meet their requests by producing that product for them to purchase. This might mean more work for your business, but it also means an increase in company revenue.
Always choose a location that places you in the eye of the customer. You don’t want to go where other competitors are because that means the area is saturated with the products and services you provide.
Instead, find a location, if possible, where there are no other businesses like yours. The businesses surrounding yours should compliment your brand. If your company doesn’t fit within the market you’re moving into; it could decrease your overall sales.
Transportation for Employees & Parking
Nobody wants to spend a long period of time travelling to and from work or trying to find your business. Find a location that potential employees will want to work at and be attracted to it to apply for open positions.
When the location is ideal, it increases the chances of your attracting employees that are of high quality. The commercial space you choose for your business should offer parking to accommodate your employees and customers.
The parking should not only be adequate, it should also be away from any danger, such as being too close to roadways and other traffic. The parking lot should be free of potholes and other things that make it less appealing for customers to park in.
Create a Mobile App
A mobile app is essential to the location of your business, online and in person. It provides customers with information about sales and other news you want to share with them.
A mobile app also makes it easier for customers to make purchases online if they cannot visit your location to find the things they’re looking for. Remember we talked about the customer experience?
Your mobile app is a part of that experience and can increase your customer base depending on how easy it is for people to use.
Finding the Right Business Location
We understand your business is like your baby; you want to do whatever it takes to ensure growth and watch it thrive. When choosing your business location, there are several things to consider.
Think about how close your suppliers are and if the location you’ve chosen is safe for yourself, staff and customers. Don’t forget, part of getting people in the doors of your business is marketing.
You can’t market without a fantastic website, which is why you need to contact EB Pearls. We have the experts you need on your team to ensure your business is seen by all.