On your marks, get set, grow

Endless Opportunities: Starting your own business can be a nervous yet exciting part of life. You should make sure you get expert financial and business planning advice to maximise your chances of success. Photo: Shutterstock.
Endless Opportunities: Starting your own business can be a nervous yet exciting part of life. You should make sure you get expert financial and business planning advice to maximise your chances of success. Photo: Shutterstock.

Starting a business can be an exciting and interesting task that can test the patience of the best business person. Start up in a regional or rural area and it brings another unique set of opportunities and challenges.

NSW is known for having the best environment in Australia to start a business. According to the NSW Department of Industry there are already over 736,000 small businesses operating across the state, with the NSW economy growing at an above-trend pace due to strong population growth.

Regional areas of NSW suffer from greater fluctuations than metropolitan areas including seasonal  and weather changes, climate conditions such as drought, and other factors including employment and population changes especially decreases.

The Central West region has faced a number of issues over recent years including the downsizing and closure of a number of factories and businesses, however while closures in regional areas are heavily felt, there are many opportunities for looking to start up their own businesses using their existing skills, or even retraining and be up-skilled to look at starting businesses in new industries.

When starting up a business there are a few things you will need:

  • An ABN: all businesses need one and they are readily available from the Australian Tax Office (ATO).
  • A business plan: a clear and solid business plan will help you structure your business and it’s services, along with planning for any future growth or possible issues. It is also vital if you are applying for a business loan.
  • Legal structure: you should seek expert advice as to how to structure and best set up your business, and also to assist with any insurance, licences or special permissions you may need.
  • Check the Department of Industries website: there is a wealth of information available for people starting up their own business, including grants, employment rebates and other assistance for those in regional and rural areas.

Cowra’s Baillie Simpson Financial Services provide a range of services and advice for people starting up their own businesses throughout the Central West. When looking at someone’s business plans and financial position, they utilise an advice process that is targeted towards making sure your business is successful and works for your circumstances. 

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There is a strong focus on key steps including what’s important to you, you’re current situation, what are your current obstacles, how you can improve in the future, how much better the future can be with those improvements, and most importantly tracking where you are at. You should also spend wisely and know where your motivation behind you business lies relating to what you are trying to achieve with your business.

There are a few hints that can help your business as you begin building it up within your region. The first is that networking is vital for any successful business. You should do something that you not only enjoy but are good at as well, whilst knowing who your competition is and what they do or don’t offer.

There is a useful “Starting Your Business” checklist from Regional Development Australia available at http://www.rdalc.org.au/rdalc/business-lounge/starting-your-business-checklist, or for more information how Baillie Financial Services can help you set up your own business visit http://www.bailliesimpson.com.au/