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 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: a must have and are readily available from the Australian Tax Office (ATO).
A business plan: a clear and solid plan will help you structure your business and it’s services, along with planning for any future growth or possible issues. Vital if you’re 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 areas.
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There is a strong focus on key steps including what’s important to you, you’re current situation, any 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’re at. There are also tips to help build your business up in your area. These include networking being vital for any successful business, along with you should do something that you enjoy and are good at, whilst knowing who your competition is and what they do or don’t offer.
For more information on how you can set up your own business and for a handy “Starting Your Business” checklist visit Regional Development Australia.