Your first financing step is often done through committing your own personal funds.  Committing your own personal funds is an indicator of how serious you are about your business.  Your personal investment may include savings, equity form your home or other property or assets, income from a second job, or personal credit cards.  All these options come with certain risks and some are discouraged.

In addition to your personal funds, friends and family members may be a source of financial assistance.  Remember to document loans from friends and family in the form of a contract.  The contract should clearly define the amount of the loan, interest rates, payment dates and payment amounts.  The signing of the contract signifies the agreement to the terms of the contract.  Even with contracts between friends and family you are encouraged to seek professional advice drawing up the contract.

More complex financing options are available which should be done with the assistance of accounting and legal professionals.  Business loans can be obtained through commercial banks, venture capital, angel investors, asset finance, trade finance, and government grants.

The above options routinely require supporting documentation such as business plans, cash flows, capability statements, etc., all of which Business Focal Point can assist you with. 


A Business Plan is your business’s résumé, documenting its goals and objectives.  The development of a business plan is as much for you as for partners, investors, and banks involved with your business.  Business Plans are important for all businesses, and particularly start-ups or an offshoot of an existing business.

The Business Plan identifies the product / service, the market, the management team, where the business will operate, and your business experience.  Parts of the plan include a market study, promotional strategies, current and project balance sheets, income statements, and cash flow analyses.  It outlines how, when and where financial support will be obtained, and how any loans made to the business will be repaid.  The Business Plan provides general operating information, along with information about where the business is now, where it has been, and where it is going.

Business Focal Point can assist you with the review or development of your Business Plan.


Just because you love what you do, does not mean you have a product or service others need or want.  Sales do not just happen.  Sales are achieved through marketing.  Businesses must research the market to identify customers and what they want to buy.  Market research incorporates six areas:

  1.  Product or service: what are you producing and what benefits does it offer?
  2.  Production: how is your product/service produced, at what rate, what raw materials, what time used?
  3.  Price: at what price can the product or service be sold?
  4.  Promotion: how will potential customers know about the product or service?
  5.  Place: where is the business located and what distribution channels will be used?
  6.  Perception: how should the customer see the business and the product or service provided?

Need to improve your sales?  Business Focal Point can help you with your marketing, which begins with a Business Health Check.

You must have the necessary licesnes, registrations and permits to conduct your buisness lawfully before you start operating.  The types of licenses, registrations and permits you may need will depend on the business type, activity and location.

To begin with there are business registrations you may need to apply for, including Australian Business Number (ABN), business name and taxation registrations.

Business Licenses are issued by local, state or federal government and provide a business with permission to operate.  Each license will have its own conditions and rules.  If you are issued with a license you must ensure you always abide by the conditions and rules.

Business Permits regulate the safety of business operations.  Permits are issues by state, local and other government agencies.  Specific permits may be required to allow your business to operate in a certain area, industry or location or to conduct specific activities.

Business Focal Point can assist you determine what licenses and permits you require to operate.

  • There are a variety of records businesses must keep for a number of different regulatory bodies for varying amounts of time, including:
  • ATO – five years or longer if the information is used in later tax returns
  • ASIC – seven years and if digital, must be convertible into hardcopy, 
    Company records – indefinitely
  • State Tax Authority – five years, must include original documents
  • FWO – seven years for employee time and wages records
  • Medical – seven years or until there is little risk of litigation from patient

Document retention and destruction is complex and Business Focal Point can assist you with developing processes and schedules for such.

There are four common business structures

There are numerous websites providing a list of business ideas for entrepreneurs to get some inspiration.

However, before starting a business, it is important you determine some basic principles, including:

  • What are you passionate about?  Unless you are passionate about what you are going into, you will not have the dedication needed to survive in business.
  • Do you have the necessary skills and qualifications required in the business?  Certain industries require a minimum level of skill and qualification, e.g., an electrical contractor must be qualified covering both technical and business, be insured and licensed.  Therefore consider the skills and qualifications you currently have. 
  • If you do not possess the necessary qualifications or skills to to start the business you are passionate about, you need to seek assistance from others who can help you, e.g., TAFE, or CQ University.

If you have the necessary qualifications and skills and are passionate about start your own business, Business Focal Point can assist you navigate your way to establishing your business and helping you realise your dream.