1. 1 Academic PowerPoint Steps In Starting A Small Business

2. 2 Starting A New Business The process of starting a new business can be divided into a two stage process: Business Concept Development Stage Business Set-Up Stage

3. 3 Business Concept Development Stage The prospective small business owner has to decide on the type of business that he or she will establish. An assessment should be made of the key characteristics of this type of business.

4. 4 Business Concept Development Stage This assessment should include: The expected future demand for the products of the new business The number of competitors that the new business can expect to have The quality of the product offered by competitors The product benefits (*) that the new business will offer to people (*) A product benefit is a need that people have and are prepared to pay to have satisfied.

5. 5 Business Set-Up Stage In the set-up stage, the intending business owner has to carry out a series of actions.

6. 6 Business Set-Up Stage The actions include: Deciding on the legal structure of the business Choosing a location for the business Choosing a name for the business and registration Hiring employees Purchasing stock and plant and equipment Preparing a business plan Obtaining the finance needed to establish the business

7. 7 Reference Material used in the PowerPoint slides and worksheets have been reproduced from the following references with full permission: Business Management in Australia –Ashley Doyle