Time to Take Off – 5 Tips for Launching a New Business in Melbourne

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Time to Take Off – 5 Tips for Launching a New Business in Melbourne

You’ve done your market research, selected your business structure, applied for your ABN, and settled on your base of operations: Melbourne. Though that’s a lot of the basic groundwork already covered, there are still plenty of challenges and choices to make before your new business truly gets off the ground. 

From fueling your day to finding the best cheap office space for rent in Melbourne, here are five tips to help you launch your new business in style. 

1. Find the right office space

The most affordable option for most new business owners, particularly sole traders, is to operate from home. However, there are other ways to secure cheap office space in Melbourne. If yours is a service-based business, it’s worth looking into managed offices in your area. For one low monthly fee, you can secure your own office space, with everything from cleaning to receptionist duties taken care of for you. 

2. Write a comprehensive business plan

You may feel like you have everything organised in your mind, but a business plan is still crucial. Not only will it act as your personal guide but it is also your ticket to unlocking grants, small business loans, and other funding options. 

Thankfully, you can find a downloadable template, along with supporting information and resources, on the Victorian Government’s Business website. Get yourself a copy of this template, use it to create a comprehensive business plan, and you’ll have a powerful secret weapon on your side. 

3. Get to know other local business owners

When you pop into the nearest café or coffee roastery for your morning pick-me-up, take the time to get to know those in charge. The same goes for other small businesses in your area. By supporting their businesses and getting on friendly terms with them, you’re laying the foundations for some potentially lucrative business partnerships down the line. 

You can extend this goodwill by joining local business mentoring groups and heading to networking events relevant to your industry. Success in Melbourne hinges greatly on finding your place in a supportive network of fellow entrepreneurs. 

4. Take a crash course in marketing

Your marketing strategy is so crucial that it truly can make or break your business. However, this doesn’t mean you need to invest thousands of dollars upfront. Instead, it’s best to do the same thing you do with your investment portfolio: educate yourself and diversify. 

Depending on your target market and industry, you may wish to invest some money in newspaper or radio advertising. Either way, as a start-up, it’s generally helpful to invest in paid online ads. However, you can also take advantage of the free marketing opportunities to be found through social media. The key to creating a diversified marketing strategy that works is to base it on research into your target market and the style of outreach they respond to. 

5. Seek out funding

Put that beautiful business plan to work for you by using it to apply for grants, loans, and other funding schemes. It’s worth taking advantage of as many grants as you can in the early days as there are far more options available for newbie business owners. 

By securing funding for your business, you ensure that you don’t have to cut corners in the areas that matter most. For example, a small business grant may allow you to develop the kind of website that keeps customers coming back for more rather than making do with something you built yourself with a click-and-drag builder. 

Follow the tips above, and you’ll be five steps closer to being a successful new Melbourne-based business owner. 

Featured photo in Unsplash
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