Sure, here's the instructional text, assuming Melbourne, Australia's context and language: --- 1. **Research and Plan Your Business** - **Market Research and Feasibility Study**: Conduct comprehensive market research to understand the demand for your products and identify your target audience. Utilize resources such as Australian Bureau of Statistics (ABS) and local business directories. Consider tools like Google Trends and social media analytics. - **Business Plan**: Draft a detailed business plan covering your business model, target market, competitive analysis, marketing strategy, financial projections, and operational plan. Tools such as the Business Victoria's Business Plan Template can be helpful. 2. **Choosing a Business Structure** - **Sole Trader**: Simple to set up and run but you are personally liable for debts. - **Partnership**: Shared control, but partners are personally responsible for the business’s debts. - **Company**: More complex, invol...
Practical Legal Guide with Expert Advice