Finding and managing resources is an important part of business. The right resources will give your business the best chance of success. These are some things to think about.

Finding employees

Do you need a full-time employee, somebody working part time, or a contractor? You’ll have different obligations for each, including the tax and superannuation you’ll pay, which you can find out about at the Australian Taxation Office (ATO)

Depending on the type of work, you’ll need to comply with award conditions. Minimum wages and conditions employees are entitled to are set out in awards, but they don’t apply if a business has an enterprise agreement or some other registered agreement that covers your employees.

Your existing employees or business network may be able to refer a new employee. You can also use online networks to help identify candidates, or online job advertisement boards.

Finding suppliers and manufacturers

You can search the Australian Suppliers Directory at AusTrade, or check out the Industry Capability Network for suppliers in your industry. Alternatively, you can ask other business owners in your industry for their recommendations.

Shortlist the suppliers you’re interested in and compare their services. Do they have a returns policy? Where are they located? What are their terms?

Once you’ve identified a supplier you’d like to work with, do a credit and trade references check and negotiate the best terms you can.

Finding customers

When you’re confident in the product or service you have to sell, finding customers is the next step. There are a few ways to do this:

If you’ve completed a business plan, you’ll have already identified your target market and know where to find them. Think about reaching them through:

  • Search engine marketing (SEM)
  • Social media advertising
  • Newspaper or radio advertising

Track your results to find out the type of marketing that works best for your business.

Networking and word of mouth

Encourage your existing customers to refer you to their own communities. You can incentivise referrals by offering discount codes or creating loyalty programs. Or, ask for testimonials to publish on your website and use in marketing.

Finding an office or working space

For some people it can make sense to work from home, eliminating time spent commuting. It may also help you to manage your tax, because you might be able to claim deductions related to having a home office.

For other people, a co-working space can be a better idea. This is an office you’ll share with other business owners and typically has flexible terms, allowing you to pay for as much space as you need, for as long as you need it.

You can find co-working spaces by searching online in your area. Alternatively, you can look for a private office in your area. Online real estate websites can be a good place to find these.          

Finding finance

The Federal Government has a list of grants that your business might be eligible to apply for. Other funding alternatives can include crowd funding, where investors and businesses are matched. Venture capital directs finance from investors or funds into your business, or you might want to consider a business loan.

Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs. You should, before acting on this, consider the appropriateness to your circumstances.