Starting your ICT business
Looking to start an ICT business? If you have an idea for an ICT product to commercialise the Information Industries Bureau (IIB) can help.
Getting started
However, before starting any business it is important be able to answer the following questions:
- What is the need in the market you are trying to address? and
- Will you make a profit by addressing this need?
You may find a need in the market but establish that the cost of doing business far exceeds the value of sales. A very useful tool at this stage is a feasibility study. An initiative of the Department of Tourism, Regional Development and Industry, the Ideas2Market website offers an online feasibility study, as well as a wealth of information on turning great ideas into commercially viable products.
To establish that your idea is feasible, you also need to undertake market research on your market and your competitors. The IIB’s Research and Information Service (RIS) has access to a range of resources and can help you find specific information tailored to your needs. It is important not to commence any product development activity until you are satisfied that firstly, a market exists and secondly, you have identified the attributes your product or service will need to possess so that you can achieve a competitive advantage in that market. This will help you to determine whether your product or service can be sufficiently differentiated from that of your competition.
Beyond research and identifying a genuine market and business opportunity, there is a range of administrative and regulatory issues to consider. When it comes to licences, permits and registrations required to conduct your business, SmartLicence is the Queensland Government's One Stop Shop for business intenders and operators. By calling 1300 363 711 and speaking to a SmartLicence Officer, you will be provided you with all the State, Commonwealth and local government licences, and permits required to operate a business in Queensland, including business name registration.
When you have made the decision to go into business, an important consideration is how to structure your business. For example, would a sole proprietorship, a partnership, or a corporate entity be most appropriate? An IIB business advisor can assist you in working through these issues in this process.
For more information, contact the IIB.