Business Start-Up

Before you apply for business migration, you will need to research and plan how you will establish your business in Victoria. Your application to the Victorian Government for visa sponsorship requires evidence of this research.

Victoria is well resourced to help people get a business up and running.

On this page:
Starting a new business
Buying an established business
Buying a franchised business

Starting a new business

Starting a new business is an exciting but often challenging endeavour. You will need to plan and research carefully if you're going to give your business its best possible chance at success. Some of the things to think about include:

• Are you ready to take full responsibility for all aspects of the business?
• Are you experienced at running a business?
• Does your experience include a business like the one you want to start?
• Is your business idea a good one?
• What competition will you face?
• What obstacles will you need to overcome to succeed?
• What costs and profits to do you expect?
• Where will you base your business to increase its chances of success?
• Who will your customers be? How will you reach them?
• Who will your suppliers be? How will you find them?
• Will you need staff? Where and how will you find good people to join your team?
• Have you taken care of all the legal and regulatory essentials involved in running a business generally, and running your business particularly?

You can find information about how to start a business on the Business Victoria website including:

• a quick quiz to help you decide if you have the right skills to run a business, whether you've done enough preparation to start your business, and where to get the help you need
• a free downloadable Business Start Up Pack
• a list of essentials for starting a business.

You can also access a checklist for starting a business from the Australian Tax Office website, which includes information about:

• how to structure your business
• how to apply for a business Tax File Number and/or Australian Business Number
• how to run a business from home
• tax concessions for small business.

Buying an established business

Buying an established business can be a great way to get a head start to success. It often means that a lot of relationships with customers and suppliers are in place, and some of the costs and work involved in business start-up are taken care of. These include buying and setting up equipment and technology, finding and training staff and renting suitable premises.

However, there are still some challenges involved. You need to think about whether your own skills and experience are suited to running a business, whether the business you want to buy is a successful one, and whether staff, customers or suppliers might leave when you take over.

You can find information about buying a business on the Business Victoria website including:

• the advantages and disadvantages of buying an existing business
• how to work out the value of a business, and what you should pay for it
• how to transfer the ownership of the business and all associated licenses
• what the seller of the business must tell you (called a vendor statement)
• how to reduce the risks involved in buying a business.

Business Victoria also runs seminars aimed at giving you a better understanding of what's involved in buying an existing business. For more information, visit the Business Victoria website.

Buying a franchised business

Buying a franchise means buying the right to operate one or a number of outlets that are part of a chain of stores or a larger operation. Becoming a franchisee gives some people the benefits of being their own boss, with the support of a bigger organisation to help and guide them. Some people find that franchising is a good way to run their own business, and others would prefer to go their own way.

You can find information about starting a franchise on the Business Victoria website including:

• a quick quiz you can take to work out whether franchising is for you
• a list of things to think about before you agree to sign up to start a franchise
• a checklist to guide you through the process of selecting a franchise
• organising finance
• signing your franchise agreement.

As well as understanding whether you would work well as a franchisee, it's important to understand that different franchises work differently. The costs that must be returned to the larger organisation and the rules and policies that must be followed by franchisees are two of the common differences.