Your introduction to starting a small business

Starting a small business has many benefits, including the joy of being your own boss. To help set you up for success, we’ve gathered guidance on everything from writing business and marketing plans to choosing the EFTPOS solution that suits you best.
· 14 March 2023 · 6 minute read

If you're thinking about starting a small business, you're in good company. In Australia, small businesses account for over 97% of business and contribute to the economy significantly.

Launching your own business can be a great way to earn a living while doing what you love. But before you start, it's important to build a strong foundation to help you hit the ground running.


The benefits of starting a small business

Small businesses are a big part of many communities. They employ locals, support families, and help strengthen local economies.

Key benefits of starting a small business:

  • You’re empowered to make decisions. When you start a business, you get to work with a blank canvas. You can steer the direction of your business and choose how it evolves over time.
  • You can control your income. Whether your business becomes your primary source of income or a way to make extra money on the side, you’ll get to control what you get out of your pursuit financially depending on what you put in.
  • You can pursue your passion. Whether it's freelance photography, offering a beauty service or providing dog walking in your local area – the sky is the limit. Do something that matters to you and get paid for it.
  • You can enjoy work-life balance. When you run a business, you can choose how, when and where you’ll work depending on what suits you best.


How to create a strategic business plan

Simply put, a business plan is a document that sets out your business's future objectives and your strategies for achieving them. A business plan can help you and your team understand their roles and assist with setting you up for success. If you’re a sole trader, it’s also a great reference to have as a reminder of your goals and to track your progress.

Do I need to consult an expert to write my business plan?

It can help to work with a trusted advisor. This is because certain business structures need to meet certain compliance and legal requirements. By working with someone who has knowledge of the Australian business landscape, such as an accountant or lawyer, it helps you make sure you’re starting a business the right way.


How to build a brand identity

Once you’ve written your business plan, it’s time to determine your brand identity. Think of this as your business’s unique personality.

A strong brand identity helps you to stand out from your competitors.

When building your brand identity, think about:

Brand visuals, like colours, logo, fonts, layouts. And other design elements like photography and illustrations.

  • Your brand’s tone of voice, including a slogan or tagline. Plus, how you’ll talk to your audience on social media platforms, in emails, and throughout your website copy.
  • In a nutshell, your brand identity informs the impression you make on your audience. So, before you start, make sure you research your target market and get clear on who you are and what you can offer your audience.


Prepare a marketing plan

Preparing a marketing plan can help you define your marketing strategy. It will also help you decide how and where you'd like to promote your products or services.

As outlined by, having a marketing plan can help you to:

  • identify your target market
  • identify how you might attract customers
  • set goals and time frames for your marketing activities
  • map out a strategy to reach your target audience, including the messages, channels and tools you’ll use
  • evaluate your marketing activities
  • provide a marketing budget and track your return on investment.

Writing a business plan will help you decide on your goals. Building a brand identity will help you make a strong impression. And preparing a marketing plan will help you connect with customers.

Not sure how to start your marketing plan? You can develop your marketing plan at using a downloadable marketing plan template.


How to choose payment technologies

When you start a business, you’ll need to decide how to take payments. A good payment solution is one that is convenient for both you and your customers. The more efficient your payment technologies, the more you can help your business thrive.

The most common way to pay in Australia is via electronic payment methods – credit cards, debit cards and digital wallets. So, investing in technologies that help you increase your volume of EFTPOS sales will in turn help you grow your revenue. Payment solutions like Tyro EFTPOS help make accepting payments simple for entrepreneurs starting a small business.

Types of EFTPOS machines you may want to consider

The right EFTPOS solution for you will depend on your business model.

Tyro EFTPOS devices you may want to consider include:

  • Tyro CounterTop EFTPOS machine. Ideal for businesses that need a fast, fixed payment system with robust connectivity using Ethernet. Tyro’s countertop solution is a great option for businesses who take payments on-premises.
  • Tyro Mobile EFTPOS machine. Ideal for businesses that require extra flexibility and mobility from their EFTPOS machine.
  • Tyro Go EFTPOS reader. Ideal for businesses that take payments on the go. This portable card reader connects to smart devices via Bluetooth, empowering businesses that need simple, fuss free payment methods.

Tyro Go requires a Bluetooth-enabled mobile device or tablet, an app to be installed and mobile network coverage.

How solutions like Tyro benefit your business

Finding an ideal EFTPOS solution is more than just choosing a payment device. It’s an opportunity to drive efficiency by gaining more insights about your business.

For example, you can take advantage of the free Tyro Go App and Tyro Portal to view real time transactions and manage your funds.


Things to remember when starting a business

There are many things to consider before you open a small business, so it’s important to plan ahead. To help your new venture become a success, remember to:

  • Write a business plan
  • Build a brand identity
  • Create a marketing plan
  • Compare payment technologies and solutions.

As management consultant Peter Drucker once said: 'you cannot predict the future, but you can create it.'


Want fast, simple, and innovative EFTPOS for your business?

Make your first $15K of sales fee-free, plus access flat-rate payments with no lock-in contract, when you take up Tyro with Telstra.

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Things you need to know

Tyro offer details and terms
This offer applies to new Tyro customers only but does not apply to eCommerce transactions. Additional charges apply for Diners Club and Moto transactions (Tyro Mobile and CounterTop). UnionPay, Alipay, MOTO and Diners Club not accepted on Tyro Go.