Gone are the days when the Gold Coast was passed up as just another tourist destination, this idyllic beach town’s economy is developing at a rapid pace, and setting up a business here can be a good way to invest early, so to speak.

With a booming construction, manufacturing, rental, and financial industry, the Gold Coast provides entrepreneurs with a wealth of opportunities and resources for growing their businesses in the area. 

And that’s not yet considering the other multi-million-dollar industries that have only been growing yearly.

Having said that, setting up a business in the Gold Coast will require some ample preparation on your part. 

If you’re ready to take the next step in generating wealth in this southern Queensland city, here are eight things you should set up before or during the initial stages of your operation.

Let’s dive right in!

1. A comprehensive business plan

A business is best built when there’s a plan written around it—and this can’t be any more true for Gold Coast-based businesses.

A business plan helps bring all your ideas into paper, making order out of disorder. It includes things such as detailed market analysis, target demographics, financial projections, and internal business structure among other things. 

It can serve as a roadmap to help you steer your business in the right direction. And perhaps most importantly, a comprehensive business plan, with the right pitch, can attract eager investors to chip in a part of their capital to fuel your operations. 

This can help startups grow at a fast pace, even if you don’t have immediate access to capital just yet. That said, you’ll need to be very convincing with your financials to secure investors in this way.

2. Consider applying for grants

Putting your hat in the ringer and applying for grants gives you nothing to lose and much to gain. That’s why it’s a good idea to apply for a couple of them when starting up your business.

The government of the territory of Queensland, particularly the Department of Employment, Small Business and Training, offers many business grants to help small, up-and-coming Gold Coast businesses grants to help them fund their operations. 

Examples of useful grants include the growth accelerator program and support for business growth grants. 

While the government isn’t always offering grants, when they do have openings, it’s in your best interest to try applying for them. If you succeed in getting a grant, the additional finances can be a big boon to help you kickstart your business. 

3. Licenses and permits

As with any other legitimately operating business, you need to apply for the right licenses and permits to ensure that you’re legally operating on the Gold Coast.

These permits will differ based on the nature of your business. Having them ensures that your operation complies with local, state, and federal regulations, such as health and safety regulations and environmental protection.

In Gold Coast, for instance, the Eat Safe Gold Coast initiative is a license used to uphold safety standards for food businesses in the city. 

It uses a star rating system to signify whether a business has good to excellent safety management practices, based on the Food Act 2006 policy upheld in the city.

To know what licenses and permits you need, you can talk with a legal expert to help you ensure that all your legal bases are covered.

4. Australia Business Number (ABN) and business name

Another crucial thing you must do before operating a Gold Coast-based business is to obtain an Australian Business Number (ABN) and register a business name.

An ABN is a unique 11-digit number that identifies your business to the government and community. It’s essential for tax purposes, invoicing, and to avoid withholding payments.

A business name refers to how your business is legally addressed in full. You can apply for these things through the Australian Business Register and the Australian Securities and Investments Commission (ASIC) respectively.

By having these things fully approved, you can establish your business’s identity and make yourself look more credible to your customers and suppliers.

5. A budget and financing options

Every business needs some capital before turning its gears. 

In some cases, you may have enough funds in your bank account to cover the initial bout of expenses for supplies and merchandise. The way to find out how much you can cover for certain is by making a budget.

However, if you need a little bit more funds, you should consider applying for financing options. There are many options you can consider: bank loans, credit union loans, asset financing, crowdfunding, the list goes on.

Just be sure that you have the means to repay these debts. Leveraging debt is an effective way to scale your business, but only when used appropriately. So have a solid plan before signing any long-term loaning contracts.

6. Store supplies and furniture

Before launching your Gold Coast business, you want to ensure that your storefront is laid out nicely. No one will feel compelled to buy something in a barren and lifeless store. Nor would it be easy for you and your staff to do business without the right supplies. 

As such, consider buying a good mix of practical and aesthetic supplies before you open your store to the public. Buy the essentials: shelving, computers, display units, signage, and point-of-sale (POS) systems. These help facilitate transactions smoothly.

Then consider buying things that can help leave a lasting impression. Quality furniture, nice-looking lights, and decorative items that exude a certain flair you’re going for are definite nice-to-haves. 

If your business is by the coast like in Broadbeach or Surfer’s Paradise, then having some beach elements featured around the store can be a great start.

7. Contact information

Besides having a physical presence, it’s also important for your GC business to be reachable through line and the Internet. 

You should start by having a dedicated phone line for your business. For reference, in the Gold Coast, the local area code is 07. 

But if you plan to expand your operations on a nationwide scale, you should seriously consider setting up a 1300 or 1800 number through Telcoworks. This can help you maintain your line no matter where you’re located in Australia.

Besides that, having a digital footprint is also important. Create a social media profile on Facebook, Google My Business, and Yelp. This way, your customers can find you and contact you more easily. They can also be updated with any news your business decides to push out.

8. Business-related software systems

In today’s digital landscape, a large fraction of business activities are conducted on a computer. 

If your GC-based business relies on computer systems to operate, then ensure that each staff computer is equipped with the tools needed to get your business running.

There are countless software that each department can utilise. 

Customer relationship management (CRM) systems, accounting software, spreadsheets, and project management applications all have varying levels of uses that one or multiple departments can use to efficiently operate, keep customers happy, and drive growth.

Having these pieces of software ready across all your company computers helps remove friction when performing business activities, ensuring that you and your staff are at your most productive levels.