Detailed instructions from Bluewise CEO – Mr. Le Thanh Tung on how to start a business in Australia for Vietnamese people through the podcast “Cơm áo gạo tiền – Biến ý tưởng kinh doanh thành hiện thực và tự làm chủ ở Úc”.

In the podcast episode “Cơm áo gạo tiền: Biến ý tưởng kinh doanh thành hiện thực” by CEO of Bluewise Group – Mr. Le Thanh Tung, will share the foundational steps for Vietnamese individuals in Australia to confidently open their own small business or store. With over a decade of experience in business investment consulting, Mr. Tung provides a comprehensive guide covering legal processes, business planning, financial management, and business development. This podcast episode is a practical handbook, offering the Vietnamese community a clear path to successfully bringing their business ideas to life in Australia.

1. Discovering business ideas

Identify a product or service that aligns with your personal interests and skills.
Explore potential business ideas, such as opening a beauty salon, a fashion store, or a restaurant.
Conduct market research to grasp trends and assess customer needs.

2. Conducting market research

Once you have a business idea, research the market to understand competitors, target customers, and market demand. Key questions to answer include:

Who are your potential customers?
What are their needs and expectations from your product or service?
Who are the main competitors, and how do they attract customers? A thorough market research helps you identify your strengths and weaknesses relative to competitors and unveils growth opportunities for the future.

3. Planning a business

A business plan is a critical document outlining the strategy for your business development. It should include:

Business description: A summary of the business sector and products or services offered.
Market analysis: Your findings from market research.
Marketing strategy: How you plan to attract and retain customers.
Financial plan: Budget, costs, and profit projections. A business plan not only helps organize your ideas but also serves as a basis for attracting investment or securing loans if needed.

4. Ensuring legal procedures – Business license

Ensure compliance with legal regulations, including applying for a business license and food safety documents if necessary. Note that different types of businesses and industries have varied legal requirements.

5. Securing capital and managing finances

Determine the amount of capital needed for initial costs such as raw materials, premises, advertising.
Set up a financial management system to track costs, profits, and cash flow effectively.

6. Marketing and promotion

Leverage social media platforms like Facebook and Instagram to promote your products. Consider creating a website, opening social media accounts, and using digital marketing tools such as ads, or creating attractive content.
For brick-and-mortar stores, employ traditional methods like flyers, grand opening promotions, and partnerships with nearby businesses to attract customers.

7. Supporting customer

Maintaining good relationships with customers is key to long-term business success.

Provide good customer service, listen to feedback to improve products/services.
Implement loyalty programs and special offers to build customer loyalty.

8. Evaluating and improving

Regularly monitor, assess, and optimize business operations.
Adjust strategies and improve processes to enhance efficiency in a competitive environment.

In conclusion, starting a small business requires patience, research, and detailed planning. From identifying ideas, conducting market research, creating a business plan to promoting products and managing finances, each step is essential for a sustainable and successful business. Mr. Le Thanh Tung’s podcast is not only a guide but an inspiration for those aspiring to build a sustainable small business. Stay tuned for more valuable insights from Bluewise.

Listen to the full podcast here.

For those seeking to take their business further, contact Bluewise Group for detailed consultation via this link.

Contact Info:

Bluewise Group | Bluewise Business Advisory | Bluewise Migration Advisory
Head Office: Liberty Plaza – Level 1, 28/256 Chapel Rd Bankstown NSW
HCM Branch: 339/10A Le Van Sy, Ward 13, District 3, Ho Chi Minh City
Hotline: AU 0450 895 589 – VN 1800 599 932
Email: bw@bluewisegroup.com.au