By Christine Mundell
Everyone has great ideas and with the right planning and advice, these great ideas can become great business ventures. While you may be keen to jump straight in, there are a few things to consider before you undertake your new entrepreneurial adventure.
Starting a new business – what you need to know!
When starting up a new business you should ask yourself the following:
– Are you willing to work long hours to establish your business?
– Are you able to handle the responsibility of making all business decisions?
– Will you have another source of income?
– Will you be able to maintain a work life balance?
Once you’ve thought these questions through and still want to go ahead with your business idea, there are a few important steps to consider before you get underway.
1. You should define the type of business you want to start and have a clear idea of what the business’s purpose is, i.e. Are you going to be selling products or are you offering a particular service? In other words, why are you going into business – what problem will you solve for your potential customers/clients?
2. Decide which business structure is best suited to your new business, i.e. Will you be a sole trader, are you entering into a partnership or are you starting up a company? (Visiting your accountant or trusted business advisor is recommended at this point in time to ensure the best business structure for your circumstsances).
3. Make sure you are aware of any laws and tax obligations associated with your new business. Make sure you do your research!
4. Consider where your business will operate from. Will you need to rent an office space or retail shop? Will you work from home or hire a desk in a co-working space?
5. What is your financial situation? Will you need to take out a loan to start up your business? Or will you seek out private investors?
Getting the Ball Rolling
After all your preparation it’s time to get started, and there are a few important things that you need to do, to ensure your business gets off to a flying start!
– Apply for an ABN (Australian Business Number) & TFN (Tax File Number) if don’t already have one
– Register your business name (Get creative, be original & check the ASIC business name register and any trademarks)
– Will you need to register for GST? (Remembering that GST Registration is compulsory for all businesses earning over $75,000 p.a).
– Take out any business insurance relevant to your business or seek guidance from a business advisor on this
– Establish a Business Plan
– Description of your business
– Market Research
– Business structure
– Overall Strategy
– Financial Plan
The Snow Ball Effect
Once your new business is up and running it is essential that you continue to innovate and grow, to keep the ball rolling. Continually looking for ways to improve your business will encourage growth and ensure that your hard work and planning is not wasted.
Now that you have the foundations ready to kick off your business, we wish you much success for the future!
If you have any other questions about starting your own business, contact us for a no obligation appointment today!