Tips to Help you Start your own Business

Starting a new business is exciting but there’s a lot to think about and organise.

Before you even begin, you should consider how prepared you are to make difficult decisions, work long hours, face financial constraints, lose sleep and confront failure.

1) Research

If you have the drive to create a successful business, despite your fears, start talking with others who have gone down the same path to help you figure out your next steps.

Be under no illusions, this is a complex process with many moving parts, but having a checklist will make things easier.

The Department of Industry, Innovation and Science offer a lot of help through its Business.gov.au (https://www.business.gov.au/) website, including a start your own business preliminary checklist.

According to this checklist, you should follow these steps:

  • Choose your business structure and type

  • Apply for an Australian Business Number (ABN)

  • Register your business name and trademark

  • Protect your intellectual property

  • Understand the appropriate standards and codes of practice

  • Set up record and account keeping processes

  • Register a website name

  • Work out what taxes you need to register for

  • Find out the registration processes and licenses you need

  • Consider your insurance needs

  • Buy or lease business premises

2) Business Plan

One essential ingredient of any new business venture is to draw up a business plan, which you will need to secure any financing. It will also provide direction and help keep you on track.

Financing your idea and keeping track of where the money is going is crucial to your success, so a good accountant is essential.

3) Employment

If you intent to hire people, you will also need to be familiar with the relevant labour laws, superannuation rules, work health and safety obligations and tax laws. Information about pay and conditions is available from the Fair Work Ombudsman (https://www.fairwork.gov.au/) website. You will also need worker’s compensation and public liability insurance.

With so much to think about, it’s clear that starting a business is challenging. At Addept Chartered Accountants and Business Advisors, we will be able to help you to understand your new financial obligations and develop business plan tailored to you, so you can get your new business off to the right start.

IF YOU ARE CONSIDERING STARTING A NEW BUSINESS, OR HAVE ANY QUESTIONS ABOUT THE ABOVE POINTS, GET IN TOUCH WITH ADDEPT ON 8418 2111 AND SPEAK WITH ONE OF OUR ADVISORS TODAY.

Starting a business is no easy feat, but with the right expertise behind it, it’ll stand the very best chances of success.