Prepare, plan and research. As an aspiring entrepreneur, it is essential a business plan is developed that outlines your business’s vision, goals, product or service, market research and strategies that will ultimately help you achieve your business goals. The plan demonstrates a clear overview of what you wish to achieve and will enable you to keep track of your progress. It’s important to decide on a business structure and choosing a name that is not only available, but unique. Location of the business is also significant, taking into consideration needs such as storage, equipment and proximity to your target market. Creating a business website would also be beneficial in increasing social awareness and access to consumers. Starting a business would require a lot of research, analysis and marketing to allow it to grow and become successful.
Register. Registering for an Australian Business Number (ABN) is free and makes a business official, allowing customers, suppliers and the Australian Taxation Office to identify your business. Tax registration is also a requirement, with costs being dependent on the business type and size. It’s important that a business owner learns how to lodge and pay the tax when required and implements a good record keeping system to keep on top of their tax game. Based on the business type (whether it be a sole trader or partnership), activities and location, owners would need licenses and permits to give approval to business activities whilst also protecting employees and the business itself. Unsurety of which licenses and permits to obtain would require discussion with your industry association or business advisers.
Know the law. Start off strong by setting up and being aware of how to protect your business legally. Different laws apply to different businesses and knowledge of which laws (such as fair trading and consumer laws), standards, contracts and codes of practice that apply to your business industry would be beneficial in the protection of your business, employees and customers.
Protect and set up operations. Starting a business involves the investment of time and money, therefore getting insurance would be important (such as workers compensation or public liability). This helps protect your business, employees and income against bad situations that may fall through over time. Additionally, ensure the right and qualified people are employed under the business to boost workplace activities and overall success. Also consider the importance of communicating with customers to provide exceptional service that further contributes to your business’s growth. If you are seeking legal advice on starting a business, please feel free to get in contact with one of our experienced commercial lawyers at Frank Law on (02) 9688 6023.
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This is not legal advice.