A Quick Guide to Starting Your Own Business

Business plan

It’s a good idea to start with a plan. A well-written business plan will give you direction and make sure you’ve thought about everything. Not sure where to start? Business.gov.au has a free template here.

 

Business structure

You’ll need to decide whether to operate as a sole trader, partnership, trust or company. Each structure has pros and cons so do some research to find out which is right for you. Here is a basic rundown. Your accountant or lawyer can also help you with this decision.

 

Register a business name

Got a business name that you love? Before you start printing business cards and designing your logo, register it here.

 

Network

Now it’s time to start getting your face and name out there through networking. Check Facebook for local networking events and get ready to make some valuable connections. If you’re new to networking and you’re not sure where to start, here’s some tips to get you going.

 

ABN

Not every business needs an Australian Business Number (ABN) but if you do, you can apply for one for free here. If you’re not sure if your business needs an ABN, there is some good info here that might help you.

 

Legal requirements

You’ll need to find out if any licenses or registrations apply to you, PAYG and any other obligations you need to fulfil when setting up your business. There is a handy list of resources for each state here that will help you in this regard.

 

Sort out your finances

You’ll probably need some money to get started so now is the time to look at all the options available to you. I’ve covered this in a previous blog post here.

 

Set up accounting system from the start

It’s wise to have your accounting system sorted from day one to avoid headaches later on down the track as your business grows. A cloud-based system like QuickBooks Online will make it easy to keep track of your business so that you won’t have to spend hours on paperwork. We can help! Contact us today to find out how.

 

For more small business guides, check out our other blog posts: How Cloud Accounting Can Benefit Your Business , Financing Your Small Business