10 tips to successfully set up your own business
Are you thinking of starting your own business?
Business plan? Tick. Market research? Tick. Finances and cash flow analysis? Tick.
Once you’re confident your business idea will take off, it’s important to find out what else is involved when setting up a business.
Here are 10 tips to successfully set up your own business!
There are differences between a hobby and running a business for tax, insurance and legal purposes. If you think your hobby might be turning a business, now is a good time to check.
There are four types of business structures – sole trader, partnership, company and trust. There are advantages and disadvantages for each structure, so investigate each option carefully.
You’ll need an ABN to run your business. It’s used for various tax and business purposes like claiming GST credits and confirming your business identity when ordering and invoicing. Applying for an ABN is free.
Playing music, renovating or have a sandwich board out the front of your business? Having the correct registrations, licences and permits is crucial when running your business.
Registering for the right taxes is essential when starting your business these will depend on the type of business you’re starting and what your projected turnover is.
Your business name or trading name is the name you use to run your business. While it’s not compulsory to register a business name, if you’re a sole trader or partnership and want to trade as something like Jane’s Flowers, you’ll need to register it and potentially get a trade mark for your business name. It’s also a good idea to check if your preferred business name is available as a web address and social media profiles.
It’s important to take out insurance when you’re starting out in business. This can include insuring your income, your commercial risk and getting workers’ compensation for any employees.
It’s a good idea to go with a website name that represents your business name or brand, is easy to remember, pronounce and spell and is short and unique. You should check if your preferred website name is available when registering your business name.
You’ll need to decide where you’re going to run your business from when starting out. You might buy or lease a premise, run your business from home or look into co-working spaces. Even if you run an online business there might be things you need to consider such as storage or packing space for products.
Customers are your business’s most important asset, so it’s important to understand how to find and keep customers and your legal obligations when marketing and selling products and services.