Just Starting in Business?
Last Updated: November 18, 2020
Are you thinking about starting a business venture, or have recently started and not sure what to do next? Here is our quick check list of some things to consider:
- Have you registered your business with the Australian Business Register?
- Have you decided on what type of business you need? This is different to what type of industry you are operating in.
- Have you got an accounting package to manage your required record keeping?
- Will your accounting package need upgrading if you take on employees?
- How much cash do you need?
- Do you need to register for GST?
- Do you need insurance?
- Who will you rely on for business advice?
So where do I start?
Have you decided to work for yourself or thinking about starting your own business but not sure where to start?
If you need a little inspiration look up types of business on the internet, to help you decide which type of business suits you. If you’re not sure get advice from an accountant, tax advisor or friendly bookkeeper.
Fail to plan, plan to fail
Planning can make a great deal of difference. Planning helps you focus, in a logical sequence, on the key issues all businesses need to address at some point. Free business plan templates can be found online from most government sites.
Don’t be put off by all the detail, keep working through your plan. As the old saying goes, “Rome wasn’t built in a day.”
The time spent will be well worth it. Even if some things might be a bit uncomfortable, such as ‘how much cash do you need to start?’ it will focus the mind to find a solution.
Show me the money
If you need to seek finance most lending institutions will want to look at your business plan.
Similarly, if you have recently started and not sure what to do next your adviser can suggest a suitable course of action.
As you work through your business plan, apart from cash, there will options for you to consider, such as how will I advertise.
You may decide to have a website. There are many web designers and marketing firms ready to give you good advice.
What happens if I need employees and will my accounting program manage STP? Do I need to register for GST? What about insurance? The list of questions goes on; but all these things can be researched and solved, as you advance on your business journey.
Growing pains
If you are thinking, ‘What happens if my business grows?’ Your structure is not set in concrete and can be changed, by going back to what type of business suits you.
Having completed most of the business plan, decide on a name. Once, you have decided on a name check the Australian Business Register to see if no-one else has that name then register for and Australian Business Number.
After that, register your business name with the Australian Business Register.
The next thing is to get your accounts ready. This is most important as it is a legal requirement. You can do it yourself, but its pretty much bread and butter for bookkeepers.
If you want to do it yourself, they can advise you on the advantages and disadvantages of available cloud based accounting software programs.
Having got this far you are probably ready to start trading, good luck!