Have you got the entrepreneurial spirit with the big dream of starting a business?
Regardless of whether you plan on working from home, being a sole trader or are going to need to hire staff, being your own boss and venturing out into the world of being a business owner can be incredibly exciting and rewarding.
On the other hand, starting a business can be daunting and challenging. At times it may feel as though there are a million things to do and some people have a difficult time knowing exactly where to start or what is worth their time and money.
In this blog, we will detail three tips for starting a business. If you are selling a business, you require tips from our expert advisors.
Calculate All The Numbers
While you may have a million-dollar business idea, this does not mean you will get rich overnight and it may take some time before you see a return on investment.
Along with conducting extensive market research, calculating your financing, determining your cash flow forecast and raising capital are some of the first things you need to consider when starting a business.
Get All Your Legalities In Order
From drafting policies and contracts to registering your business name with the Australian Securities and Investments Commission (ASIC), there are many legal obligations and responsibilities new business owners need to be aware of.
Even if you plan on running your business from your bedroom, you are required to register your business name and have all the necessary documents in order. For example, if you have a website, you may need a website terms and conditions policy, as well as a privacy policy for collecting and storing client information.
It can be hard for business owners to know all their legal requirements, which is why some turn to a commercial lawyer for help, guidance and advice.
When starting a business, business lawyers, such as those at Barristers Adelaide, may help with:
- Choosing the right business structure for your company
- Drafting business documents
- Registering trade marks
- Registering your business with ASIC
- Negotiating and drafting partnership agreements
- The protection of intellectual property and trade secrets
Register For Taxes
Taxes can be tricky to deal with, but they are also an essential part of opening and running a business.
While some of the taxes you register for will depend on your business structure and turnover, you need to register before opening your business.
The most common tax companies need to register for before they can sell any products or services is the Goods and Services Tax (GST). This is required if your business has a turnover of $75,000 or more per year.
Tips to Growing Your business
Along with the above-mentioned tips, there are many things to consider when it comes to starting a business.
Some of these business necessities include registering trade marks, developing a functional website, digital marketing and developing policy and procedure manuals.
Once your business is up and running there is another long list of things to consider, however with the right planning and research you may be able to reduce the risk of mistakes and better your chance at success.
