Setup right foundation for your startup

Startup

Setting up your own startup business can be as daunting as it is exciting. With so many things to look into from a financial, operational, compliance and governance perspective, you want to make sure that you have done your homework right.

You can save yourself significant time and valuable capital by making yourself well-versed with what it is exactly that goes into running a business. Not just any startup business, but one that is specific to the industry you intend to venture into.

Taking out Time for Proper Planning

Making sufficient time to plan your startup can help you convert your vision into reality. Running a small business is more than just about being your own boss or having the flexibility of working from home. You need to self-develop or bring in the right management talent, industry expertise, technical skills, financial proficiency and the long-term vision for sustainability and growth.

Before Starting

Before you take the leap, it is important to understand whether you are really cut out to run your own business and live the self-employed life. Ask yourself the following questions –

• How do I go about choosing a name for my business?
• What skills do I require to get the business started?
• What are the goals and objectives of my business?
• How much income will I need to generate to break even soon?
• Is this really a business or just a hobby?
• What are the benefits and disadvantages of starting my own business?
• How should I work on a business/ marketing plan?

Getting your Business Started

You needn’t hire someone to get your business registered. It is a lot easier than you can image. All you need to do is log on to the internet and pursue the following steps –

• Choose your business structure and type
• Apply for an Australian Business Number (ABN)
• Register the name of your website
• Register for appropriate taxes
• Apply and register for the right licenses to start your business
• Register for an Australian business account that helps you manage your permits and licenses
• Buy or lease out your business premises
• Get insured
• Continue learning about selling your products and/or services

Hiring People for your New Business

Finding the right talent for your start-up can be a tedious process. However, before you start writing pay-checks make sure that you have clearly understood the government requirements that may be relevant to you as an employer. Take into account factors such as minimum wage rates, super and leave entitlements among other things when making hiring decisions.

Getting Help

If you need professional help for your new startup to understand the nitty-gritty’s of running your own business in Australia, you will be able to get in touch with a number of low cost advisory services for help. In addition to this, also look out for mentoring services in your area, sign up for entrepreneurship workshops and events and read up articles online that can give you a sense of direction. You could also get in touch with us and avail our business expertise that helps you get an organized start to your dream set-up.

Click Here for information on Business Australia website