Congratulations!!! How exciting, you have an idea and want to start a business.
Here are 10 steps to starting your business asap.
- Do your research? Are there others in your area who have the same type of business that you are wanting to start? How are they going?
- Write out a business plan. Business plans are the roadmaps to success. Click here for a free plan template.
- Decide on how you are going to fund this business. Do you have the capital yourself, do you want a business partner or do you need investors?
- Location, location, location. They say location is key whether you are a brick-and-mortar business or online. Decide on your location. This will also determine fees for renting a building, office space, taxes and licenses required.
- Choose your business structure. Are you going to trade as a Sole Trader, Corporation, Propriety Limited Company, Non for Profit? This also defines what fees you will be charged with setting up, taxes and liabilities.
- Now comes the fun part, choosing the business name.
- Registering our business. I would advise getting your accountant to do this for your but you can go onto the ASIC website (Australian Businesses) or the appropriate country and apply for a business name. You will need an Australian Business Number or a number appropriate for your country. You will need to Register for GST or appropriate Country taxes if applicable.
- You will also need to apply for permits and licenses pending on the type of business you have. Don’t forget your insurance and legal policies.
- You will also need to open up a bank account.
- And don’t forget the logo/branding of your business.
Once you have completed those tasks, you are set to start advertising/marketing and trading. It can also be a good idea to look into business coaching around this time. With my business coaching, I can assist with guidance and challenges within the business (especially at the start), while also helping with career growth once your business is off the ground.