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.
Congratulations!
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.
Visit shelleylangan.com or my coaching courses for more information.
