Start your own business and thrive

There are many things to consider when starting a business, but if you are organized and not shy about asking for help, things will fall into place. Starting a new business is exciting but there’s a lot to think about and organize. Before you even begin, consider how prepared you are to make difficult decisions, work long hours, face financial constraints, lose sleep and confront failure.

Talk to others

If none of these scare you, and you feel you have the drive and ambition to make a success of your business idea, then get started by talking with others who have done what you wish to do. The best information often comes from people with experience, plus they can help you set up a business network and even act as a mentor. Be under no illusions, this is a complex process with many moving parts, but if you set up a logical checklist of processes and things to do, you will make your new life a lot easier.

Informed

The Department of Industry, Innovation and Science offers a lot of help through its business.gov.au website, including a start your own business preliminary checklist.

Business plan

One essential ingredient in any new idea is to draw up a business plan, which you will need to secure any financing. It will also provide direction and help keep you on track. Financing your idea and keeping track of where the money is going is crucial to your success, so bookkeeping will be a key skill to master. Finding a good accountant is also essential.

Necessary items

Some recommendations when creating your business:

  • choose your business structure and type
  • apply for an Australian Business Number (ABN)
  • register your business name and trademark
  • protect your intellectual property
  • understand the appropriate standards and codes of practice
  • set up record- and account keeping processes
  • register a website name
  • work out what taxes you need to register for
  • find out the registration processes and licences you need to start a business
  • consider your insurance needs
  • buy or lease business premises.

Employment

If you intend to hire people, you will also need to be familiar with the relevant labour laws, superannuation rules, work health and safety obligations and tax laws. Information about pay and conditions under the national workplace relations system is available from the Fair Work Ombudsman website.

Your insurance obligations will be wider than just plant and machinery. You will also need coverage for workers’ compensation and public liability.

Here to help

With so much to think about, it’s clear that starting a business is challenging. A financial adviser may help you understand your new financial obligations and develop a financial plan tailored to you, to help get your new business off to the right start.

 

“The views expressed in this publication are solely those of the author; they are not reflective or indicative of Millennium3 Financial Service’s position and are not to be attributed to Millennium3. They cannot be reproduced in any form without the express written consent of the author”.

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Start your own business and thrive