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.
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.
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.
Some recommendations when creating your business:
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 information provided in this document, including any tax information, is general information only and does not constitute personal advice. It has been prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser. The views expressed in this publication are solely those of the author; they are not reflective or indicative of Licensee’s position, and are not to be attributed to the Licensee.