Are you looking to start your own business? Do you want to make sure you start off on the right foot to increase your chances of reaching success?
Well you’ve come to the right place! Keep reading to discover seven tips to help you start your own business as successfully as possible.
Decide on a business structure
Before starting a business, it is important to first decide on a business structure. Your business structure determines your rights and liabilities as business owner, your legal obligations, your tax responsibilities as well as how you can officially run your business.
It may be beneficial to research the business structures available to you to choose from so that you can decide one one which best suits your needs and business goals. In Australia, examples of business structures include sole traders, partnerships, trusts and companies.
Register your business name and address
Unless you are a sole trader, you will need to register your business name and address before being able to legally operate your business. You can register your business name with the Australian Securities and Investments Commission (ASIC) using the Australian Government’s online Business Registration Services (BRS) or through a service provider. Similarly, you will also need to register your business address with ASIC.
Trade mark your intellectual property
When it comes to protecting your intellectual property (IP) from misuse and IP right infringements, trade marks are the way to go. You can register not only your business name for a trade mark, but also your business designs and artworks, patentable inventions, technical know-hows, inventive steps and processes. It may be worth working with a trademark lawyer to help you register for your trade marks and protect your business assets.
Draft your website terms and conditions
Nowadays, most successful businesses will need a website for their customers to search up and interact with. As important as your website is, it can also be troublesome if your business is not correctly protected. Having a website terms and conditions can offer you legal protection by limiting liability in the case that a customer decides to take legal action against you.
A website terms and conditions will cover potential concerns over your customers’ acceptance of your business terms, product prices or service fees, payment terms and payment methods, refund policies as well as disclaimers and limitations of liability.
Open a local bank account
It is best to prepare a local bank account in advance, so that your business can operate financially. You can work with service providers to help you streamline local bank account opening procedures, or do things manually by yourself. Consider the banks local to your area for easy access and which ones may offer the ebay deals for your business.
Apply for licenses and permits
If the business you are planning to start requires certain licenses and permits, it is important to apply and be issued these before running your business. For example, if you are opening a restaurant, it is important that you receive a food license from your local council or state government first. Likewise, if you need to be operating specialised equipment such as excavators, you will need to obtain a permit before being able to use it as part of your business.
Register for your taxes
Your taxes are one of the many things you need to settle when running your business. As a result, it is important that you register for your taxes before your business even starts. For example, you may need to register your business for Goods and Services Tax (GST) if your business has a turnover of $75,000 or more per year. You can register your GST online with the Australian Taxation Office (ATO).
Starting Your Business on the Road to Success
Starting your own business on the right foot is extremely important to your business success down the road. Steps such as deciding on a business structure, registering for trade marks, drafting website terms and conditions and keeping up with your tax obligations are a few of many that you need to take when starting a business. Be sure to keep the seven tips listed above in mind while you are starting up your own business.