Whether you’ve got a brilliant idea or want to work for yourself, starting your own business is an exciting endeavour. However, getting started can be daunting. Here are a few things to think about when you’re just getting started.
Think about your product or service
What is it you’re setting out to achieve? Try and find a way to describe what you’re planning on doing in 30 seconds. Developing your ‘elevator pitch’ will not only help you sell your business plan to other people, it will also help you solidify your idea and start developing your business model and brand.
Register your ABN
You can apply for your Australian business number (ABN) with the Australian Business Registrar. Do it online for free, or lodge a form in the mail. When you apply for your ABN you can also register your business name, as well as apply for GST and PAYG.
Find a good location
These days you don’t need a storefront to run your business. Plenty of successful business owners keep shop from home, or run everything online. When deciding on a location for your business, keep in mind your product or service. Where’s the best location for you? And will you be able to afford extra expenses, such as rent?
Learn your legal obligations
Registering your business isn’t the last of your legal obligations. Depending on what kind of business you run, you may have to apply for different licenses. Check the Australian Business Licence and Information Service to figure out which licenses you may need. You’ll also need to understand your obligations when hiring and firing, as well as taking on independent contractors. Tale a look at the Australian Government business website for more information.
Start keeping financial records
Financial records are important year ‘round – not only at tax time. Good bookkeeping systems will help you keep track of your business activities, attract investors, seek finance, and understand what works and what doesn’t for your business. If you’re no good with figures, hire an accountant or make use of cloud accounting software.
Consider applying for grants
The Australian Government has numerous grants in place to support small business. Take a look at their Grant Finder to see if there are any grants available for your industry. It’s worthwhile having a search around for other grants available, as grants can often be awarded on local levels, or to particularly innovative ideas.
If you’ve researched the above and ready to kick-start your business idea, one of your next steps is to think about your digital marketing. Check out our free eBook of digital marketing tips and tricks that will help make your new business look super smart and professional.