Four Things To Consider Before Starting A Business

Four Things To Consider Before Starting A Business

Do you feel as though you have the next big ingenious business idea or invention?

Or maybe, you are just sick of working under other people and want to become your own boss.

If either of these sounds like you then perhaps you are dreaming big and want to start your own business.

It is a great goal to have, but where do you start, what do you need to do first and who can you turn to for help?

Below are some things to consider when starting a new business.

Plan, Plan, Business Plan

One of the first steps when it comes to starting your business journey is to lay the foundation with a detailed and well-researched business plan.

Your business plan acts as a roadmap and details the purpose of your business, your objectives, your goals, methods for how you will reach those goals and provide a timeframe for when you expect to reach those business goals and objectives.

Work With A Commercial Lawyer

Starting a business can be tough work, there are close to a millions things to do and you also have many legal responsibilities to be aware of.

From registering your business to maintaining compliance, working with a commercial lawyer, such as Adelaide Barristers, may help to ensure you set your business up correctly as well as meet all your legal obligations.

The legal service and advice a commercial lawyer provide may help your new business with:

  • Registering your new business with ASIC
  • Registering your business name
  • Applying for and obtaining necessary licenses and permits
  • Registering for and obtaining trade marks
  • Drafting a privacy policy
  • Creating website terms and conditions
  • Establishing and maintaining business compliance
  • Drafting and negotiating various contracts and agreements
  • Managing business mergers, acquisitions or sales
  • Reviewing commercial lease terms and conditions

Work Out The Numbers

From having to register for taxes to managing your accounts and budgeting, when it comes to running a business, it is important to work out all the numbers.

Some small businesses and startups find it beneficial to work with a small business tax accountant or small business advisor for financial support and to help them meet all their tax obligations.

The services a small business tax accountant or business advisor provides may include:

  • Assist with government grants & loan applications
  • Tax minimisation & reporting
  • Risks advisory & business health check
  • Financial reporting
  • Finance function effectiveness
  • Business strategy
  • Cash flow budgeting & forecasting
  • Key business metrics
  • Business valuations
  • Accounting process enhancement
  • Corporate restructuring

If your business has a turnover of $75,000 or more per year, your tax accountant or business advisor may also assist your company to register for the Goods and Services Tax (GST).

Don’t Forget About Digital Marketing

While back in the day an advertisement in the local paper may have helped to get the word out there about your new business, in today’s digital era it is important to have a functional website and implement an effective marketing strategy.

Effective marketing may help bring traffic to your website, improve your website’s visibility and help it rank in local searches.

The key focus on digital marketing is to connect your business with potential customers, which may contribute to your business’ growth and success.

The above tips and business services aim to support you during your business startup journey.

Harriet Ballard