A Guide to Setting Up your Own Business: What you Should Know

There are more self-employed people than ever before, which is mainly due to digital technology and the potential that it offers the business community, and if you have had enough of the 9-5 grind and have hatched a great business idea, here are a few tips to help you launch your very own business.

  • Numerous Business Registration Options – If you live in Australia, there are a number of ways that you can register a business. You could join up with a fellow entrepreneur and create a limited partnership, or you could register as a freelance in your chosen profession, which is ideal for a professional who wishes to offer their services to interested parties. You could also talk to a business formation company and see what they have to offer.
  • Public Liability Insurance (PLI) – Every business should have adequate PLI cover, which would cover you in the event a customer or even a member of the public claims compensation for any reason. If you have valuable stock, this should be insured, along with the business premises and any vehicles you have acquired.
  • Business Plan – If you were under the impression that a business plan is only required when seeking an investor, it is so much more than that. This manuscript will be your guideline throughout and it would include details about every aspect of the business; capital for start-up, your marketing plan, profit forecasts for the first 5 years and an overview of the business. Once you feel that the plan is complete, ask a business expert to cast their eyes over the plan, which might reveal a few issues.
  • Taxation & Accounting – Don’t wait until the end of your first year of trading to contact a local accountant, rather do it at the very outset. Start by keeping all business receipts and record all transactions on a spreadsheet, which will help your accountant to prepare your quarterly returns.

Be prepared for obstacles, which will emerge and if you are committed and put all of your energy into the venture, there’s no reason why you can’t make a success of the venture.

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