Starting your own business can be one of the most exciting decisions you’ll ever make, but without the correct planning you could end up costing yourself a lot of time and money. We’ve had many clients embark on this journey, and found the following information and checklist have helped them.

Ask yourself some initial questions. . .

To get a true understanding of your business and what your ultimate goals are, you should be asking yourself a few quick questions to gather information.

• What will my business name be?
• What are my business goals and objectives?
• How much income will I need to generate?
• What skills will I need to run a successful business?
• Is this business just a hobby or something more?

Once you have the answers to these questions, you can formulate a business and marketing plan to give yourself further insight into just what you’ll need to make your business a success.

 

Register your business

Now that you know exactly what type of business you are starting, you’re ready to register it and make everything official. These steps are so simple they can be done on your own through the Australian Government’s business website.

1. Choose your business type
2. Apply for an Australian Business Number (ABN)
3. Register your business name
4. Sign up for a business domain and website
5. Register for applicable taxes and licences
6. Register for an Australian Business Account (ABA)
7. Choose your place of business and organise the sale or lease
8. Organise business and income insurance
9. Employ your staff

While not all of these steps will apply to every business, ensure you’ve checked them all thoroughly before moving onto the next stage.

 

Ask for advice

While starting your business should be relatively straightforward, there may be times when you need clarification. In Melbourne, the Hart Partners team is on hand to help guide you and the Australia Government also offers a range of services for those wanting to start their own business.

Once your business has commenced, at Hart Partners we offer key professional services to ensure you meet your reporting obligations, including handling your bookkeeping and tax accounting.

We are committed to growing your new business and offer a range of financial services for both new and established companies. Phone or email us today to find out how we can help you.