Starting a small business - Checklist
Oct 24, 2015
It’s exciting time that you are going to start your own business. But don’t forget that there is a great deal of ground work that you need get right as you embark yourself on this challenging yet rewarding journey. There is so much to think about, from deciding on the right business structure to accounting and finance and products and services to marketing, lead generation, converting the leads into sales, use of technology in your business and managing human resources. If you get the basics right at the very start, you have a sound business plan to follow up and the right systems are in the right place, it is mostly assuring that you are only preparing yourself for greater success.
At Uplift Accounting, we put-together a checklist so that you could get your basics right.
1. Choose the right business structure.
Do you know which business structure suits you most given your own circumstances? What business structures are available for you to consider? Would you be still better off as a sole-trader than going for a partnership, company or trust? What are the factors that you need to consider. This is not a decision that you should take lightly. Speak to your experienced accountant who could ask you the right set of questions, assess your individual situation and help you decide on the best structure.
2. Assess the funding needs and identify the sources of funding
Every business has at least minimal set up cost. You may have to spend some money before you even start earning an income from your business. This could be capital outlays or expenses. Your accountant can help you assess your funding needs, financial feasibility of your business plan and show you different avenues for funding with pros and cons of each.
3. Choosing a business name
The business name uniquely identifies your business. Is it required to register your business name? If it’s required, then you need to see if your business name is available before displaying it on your business materials and more importantly before purchasing a URL if you’re planning on having a website for your business. You can check the business name availability at ASIC Connect.
4. Protect your business name, logo or idea
According to Business Victoria, registering a business name does not automatically give you rights to the trademark. You can apply for a trade mark online at IP Australia.
5. Applying for registrations, licences and permits that you need for your business
Basic registrations that you may need include an Australian Business Number (ABN), Tax File Number (TFN), Goods and Services Tax (GST) and Pay As You Go (PAYG) Witholding. It is always good to consult your accountant when applying for these registrations. Your accountant will give you the right advice to ensure that your business is meeting its compliance obligations.
6. Get the right insurance for your business
Speak to an insurance broker to find out what are the insurance needs of your business. Not all insurance types suit your individual situation. It could be a public liability insurance, professional indemnity insurance, property and assets insurance, Work Cover or any other insurance that is applicable to your business.
7. Set up your accounting systems
An accounting system plays a vital part in understanding financial health of your business. This is where your regular bookkeeping is done and financial records are maintained for your business. From the outset, this needs to be set up properly. Your accountant can customise the accounting system to suit your business and its industry. A well implemented cloud accounting system such as QuickBooks, Xero or MYOB will save your time and money as your business grows.
We’re here to help you
At Uplift Accounting, we run small business start-up information sessions at our office in Mulgrave, to small groups of potential business owners looking to start their own business. Our Accountants actively visit small to medium size businesses in Melbourne's East including Mulgrave, Mount Waverley, Glen Waverley, Chadstone, Dandenong, Noble Park, Springvale, Oakleigh, Clayton, Notting Hill, Knox, Narre Warren and Berwick.
If we can help you get started, please talk to us. We are small business specialist accountants and advisors. We are here to help you and make starting your venture a pleasurable experience for you. Call us on 03 8510 7527 for a no obligation chat.