There are many thousands of Australians who run their own business, which brings with it an unprecedented level of freedom and independence; it has never been easier to register a small business, which can be done online and before you start Googling the location of state government offices, here is a checklist to ensure that you haven’t overlooked anything important.
- Business Plan – This document contains everything a private investor would want to see and after reading the plan, a person should have a clear picture of the business and what it is about. A good business plan is at least 15 pages in length and some are considerably more, depending on the nature and the scope of the business.
- Funding – You should have crunched the numbers and worked out exactly how much it will cost to launch the business; add around 25% for unforeseen costs, which will come into play. If you are short, there is always short term business finance from a leading Australian online lender with attractive rates and flexible packages.
- Business Registration – Whether a private limited company or a partnership, you do need to register the business with the authorities. We recommend hiring a lawyer to facilitate this and the legal professional can advise you regarding the pros and cons of each type of business, allowing you to make an informed decision.
- Take Out Suitable Insurance – Even a one-man-band requires a level of public liability insurance, while stock, vehicles and business premises should also be covered. As the owner, it is your responsibility to minimise risk to the business and the best way to do that is with specific business insurance.
- Digital Marketing Plan – The business is going nowhere if you don’t have an aggressive digital marketing plan; a smart entrepreneur sets aside a monthly budget for SEO and social media marketing, which pays dividends in the long term.
- Business Premises – This could be a small workshop/factory, or you might only require an office, in which case, the spare room could double as a temporary office until you reach the point where you need commercial space.
- Organisation flowchart – It is important to know who is doing what, even within a small business and the flowchart clearly defines positions and responsibilities.
Armed with your business plan, adequate funding and a strong desire to succeed, there’s nothing to stop you enjoying a level of business success.