Starting A Business-Essentials
First and foremost, when starting a new business, we have to look at which business structure we want to adopt. These can range from Sole proprietorship, partnership, company or a trust arrangement.
Each of these business structures have their own advantages and disadvantages. One can also change one's business structure in the span of their business so one wouldn't necessarily be stuck into the one choice they began with.
A good point of call to seek further information about this include contacting the ATO or Australian Taxation Office to see what options there are available and what the pros and cons are within each structure. They can be reached at 1300720092 or via www.abr.gov.au.
Another recommendation is to talk to other business owners, enrol and do in some courses or read some books on business. There are many sources of information available out there some of which include business universities and colleges as well as financial advisors.
The next step is to register your business name. It is the name at which you can trade. This is what you use to build a reputation in the business world.
Selecting a business name can be a big decision. You can choose to trade with your name or using an effective business name for your niche market you are planning to target.
Before any advertising or signage and trading can occur, registering a business name is imperative and it is an obligation for all business owners.
Licensing and Registration
The next question to ask is whether or not you have met the necessary licenses and permits required for your business to operate successfully as a failure to do this can result in fines and penalties.
Any liability and insurance will also have to be taken into account at this juncture. Check with the relevant professional bodies or the local councils to see what permits and licenses you'll need to effectively and correctly run your business.
Now that you've got a fair idea of the basic essentials of business start up, before you start your business however, you need to develop a good marketing strategy so as to get your products/services noticed by your consumers and target niche market.
This is especially important if you are entering a highly competitive industry.
The things to think about here are your mission statement, your advertising strategies and what budget you are going to prepare for this because a good an effective marketing strategy can very well be the factor that differentiates from your business being mediocre or very profitable.
The factors to consider include the actions you take into account to prevent any any legal action and/or penalties to be enforced upon your business. Thus it is important to grasp an understanding of the legal issues involved and related to business ownership.
You can do this by speaking and seeking the advice of your solicitor.