Starting a business is easy, right? Well, yes and no. If you know what you’re doing and are someone who pays attention to fine detail, starting a business will probably be a medium-sized challenge to you. However, if you are like most people, chances are you’ll need a little help. If you are an entrepreneur who is looking to start your own business, this is the article for you. Today, we go through the basics of starting any business, so consider this your ultimate business checklist if you must. RSM is a global network of audit, tax, and consulting services
From a BAS statement to marketing, read on to find out more!
Research Is Key
Before you put any foundations down, doing adequate research is absolutely essential. Really look into your idea and decide if it has potential to succeed. In order for your business or product to succeed, it must serve the purpose of solving a problem, fulfilling a need or offering something that consumers want. It is always advised that individuals explore the market, research and do adequate due diligence prior to starting a business. Look into issues such as competition, demand, supply and be really honest with yourself when it comes to issues such as whether your business has the potential of fitting into the market.
2. Those Darn Finances
Once you have decided that your business is viable and have prepared a solid business plan, it’s time to look into those darn finances. How will you be funding your business? Are you going to take a loan? Starting a small business doesn’t require millions of dollars, but it will involve an initial investment as well as enough reserve to cover ongoing expenses until the business turns a profit. Once you have come up with a total sum of what you will need, you can look into options such as small business loans/grants, crowdfunding or even angel investors if you’re lucky.
3. Register Your Business
Before your business can start operating, you will need to register it. First step is to think of a business name – your business name plays a huge role in almost every aspect of your business, so make sure it’s a good one. Once you have decided on the name, you can proceed to register your business and get your ABN. Another tip for those who are looking to have an online presence is to also register your domain name as early as possible so that no one else claims it.
4. Acquire Permits and Licenses
Based on the nature of your business, you will be required to acquire various permits and licenses such as food handling and alcohol licenses. Depending on your local council, you may also be required to acquire other various permits and licenses. For a full list of licenses and permits, visit the business.gov website.
5. Choose An Accounting System
A solid accounting system is an absolute necessity if you are looking to run a successful and complaint business. This is why choosing the right accounting system is so important.
The accounting system helps you create and manage your budget, set rates and prices, file your taxes and conduct business with clients or suppliers. Part of accounting also includes preparing your taxes, business activity sheets and other documents required by the ATO. Whether you hire an accountant or do this yourself is up to you, but we highly recommend getting advice from a professional if this is new territory for you.
6. Hire The Best Team Members
Next up is hiring the best talent and team members to help you run your business. We always advise that business owners avoid rushing, and take ample time to hire the best of the best. These are the people who will be in charge of the future success of your enterprise, so choose wisely. You will also need to look into things such as payroll software, time sheet management and other tools that will make handling your team much easier for you and avoid getting you into sticky situations with the ATO.
7. Market Your Business
Once you have a good product, team and accounting system in your arsenal, the time has come to market your business and offer your services to the world. In 2020, marketing can be as simple as social media promotion or as complicated as TV ads and billboards. The beauty is that the way you market can be completely up to you and your budget. No one marketing ploy is better than the other, and finding what brings your business success is part of the fun of starting your own business.
Starting a business can be an incredibly enriching and rewarding experience when done right. We hope that this article has given you insight into the basics of starting your own business. All the best!