Starting a business can be a mix of 50% excitement and 50% fear. However, with the right amount of knowledge and support, you can ensure your path towards business success is a smooth one.
Before you get started putting your dreams into action, at HA Accounting, we have listed 5 key steps to perform to get your business up and running:
1. APPLY FOR AN ABN
Jump online onto the Australian Business Register and apply for an ABN. It’s quick, free and required for every business transaction you make. If you need some help see Zac & the team to do this for you.
2. DECIDE ON YOUR BUSINESS STRUCTURE
One of the key decisions to make is your business structure – will you be a sole trader, a partnership, a company or trust? How your business proceeds depends on the type of structure you choose. Enlisting your accountant here to assist with your current and future plans will help.
3. REGISTER YOUR BUSINESS NAME
Once you have a business name in mind, you are required to register it with ASIC. ASIC’s Business Name Search will show you if your name is available or too similar to an existing business. If available, you can proceed to register your business name for one or three years or reserve for up to two months for a nominal fee.
4. REGISTER YOUR DOMAIN NAME
Whilst conducting your business name research, it is wise to research the domain name availability at the same time. Domain hosting providers such as Crazy Domains offer affordable domain registration. Even if a website is not yet on the cards, purchasing your domain at the start of your business launch will ensure it is there and ready when you are.
5. WRITE YOUR BUSINESS PLAN
The Australian Government offer loads of helpful small business advice, templates and support for those starting out on their own. Become familiar with the site and visit it often for handy tips and advice. Their Business plan template and guide is a great place to start.
The hardest part can be getting started. Start with these 5 steps and before you know it, you are on your way.