Setting-up-a-business.png10 Essential Steps For Setting Up A Business

We’re always on the lookout for useful information that helps our clients achieve their goals in business. The information below was recently published on www.business.gov.au and we thought it was a great checklist for all the budding entrepreneurs out there. While it can be exciting, there are several important ingredients to successfully setting up a business.

Here are 10 essential steps to get you started:

  1. Choose your business structure
    Investigate each option carefully, as there are advantages and disadvantages for each structure.
  2. Apply for your Australian Business Number (ABN)
    Applying for an ABN is free. Not everyone needs an ABN. To get one you need to be carrying on an enterprise.
  3. Register your business name and trade mark
    A business name and a trade mark have different purposes and will protect your business in different ways.
  4. Register your website domain name
    It’s best to go with a name that represents your business or brand, is easy to remember, pronounce and spell, and is short and unique.
  5. Organise taxes for your business
    Ensuring you’re registered for the correct taxes is an essential step to opening your business. The taxes you must register for depend on the type of business you’re starting.
  6. Organise registrations and licences for your business
    Having the correct registrations, licences and permits allow you to operate without fear of closure from non-compliance or other legal concerns.
  7. Register for an Australian Business Account to manage your licences and permits 
    The Australian Business Account (ABA) is a national service delivered by a partnership of Australian, state, territory and local governments.
  8. Buy or lease premises for your business
    Whether you sell products or services you’ll need to decide where you will conduct your business from and whether you’ll want to buy or lease a premise.
  9. Arrange insurance for your business
    It is essential to arrange insurance when you’re starting out in business – this may include insuring your company, your income and your commercial risk.
  10. Find out about selling products and services
    Understand your legal obligations, how to find and keep customers, and your requirements under fair trading law.

Source: business.gov.au, the Australian Government’s dedicated business website.