Starting a business typically involves a lot more work than many people realise. Some elements like inventing a business name and brainstorming business cards can be exciting, so naturally people will tend to focus on these items first. However other more boring areas like filing taxes and setting up a proper business structure are critical to the success of any entrepreneur starting.
In fact the trick to getting your business running is to meticulously plan and organise every aspect of this business, not just the ones that look enticing. While every business is different and each industry has its own set of challenges, here are few universal key areas that every founder should pay attention to.
Making your business legal
This is one of the most critical aspects of running a business. Everything from registering the business name, structure and any future employees needs to be handled at this stage to ensure you are fully equipped to start offering your services or products. Depending on your industry your business can also require certain permissions at a local level from the council, any relevant industry governing bodies and even the state government. In Victoria and especially Melbourne, these regulations have undergone several changes recently so it is important to consult a professional in this area to discover your rights and obligations.
As Benjamin Franklin once wrote, nothing is certain in life except death and taxes. For small businesses this has a double meaning with taxes the bane of many business owners success. A complicated field it is incredibly important to set up the right structure from the very start. Many business owners put taxes aside, saying that they don’t expect to earn that much. However this can come back to bite them, and they end up owning the tax department a debt. Always consult a professional to build your tax structure, not only will they have words of wisdom regarding any tax breaks you may be eligible for, it can also help your business appear legitimate.
Where are you running?
The location of the business is also an important aspect to consider. Many entrepreneurs find themselves running their business from home, or a private residence in order to save costs. While this can work fine if you are a sole trader or small business, this can also have problems depending on your industry and even products. For example, while selling toys online from the comfort of your home is fine, something in the cooking industry will require special modifications to meet health and safety standards. Wherever you move may also have restrictions, so it is recommended you seek out an expert property lawyer. Melbourne suburbs can have a lot of local idiosyncrasies so it is important to speak with a knowledge local for your region.
Market your Business
Once you have an idea of your legal structure and requirements it’s time to start gaining customers. The best tactics often involve marketing yourself both locally and within your industry. Research trade shows, and event and slowly build yourself a base from there.
However you decide to move forward, starting a business is an exiting time and with a little organisation the entire process can flow smoothly, just like you always imagined.
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