Start Up Business Program
Are you looking to start up your own small business but have no idea where to start? Then this week’s topic is perfect for you. In this week’s video, Nathan discusses everything about NGR’s ‘Set up my Business’ Package, where we guide you through every step of setting up a small business. This article informs you on everything you need to know about our package and why it is perfect for you.
Overview of Program
Our set up my business package, guides you through every step of setting up your business, from the ideal, to the right business structure including advice around risk and profit.
Here at NGR we are passionate at helping your business dreams come true and want to help you navigate this daunting time in your career.
Section 1: Are you Ready for business life and do you truly want to be self-empolyed?
It is important that before setting up your own small business you need to work out if you have the right attitude and ability to run your own business. The importance of this section in the program is to highlight to you what you need to be prepared for and what you can expect as being your own boss.
It is one thing being good at selling something you make or a service you provide but running a business on something you are good at is much more than just that.
Preparing yourself as a business owner:
Its important that you assess whether you have what it takes to be a business owner.
- What prior experience do you have, is it beneficial towards your business venture, what education have you gained?
- Understanding the many hats in business, e.g., Admin, Financial, Operational, Marketing and your overall business strategy.
- What is your why? Why are you starting this business venture, is it something that you will remain passionate about?
- You need to consider your time capacity and your financial capacity.
Is your business idea ready for the market:
To analyse your business idea, we highly recommend following these questions which will help underline whether your idea is worth taking to the market.
- Is there a need for your product or service?
- Is there a desire for your product or service?
- Who will buy the product or service? I.e., who is your customer?
- How hard will it be to develop your idea?
- Is your idea financially viable?
- How will you protect your idea?
- Who are your competitors? I.e., who is your direct competition?
Understanding the risk component of your business:
Setting up your own business about something your passionate about can be an exciting new time. However, it will be hard work, and the ‘honeymoon’ period is not going to last forever, at some point you will be hit with reality.
Understanding the failures rates of business and common reasons a business fails. It is important factors such as,
- Strategic Risk
- Compliance Risk
- Operational Risk
- Financial Risk
- Reputational Risk
Other external factors also need to be considered are,
- Dealing with natural disasters, or our most recent case pandemics.
- Not being about to run the business e.g., due to health or family matters.
- Technology or landscape disruption
Re-examine parts 1-3 above and conclude, are you ready for business life and become self-employed?
Section 2: Making crucial Business setup decisions:
Once you have evaluated yourself and are mentally ready to be your own boss, it’s now time to make decision regarded the physical build up of your new business.
Choosing the right business structure:
It is important that you choose a business structure that is best suited to you. Review structures such as
- Sole Trader
Tax and business compliance
It is important to register or at least consider registering for,
- consider monthly, quarterly, and annual reporting.
- Cash vs Accrual method
- Payroll and PAYG withholding
- PAYG tax instalments
- Payroll Tax
- Fuel tax credits
- Workers’ compensation
- Choosing the right accounting software
- Choosing the right software apps to integrate with your accounting software (also known as your App Stack)
LICENSE AND GENERAL LEGAL COMPLIANCE
- Industry based licenses and permits
- Choosing a business premise, including lease guidance
- The importance of engagement letters and/or customer contracts, shareholder
agreements and other legal documents
- Human Resources – if employing
Choosing a business name:
Choosing a business name is an important personal step in starting your own business. It’s important to consider factors such as,
- Applying the marketing rules against your name
- What to consider when choosing a business name
- Making your business name all yours, legally
Planning not to fail, by planning for success:
- Developing a business plan
- Writing a marketing plan
- Vital research and understand your stakeholders.
- Cash flow system (introduction to next program)
If becoming your own boss is something that interest you, then please reach out and NGR will help get your business dreams on their way!