SECTION 1:
ARE YOU READY FOR BUSINESS LIFE
and DO YOU TRULY WANT TO BE SELF EMPLOYED?
Before we even get ready to set up your business, let’s work out if you have the right attitude and ability to be in business. The purpose of this section of the program is to highlight to you what you need to be prepared for, there are no right or wrong answers, just be honest with yourself and the you’ll know if you’re truly ready for business life.
It’s one thing being good at selling something you make or a service you provide, but running a business on something you’re good at is much more than just that.
Preparing yourself as a business owner
Assess yourself and work out if you have what it takes to be a business owner.
- Education and prior experience (in the business venture)
- Understanding the many hat’s in business (i.e. Admin, Financial, Operational, Marketing and overall strategy)
- What’s your Why? Why are you starting a business?
- Time capacity
- Financial capacity
Is your business idea ready for market?
You now understand that you’re the right fit for a life in business, let’s check to see if your business idea has legs. To analyse your business idea we consider the following questions:
- 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? Who is your direct competition?
Understanding the risk component of your business
Setting up your business can be exciting, it’s new, it’s fun and most importantly it’s yours. But setting up a business (especially a start up) will be hard work and the honey moon period won’t last forever, at some point reality is going to set in.
- Understanding the failure rates of business and common reason’s business fails
- Strategic Risk
- Compliance Risk
- Operational Risk
- Financial Risk
- Reputational Risk
- Other external factors that should be considered
- Dealing with natural disasters or pandemics
- Not being able to run the business (for example due to health)
- Technology and 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
Choosing the right business structure
Review the following structures:
- Sole Trader
- Partnership
- Company
- Trust
Tax and business compliance
Register or consider registering for
- ABN, ACN, FBT, PAYG Tax Instalments
- GST
- consider monthly, quarterly and annual reporting
- Cash vs Accrual method
- Payroll and PAYG withholding & Payroll Tax
- Fuel tax credits
- Domain
- Workers compensation
- Choosing the right accounting software
- Choosing the right software apps to integrate with your accounting software
- 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
- Insurance
- Human Resources – (if employing)
Choosing a business name
- 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)
https://business.gov.au/Guide/Starting
https://business.gov.au/planning/new-businesses/preparing-yourself-for-business
WANT TO HAVE A CHAT?
Phone
Get in touch and we can line up a discovery call with you to
see if we’re a good fit and can help you with your business or
venture. A phone call costs nothing and we’re here to help.
