Don’t forget the finer details: A starter’s guide to starting a business
Five top tips when starting your business because the devil, as they say, is in the detail.
When it comes to starting a business you’ll spend time speaking to lawyers, accountants, contractors, suppliers, designers and many others. You’ll be constantly creating, testing and refining your product or service. You’ll be scrutinising budgets, signing contracts and putting processes in place. But alongside this big-picture activity, make sure you pay attention to the finer details. Don’t forget to do these five tasks because the devil, as they say, is in the detail.
1. Make a name for yourself: Choose a company name with an available trademark and domain name. You can do a simple trademark search online through Australian Government, IP Australia to find if a name is available. Failure to properly obtain a trademark could put your business at risk in the short and long time, as another company could come to own the trademark and capitalise on your efforts.
2. In the eyes of the law: Get on top of your legal, financial and administrative requirements early in the game by understanding what regulations to follow, licenses to obtain and taxes to pay. Do your own initial research to provide a base understanding and consult with lawyer and/or accountant advice and help. Your business should be structured in compliance with the law; tax needs to be charged and paid correctly and licenses may be required for operations.
3. Remember, there is a U in budget: How much do YOU need to live? Your budget should take your everyday living costs into account – rent, mortgage, expenses, travel, insurance – and it may mean cutting out non-essentials or luxuries, if only for a short time. Factor in flexibility for unexpected expenses.
4. Are you ready to commit? Starting a new business takes commitment, dedication and time. Hours, weeks, months and possibly years. Ask yourself if you have that time and if you’re ready to commit. It may be up to 80 hours per week or your weekend side hustle on top of full-time work.
5. Arm yourself with apps: There are plenty of time and money saving apps and programs that can help streamline your operations and keep your budget in check. Research and test a variety of time, financial and project-management apps to determine which ones suit your business and way of working best.
The most valuable and practical advice will come from other entrepreneurs and business starters. People who have been in your shoes and have succeeded or failed. Network, ask questions, listen and discuss ideas because simple tips can have great effects