The decision to start your own business can be like taking a leap of faith into the unknown. This is where ADDBACK can work with you and assist and advise you so that you can have a softer landing.
There are numerous items to be organised before you can even open your doors to the brave new world of your own business.
Firstly a feasibility and risk analysis should be performed, and a business strategy and business plan prepared. This provides you with the information and tools to decide whether to go into your own business.
The importance of having a business plan and a business strategy before you start on your journey into starting your own business cannot be emphasised enough.
Once you have decided to start your own business, there is a checklist of items and decisions to be made before you can start operating.
The checklist of items that must be attended to and ticked off when finalised includes:-
- The type of business format most suitable – sole trader, a partnership, or a company
- The type of business most suitable for you – starting afresh, a franchise, or buying an existing business
- The type of corporate structure that is most suitable for you and your business
- Registration of business names
- Attending to all legal matters
- All Taxation registrations for your business, your GST, FBT, and PAYG for any employees
- Obtaining all necessary licences and permits
- Understanding any government regulations that apply to your activities
- Obtaining appropriate business insurance
- Obtaining insurance for your employees and Work Cover registration
- Sourcing suitable business finance
- Establishing business banking facilities
- What is the best location for the business?
- Do we lease or buy the business premises?
At ADDBACK we will work with you, advise you and guide you through this exciting time.
