I often get asked about the process for setting up as a small business or sole trader. I created this quick reference guide recently for a friend and thought it may be helpful if I shared it here.
Before you do anything it’s important to ask yourself a few quick questions:
- Why do you want to start your own business?
- What is your vision for the business – in 1 year? In 3 years?
- What will be your core offering?
- What will be your specialisation?
- What makes your offering different?
- What accreditations or licenses would you or the business need to have in order to undertake that work?
- What insurances will you need?
- How will you identify your market?
- Will you create a geographical focus for your market – or segment and focus it in other ways?
- Have you done any market research, opportunity assessment or competition research to indicate the need for your services / product?
- Where will you operate from?
- What equipment, systems, resources will you need?
- What will be your business name – is it available and is the domain name also available?
- How will you market your business initially (and ongoing) to attract clients / customers?
- What other expertise will you to need to help you achieve all this – accounting, legal, marketing, admin?
- How much is it going to cost you to get started?
- Will you need start up funding?
Once you can answer those questions comfortably and confidently then you can use these quick resources below to get you set up.
Start-up business resources
- General information from ASIC on starting a company
- Determine the appropriate business structure
- How to apply for an ABN
- Registering a business name
- Go here to register a domain name and purchase web/email hosting
- What insurance you may require.
And if you want to set your financials up properly from the outset you could consider Xero Online Accounting Software.
Once you’re through this process let me know if I can assist with refining your business strategy, creating your marketing plan and taking your business to the next level!