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Small Business Start Up

I have had a few enquires into the process of starting your own small business, so I thought I put together a little step by step guide.

So, you have a great idea or a hidden passion you wish to pursue with the goal of deriving a sustainable income from it, Great.

You need to answer a few questions and I recommend you grab a blank piece of paper and a pen to jot some thoughts down.

Questions:

  • What makes my product or service great?
  • Who would be my clientele?
  • How do I engage with my client?
  • What facilities or resources do I need to produce my product or service?
  • How will I cost my product or service?
  • Insurance? What kind and how much?
  • What legal considerations should I know about?

Now whilst these questions seem somewhat ambiguous, they each lead to another question, thought for consideration or potential risk.

Yes, I said risk. There is always risks and unforeseen items that will pop up, usually according to your product or service and usually it has to do with the thing that sets you apart.

As this blog is targeted at small business and particularly sole traders, here are the steps to get started.

Step one: apply for an Australian Business Number

  • Are you genuinely running your own business?
  • Paying your own income tax and GST directly to the ATO? (keep in mind that whilst you are establishing your new business you may still be working your 9 – 5 job – your new sole trader work is only part time to begin with)
  • Sourcing your own clients by advertising or your product or service
  • Able to delegate work to others if you choose with out approval from an ‘employer’ (you begin to employ other people)
  • Quoting for work including setting or negotiation your own prices
  • Invoicing for work
  • Maintain a business ban account separate from your personal account
  • Applying for your own business insurance such as public liability

Step Two: Applying for your ABN

Follow this link to begin the process. You will need to have your Tax File Number handy and some other relevant information. If you need to exit the application half way through, lets say your kids come barrelling through the door demanding your attention, it no stress as you can simply save the application and come back to it when the time is more suitable.

Here is a quick overview of the process.

Setting up your small business

Another great resource is business.gov.au

The next few steps are:

More on these soon.

Smiles

Theo

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