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Your Step By Step Business Start Up Checklist
Here is a list of the initial steps involved in setting up your own business. Whether you want to know how to open a business or about starting a business at home, this business start up checklist will help to get you started.First Steps To Start A Business
1. Speak To An Accountant
When starting business one of the first things you must do is to decide on your legal structure. Seek professional advice from an accountant. Talk to them about your idea. They can advise you on the best legal structure for your circumstances.They will also help you set up a record keeping system,explain your taxation obligations, advise about business plans and suggest options for financing your business.
2. Obtain an ABN
Once you have decided on your legal structure you then need to apply for an Australian Business Number - ABN.
3. Goods and Services Tax - GST
When applying for an ABN you will need to decide if you will be registering for the GST. For some businesses it is compulsory to register.4. Your Business Tax File Number
Your business will need its' own Tax File Number - TFN. You can apply for a TFN when applying for your ABN.If you are operating as a sole trader you can use your individual TFN and a separate one for your business will not be necessary.
5. Your Business Name
You will also need to choose and register your business name.6. Bank Account
Once you have registered your business name you will be able to open a bank account in your business name. The bank will need to site your business name registration certificate before they can open a business account for you.7. Council Regulations
Whether working from home or outside of the home you will need to adhere to council regulations.8. Licences and Permits
You should contact the Business Licene Information Service to see what permits and licences are required for your particular business.9. Insurances
There are various insurances that you might want to take out. Some insurances may be essential for you to operate legally, such as Public Liability Insurance.10. Copyright Protection, Patents, Trademarks and Logos
If you will be invovlved in producing books, music or art you will need to ensure that you copyright your work.
Have you invented a new product or process? If so you should consider protecting your idea with a patent. You should also look at Registering a Trademark if you will be using one for your business.
Your FREE Business Guide
Detailed information about the steps to start a business can be found in my FREE booklet, How to Start A Business.You will receive this 14 page booklet free when subscribing to my newsletter. There is NO catch. Just subscribe to the Newsletter and you will be able to download the booklet immediately.
One of the most confusing aspects faced by many new business owners is the red tape that is involved in establishing your own business. I have simplified this for you by including contact details and links to the relevant Government Departments. Along with a run-down of which Department does what!
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