Consider your start-up
Have you considered all legal and regulatory issues of starting a business?
- Have you considered what business structure you will use (e.g. sole trader, partnership, company)? You should seek professional advice before you decide.
- Find out what licences, permits and registrations you need to operate your business by visiting the Australian Business Licence and Information Service (ABLIS).
- Check with your local council about town planning, zoning and usage rules that may affect your business.
- Find out how transfer (stamp) duty might apply when acquiring business assets.
- Do you have an Australian Business Number (ABN) from the Australian Taxation Office?
- Check with your local council about water restrictions and other environmental issues which may impact upon your business.
Do you have the necessary resources to get started?
- Make a list of the essential items you need to start. You can buy non-essential items later.
- Have you considered the type and cost of insurance? Talk to an insurance broker - if you are not insured, you could lose everything.
- Consider what staff you will need if you grow quickly.
- What sort of access to finance do you have? Prepare contingency plans now before problems arise.
- Consider opening a separate business bank account to keep personal and business income separate.
- Suppliers can often be a great source of information on what your competitors are buying. Learn more about finding the right suppliers.
Do you have the best location you can afford?
- Make a list of features that are important for your location, such as main road, space, low cost, and parking facilities.
- Consider a number of potential business locations and assess the advantages and disadvantages of each. Use our business premises checklist to help compare and assess different locations.
- Learn more about finding the right location for your business.
- Read about leasing premises. Before signing a lease, make sure you know your rights. Contact your solicitor for assistance.