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Starting
A Business
When starting a business, careful planning can prevent some mistakes and
problems later on. It can also prepare you for other problems that can't be
avoided. Planning is a key to your business success. An accountant or business advisor is the best
person to discuss your business planning with. We have provided some links and
information to help you learn more about planning and running a business, but
this is not aimed to take the place of professional advice.
Some important steps in starting your business are
- Planning
- Research
- Choosing a
business structure
- Choosing a
business name
- Checking your legal
requirements
- Gaining
finance
- Business Banking
- Record
Keeping
- Training
Planning and Research stages
Business Mums Network - Starting
Out
Introduction to Business
Plans (source: Entrepreneur)
Business Plan
Guide from the Business
Planning Experts.
This Bplans guide gives you expert
advice on how to take a business idea and turn it into a polished professional
plan that gets results. They also offer sample business plans.
Planning Your
Business (source: Home Based Business
Manual)
Starting a Business (Business Entry
Point)
ACCC Guide to
Doing Business on the Internet
Innovic is a non-profit group working to get new and innovative
products up and running. They educate innovators and small businesses and help
them commercialise their ideas.
Business.gov.au
- Business Entry Point
Business Victoria
ACCC
Business Rights
and Obligations
Business Terms Dictionary
Database of words and meanings courtesy of
Commerce-Database
Legal Business Structures
Choosing a
structure for your business is one of the first
steps after your initial business plan. Although you can change between
structures, it makes sense to avoid the costs associated with changing the
structure, by planning before you decide.
Sole
Trader
You are personally liable for the business and
it's activities. Usually a sole trader operates under their own name or a
registered business name. You may have to mortgage your personal assets when
applying for a business loan.
Partnership
A partnership means you are 'jointly' liable for
anything relating to the business. Partnerships should be mutually arranged and
a written agreement prepared by a solicitor. Up to 20 people can form a business
partnership.
Company
A company is a legal entity and is liable for
debts, paying tax and you should contact a professional to find out what is
involved in setting up a company. You have limited liability and may become an
employee or director. More information is available from The Australian
Securities and Investment Commission by phoning 1300 300 630 or the
website www.asic.gov.au.
Trust
Trusts can be set up in many
ways. They can be useful in business and estate planning but due to the nature
of trusts and the laws governing them, it is imperative that you seek
appropriate advice.
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