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Copyright 2007


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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