Preparation is key when it comes to starting a business and, thanks to the wonders of the internet, there is no shortage of easily accessible resources to guide you in the early planning stages.
For example, the Australian Government’s business.gov.au site has a handy Starting a business guide which covers everything from understanding the difference between a business and a hobby, for tax purposes, to how to apply for a trademark.
We’ve also created free resources for readers who are considering ‘going out on their own’:
- eBook – How to choose the right structure for your business
- Infographic – Should I buy or start a business?
- eBook – Pros and cons of owning your own business
- Blog – 5 lessons from a startup
- Checklist – Are you the right fit for business ownership?
Pay attention to the ‘boring’ stuff
Starting a business is an exciting and busy time, so it’s crucial that you approach it in a planned manner to ensure important – but sometimes ‘less exciting’ – aspects of the process are not overlooked.
Important issues that need to be dealt with early on may include:
- essential business processes
- legal and corporate structures
- reporting and governance requirements
- partnering and financing
- risk management arrangements.
Poor planning and lack of advice upfront on these issues can lead to difficult decisions and negative impacts down the track, such as when it comes time to consider exit, or as a result of business or personal changes.
This is where an experienced business advisor, working closely with you, your accountant and legal advisor, can add significant value.
James Price has over 30 years' experience in providing strategic, commercial and financial advice to Australian and international business clients. James' blogs provide business advice for aspiring and current small to mid-sized business owners, operators and managers.