Start-Up Advice: Things To Consider When Starting A New Business

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Shot of a young businesswoman delivering a presentation to her colleagues in the boardroom of a modern office

Starting a business is hard work, but it can also be incredibly exciting and rewarding. 

Though when you are just starting out in the business world, it can be hard to tell which problems are just growing pains and which ones are fatal flaws. Then there are the problems you might not know about and that can be greatly worrying and troublesome. 

This guide will take you through some of the major things you need to consider before starting a new business — from when you may need the advice of a commercial lawyer to how to attract more customers.

Below are some things to consider when starting a new business.

Get Things Started With A Solid Business Plan

After you have carried out all the necessary market research, planning and competitor analysis, one of the first things to consider when opening a business is developing a business plan.

A business plan is crucial for any new entrepreneur because it will provide you with a roadmap and an outline of how you can achieve your business goals and objectives.

Get Advice and Help From A Lawyer 

Some new business owners make the mistake of thinking they only need the help of a lawyer if they are facing litigation, but that is not the case.

Lawyers can be essential in helping businesses remain compliant, operate within the law and ensure they have everything in order.

Some of the ways a commercial lawyer can help a new business include:

  • Registering your new business with ASIC
  • Registering your business name
  • Reporting and acquiring licenses and permits
  • Drafting and negotiating various contracts and agreements 
  • Managing business mergers or acquisitions 
  • Reviewing commercial lease terms and conditions
  • Registering for trade marks
  • Drafting a privacy policy 
  • Creating website terms and conditions
  • Ensuring business compliance  

Don’t Forget About Tedious Taxes 

Before you can open your business and make your first dollar, you need to register for the appropriate taxes.

Working with small business tax accountants may help you avoid any costly mistakes and ensure you have all your finances and taxes in order. 

If your business has a turnover of more than $75,000 per year, you will need to register for the Goods and Services Tax (GST) at the Australian Taxation Office (ATO).

Protect All Your Assets 

If you are working hard to open your own business, then chances are you worked hard to develop a unique product or service and this is something you should take the necessary steps to protect.

Registering your trade marks with IP Australia is a key way of protecting your intellectual property from misuse. 

Have A Functional Website and Google My Business 

It is 2022, so having a website is vital to most businesses.

Even if you don’t need a website to sell your products or services, a website can be a valuable source of information for potential customers and a valuable marketing tool.

As for Google My Business, this is a free listing on google, which allows you to display your business website, opening hours, address, email, phone number and photos. This is typically the first thing customers see when they search for your business and can be another valuable marketing tool. 

Get Into Digital Marketing 

On the note of valuable marketing tools, having an effective marketing strategy and optimising your website for SEO are two more things to consider when it comes to starting a new business.

As you can see, there are numerous things to consider when it comes to opening a new business, but having the right tools and advice at your disposal may help lead you to success. 

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