So you have your grand idea and you are ready to set out to begin your business and then realise starting a business is a task with multiple tasks and it can be quite difficult to navigate?
I hear you, so I have put together the ultimate list on how to get your business up and running from a registration, web & branding perspective.
Here, we will discuss and provide some great resources for:
- How to register and set up your business in Australia
- Your Business Brand & Voice
- Your Online Presence
- What to do before you launch
- Download your ultimate Business Checklist
PLANNING FOR YOUR BUSINESS
Choosing your business name
“What’s in a name?” ask’s Shakespeare.
“What in the world do I name my business?” ask the rest of us!
When you finally say yes to the name, make sure of a few things:
- The name is not trademarked
- Ensure there is a free domain name available (and purchase it)
- Check the socials and it’s availability
- If the name could be misunderstood, especially in other languages or if you’re planning to use it in other countries
- Whether the name could offend people (never a bad idea to check https://www.urbandictionary.com/)
Develop & write a great business plan
Does a business plan make startup success inevitable? Absolutely not. But great planning often means the difference between success and failure. Where your entrepreneurial dreams are concerned, you should do everything possible to set the stage for success.
And that’s why a great business plan is one that helps you succeed.
See a great guide on making a killer business plan here
Create a break even cost analysis
Maths is not my strong suit at all but it is such an imperative step in the business process. Starting a business often carries risk. As the saying goes, “You have to spend money to make money.” While that’s not always true, there is one very effective way to lower your risk: do a break-even analysis.
A break-even analysis will tell you exactly what you need to do in order to break even and make back your initial investment.
If you’re a business owner—or thinking about becoming one—you should know how to do a break-even analysis.
Choose your business structure
There are four commonly used business structures in Australia:
- Sole trader
It’s important to understand the responsibilities of each structure because the structure you choose may affect the tax you’re liable to pay, asset protection & costs.
The good thing is, you’re not locked into any structure and you can change the structure as your business changes or grows. If you’re unsure which structure to choose, we recommend you talk to your tax, business or legal adviser.
Consider applying for grants or financial assistance
We will let you chat to your bank about this one!
A plan incase of illness or incapacitation
Not to sound grim here, but we have no idea what life will throw at us – it’s always good to keep this in mind!
THE NITTY GRITTY
I am not an accountant, nor will I ever have the capacity to be so. Unless you have a knack for it, I will suggest chat to an accountant before starting a business but these are some of the things to keep in mind:
Register your ABN, GST or other registrations/licences
Taxes, dreaded taxes! Other than death, it’s really the only other thing that is inevitable. Find the spot to register for these here: https://register.business.gov.au/
Register your business name
In Australia, you will need to register your business name with ASIC. I have linked you to their how-to guide. They are so helpful, they even included a video.
Protect your intellectual property
Your new business may have a wealth of IP. From the name on your door, to an innovative new process, there will be things that differentiate you from your competitors. As your business grows, so too will the importance of these intangible assets.
Learn how to protect your Intellectual Property here
Set up record keeping & accounting systems
Running a business can be unpredictable, but a good record-keeping system can make things easier. There are many benefits to keeping good records. It can help you to:
- keep track of your business’ health, so you’re able to make good business decisions
- meet your tax and superannuation obligations
- manage your cash flow
- demonstrate your financial position to banks or other lenders
There are also some great apps that will help you simplify the process whether it be Quickbooks, MYOB or Workbook. Also, see the types of records you must keep in Australia and how to keep them: https://business.gov.au/finance/accounting/record-keeping
Depending on your business arrangements will depend on the type of insurance you need so be sure to get the right one!
Your business may require certain types of insurance, either:
- by law (such as workers’ compensation insurance), or
- because people you deal with may require it (such as public liability insurance to get a market stall).
Other types of insurance are your choice, but can be an important way to reduce business risk and protect things like your:
- business assets (such as equipment, premises and stock)
- business owners
YOUR BRAND & VOICE
Branding is important because not only is it what makes a memorable impression on consumers but it allows your customers and clients to know what to expect from your company. It is a way of distinguishing yourself from the competitors and clarifying what it is you offer that makes you the better choice.
Your brand is built to be a true representation of who you are as a business, and how you wish to be perceived.
In all of the branding packages we will:
- Articulate your vision
- Crystalise your products and offerings
- Research your competition
- Develop personas
- Write your brand story
- Choose your brand message
- Create a brand personality
- Start with a moodboard
- Create your logo variations
- Choose your fonts, colours and brand signature
- Think about photography and styling
YOUR ONLINE PRESENCE
A business’s online presence, regardless of industry, can have a massive impact on its success. In this day and age, some businesses still don’t realize that a majority of their customers will visit their website before making a purchase.
Learn about our packages here that incorporate all of these things and so much more
- Register your Domain Name
- Select the CRM of your choice i.e. Shopify, WordPress, Webflow, Squarespace
- Secure your social handles, i.e. Facebook, Tiktok, Instagram
- Create a company email
- Register your Google Business Account
- Create a Google Analytics Account
- Curate all text & content
- Optimise all of your images
- Set up a mail out/subscription service
It’s time to pull the trigger and go live! As exciting as this time is, it is sometimes nerve-wracking. These simple little steps will help you with a flawless execution!
- Check for little errors
- Test sites usability
- Back up website
- Check for responsiveness
- Register your sitemap
- Speed test your website
- Review browser compatibility
- Ensure your 404s pages are ready
- Check your robots.txt file
- Test any social media integrations
- Secure your website
- Update your timezone
- Ensure your legals are in order