Setting up your own business is exciting, but can also be challenging if you're not prepared. This guide will take you through each step of starting a business and help you understand what's ahead.
Starting a business requires a lot of effort and commitment. It’s important to know what's involved and if you're suited to business and self-employment.
We recommend you take some time to critically evaluate yourself and the challenges of owning a business. See if you're ready to start a business.
It's important to research and analyse your business idea and consider its potential.
Some questions to ask yourself are:
Researching your business idea involves gathering, analysing and evaluating information to that will also help you write your business goals.
Work out if your activities are that of a business or a hobby. There are different tax, insurance and legal obligations depending on what you are.
If you are unsure, read our information on the difference between a business and a hobby.
The main structures are sole trader, partnership, company or trust. Choosing a structure for your business affects your tax, paperwork and finances. Consider getting expert advice to help you.
If you're working on your own you'll need to know your worker status. Find out if you're an independent contractor or an employee before entering into a contract.
Each business has different needs for storage, equipment, or just being close to the right customers. Consider what’s important for your business before you decide where you’ll be based.
There may be more to choosing a business name than you think. Consider whether the name is unique, available to use or exists as a protected trade mark before you decide.
Planning out your business gives you direction and keeps your business on track. You'll also need a business plan if you seek finance.
Having a good risk management plan in place will help guide the business decisions you make and reduce the impact of unexpected events on your business.
Need to tell everyone about your new business? A marketing plan can help you find and reach your customers and work out what makes your business different.
Planning out your business gives you direction and keeps your business on track. You'll also need a business plan if you seek finance.
Having a good risk management plan in place will help guide the business decisions you make and reduce the impact of unexpected events on your business.
Need to tell everyone about your new business? A marketing plan can help you find and reach your customers and work out what makes your business different.
Planning out your business gives you direction and keeps your business on track. You'll also need a business plan if you seek finance.
Having a good risk management plan in place will help guide the business decisions you make and reduce the impact of unexpected events on your business.
Need to tell everyone about your new business? A marketing plan can help you find and reach your customers and work out what makes your business different.
Planning out your business gives you direction and keeps your business on track. You'll also need a business plan if you seek finance.
Having a good risk management plan in place will help guide the business decisions you make and reduce the impact of unexpected events on your business.
Need to tell everyone about your new business? A marketing plan can help you find and reach your customers and work out what makes your business different.
Planning out your business gives you direction and keeps your business on track. You'll also need a business plan if you seek finance.
Having a good risk management plan in place will help guide the business decisions you make and reduce the impact of unexpected events on your business.
Need to tell everyone about your new business? A marketing plan can help you find and reach your customers and work out what makes your business different.
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