1. Make Key Decisions
Such as business name, business location, business structure, licenses and tax setups.
2. Plan Your Business
Analyse your idea and start developing your business plan, create your risk management plan, develop your sales and marketing strategy.
3. Help For Your Business
Determine what resources you will need, such as advise and financial. Our IGM Brokers come in at this step to help strategize what options are available to you for a business loan.
4. Register Your Business
An accountant can help you in this step on getting the business structure established, registering a business name and an Australian Business Number (ABN). Your accountant can also advise what Tax Regulations will apply to your business. At this step you may also need to obtain licenses and permits depending on your business type.
5. Prepare Your Finances
This step is crucial for understanding you’re capabilities when starting your business. You can speak to a financial adviser who can guide you on how to organise your finances. IGM Group will now be able to link you up with the right finance solutions which are available to you.
6. Know The Law
Start off strong by setting up and protecting your business legally. Consider speaking to a legal professional to help you in this step. You will need to know the legal essentials for business, understand fair trading laws and understand contracts when you start commencing your business activities.
7. Protect Your Business
When you’re investing your time and money, you want to make sure you don’t lose it. Protect your investment by planning ahead. Understand Health and Safety for yourself and your employees in the workplace. Seek business insurances such as Workers Compensation, Public Liability and Professional Indemnity. If applicable, protect your intellectual property, this is when you have a unique business idea. IP can help protect your ideas in Australia and Internationally.
8. Prepare for Tax
Having a loan when starting your business requires correct record keeping and understanding taxation requirements for your business. This will help keep things neat and tidy throughout your operations. Your IGM Broker will be with you every step of the way to ensure you know what your loan obligations are and are ready to help amend things should you require more funding or negotiating terms if your circumstances change.
Some other helpful links;
Please note. whilst great care has been taken to prepare this information for you, please conduct your own research and seek professional advice when commencing. The information above has been taken from the Australian Government Business site. A more comprehensive guide can be found here.
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