Before you begin you should decide on a business idea, determine whether your business idea has potential, and if you are the best person to build it. There are a few important questions you should ask yourself before you take first steps to starting your own business. Is there a need for your product/service? Who will buy it? Is it financially viable? Do you have the skills to set up and run a business?
Once you have asked yourself these questions it is time for stage two – the first step in starting a business: develop your business plan. This includes the operational, financial, and marketing aspects of your business. This is important if you are looking for a loan, applying for a business grant or pitching to investors. It is important to also determine your business structure, which one of these best describes your business?
- Sole trader: an individual trading on their own.
- Partnership: a group or association of people running a business together and distribute income or losses between themselves.
- Company: a legal entity run by its directors and owned by shareholders.
- Trust: an entity that holds property or income for the benefit of others.
Business name & ABN
Now for the fun part, it is time to decide on a business name. Once you have chosen a name you can check to see if your business name is available here. Once you have a name set you should apply for an ABN and register your business name. To apply for an ABN all you need is:
- your personal details
- your business information
- your associate details
- reasons for your application
- what you do in your business
It is important to note that registering your business name does not make it exclusive, remember to trademark your name so it is all yours.
In today’s climate one of the very first steps to starting your own business and the most important thing when it comes to brand awareness and presence is a website. Ensure to register your website domain. When picking a website name, we recommend picking a name that represents your business, is easy to remember, and is easy to spell.
At Anytime Offices we offer a range of solutions for businesses at any stage of their journey, whether it be a private office, a shared space or meeting rooms. For a start-up company or anyone who is about to take the first step in starting a business we recommend a virtual office. A virtual office allows you to establish a business address and a telephone number for the fraction of the price of renting an office. To find out more click here.
Written by Jacob Siles