7 things to do before starting a business

Got a great business idea? Going to start your own company? Slow down! There are a few things you need to consider before you rush into it.

1. Own your name: 

Once you’ve decided what to call your business, make sure that no one else is using the same name, and register it with your local business registration body. In Australia, for example, business names need to be registered with ASIC. Also register a website domain name, any trademarks you might require for your products or services, and even any social media accounts you might need to use to promote your business!

2. Understand: 

Make sure that you’ve done your research on which licenses and taxes apply to your new business, and whether there are any regulations or laws that need to be followed. Do some research and determine any issues or factors that might affect your industry, and ensure that you are able to put plans into place to navigate any problems that may arise.

3. Decide if you're ready to start your own business: 

You are the most important factor in your new business, so make sure you’ve taken your own needs into account. Can you afford to cover your living costs during your start-up phase? How much time do you need to allow yourself for rest, in order to make the business a success? Does your business idea represent something you’re truly interested in, and will love working on? You need to make sure that you are happy and healthy, and financially stable, if you want to enjoy business success. 

4. Get paid: 

Don’t let people take advantage of you. Enlist a small business lawyer or consultant to help you put together contracts and terms for your work, including payment terms. Make sure that you are able to clearly define your scope of work when starting out with a client, so that they are aware of how much they will receive for a certain cost, rather than expecting endless hours of your time without spending any more cash!

5. Don’t go into debt: 

Your first instincts might be to buy new equipment, lease an office space, and have business cards and promotional material designed and printed to make your business look established and official. But think twice about what you need straight away, and what you can do without until you’ve earned more profits. Can you hire or borrow something instead of buying it? Can you work from home until an office is necessary? Don’t charge a whole bunch of start-up costs to your credit card unless you REALLY need to. If you already have a job, consider keeping it for a bit longer, and work in your own business during your time off. You’ll keep your income and benefits, which you can invest into your own business, and living costs.

6. Find mentors:  

There’s always someone who is more experienced than you, so avoid re-inventing the wheel by asking questions to see what they’ve already learned. They’ll be able to provide tips and advice for how to manage your new business, and help you to validate your idea. As well as providing feedback on your proposed business, they may also be able to help you to conduct market research and introduce you to their business network.

7. Get organized:

Create a business plan and a marketing plan for your new business, so that you know what your goals are and how you’re going to achieve them. Set up easy ways for your clients to pay you, so that you won’t have to endure any delays in receiving your income! Make sure that you have plans for how you’re going to manage your banking, book-keeping, invoicing, and filing. Having a good organisational routine in place early on will save you a lot of headaches in the future. 








SOURCE:www.cpacareermentor.com