Getting Started a Business, Starting a New Business, Start Business Ideas

Softhard Solutions ShopMate Business Accounting Software for Businesses

Get Start Business Ideas and ShopMate Business Accounting Software Offer

What to do Starting a New Small Business? Consider the issues on this page when you're Getting Started a Business and before you Start a Business. The day-to-day challenge of running a Small Business or any business can be a grind, but it doesn't have to be with good small business strategies and planning.

Indeed the new challenges presented by a business on an upward trajectory can be very rewarding as small problems are overcome and kept in check. The financial rewards can also become significant. Once a business is established it is important to take the time to work ON the business, not just IN the business. Proper planning is the key to turning your dreams into reality.

Usually, a Business Accounting Software of some kind may come with the business you may buy but is it performing well? When you are ready with your business, you will need a good Business Accounting Software, you can get that here on our website, our ShopMate Business Accounting Software just may do the job for your business.
You may also brush up and read on Accountancy Theories...

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This page and related pages are dedicated to such people. Its all tips and ' need to know ' about a business and what to do before a beginning.

Once you have determined that you are ready and able to take on identified viable business opportunities, there are many practical things you need to put in place right at the start to establish your business on a sound footing.

When prospective customers had a business or had it on their mind, traditionally, Softhard Solutions was able to provide them with accounting software (often also hardware) to run their business the way they do the business.

There were, at many times, Softhard Solutions' customers who did not quite have a clear picture of the business they wanted to do or undertake.


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Legal Considerations

  • Decide how your business will be legally structured.

  • If you choose to be a sole trader, you can trade using your own name or register a business name with the Office of Fair Trading .

  • If your business is a company, your company name needs to be registered with the Australian Securities and Investment Commission (ASIC).

  • Register for an Australian Business Number (ABN) with the Australian Taxation Office. You can register on-line for an ABN at the Business Entry Point .

  • Register for the relevant taxes, including GST and PAYG. You may also do this via the Business Entry Point.

  • If you intend to employ, obtain information on awards, superannuation policies, workers compensation, PAYG taxes, as well as other relevant employment information.

  • Check on what licences/registrations may be required for your business through the Office of Fair Trading.

  • Check with your local council regarding zoning, health regulations and whether you need to lodge a Development Application or Building Application.

  • Develop an Intellectual Property register for logos, trade marks, patents, copyright and designs. Contact IP Australia for more information.

  • Register your website domain name if you want a strong Internet presence. You need a legitimate business or company name, eg through the Office of Fair Trading, to get a .com.au address. You can search for and register a domain name at www.melbourneit.com.au .

  • Draw up your Will, especially if you are a sole shareholder/director.

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Setting Up Your Finances

  • Set up a business bank account (if you have registered a business name you will need to have your Certificate of Registration of Business Name).

  • Discuss your financial position and any loan arrangements with your lender. Raising finance will help you think through what type of finance you should be seeking.

  • Consider credit arrangements (for instance EFTPOS and credit facilities for your customers).

  • Choose your accountant and set up your financial record keeping system.

  • Set up a system to monitor the financial performance of your business, eg cash flow budget. Consider benchmarking your business against profiles available from your local Business Advisory Service.

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Operating Your Business

  • Identify the benefits and disadvantages of purchasing property versus leasing property versus working from home.

  • Negotiate and sign any lease/purchase documentation in consultation with your solicitor.

  • Arrange for business insurance, including public liability, vehicle, fire, burglary, professional indemnity and sickness.

  • Arrange for connection of utility services, such as electricity, water, telephone and gas.

  • Purchase business equipment, fittings and furniture.

  • Develop an asset register.

  • Order and purchase stationery, tax invoices, letterheads, business cards and record keeping book.

  • Arrange for a suitable filing and accounting system.

  • Order and purchase trading stock and determine terms of payment, delivery and freight.

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Promoting Your Business

  • Make sure you identify and promote your business at every opportunity, eg through your stationery and other promotional material.

  • Determine your advertising and marketing needs. Decide on the cost/benefit of using an advertising agency.

  • Think about how you could network with other businesses to promote your products or services.

  • Determine how e-business could work for you.

  • Develop a marketing plan that will not only sell your products but also promote your business.

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Keeping Pace

  • Make sure you have a well-prepared business plan, one that you review over time as your business develops.

  • Join a trade association/chamber of commerce.

  • If you are in a partnership, consider obtaining a Power of Attorney for you and/or your partners.

  • Review your Will from time to time to ensure it reflects any change in your circumstances.

  • Stay up to date with changes in your industry, customer preferences and business regulation system.

  • Undertake further training and build professional relationships to build your business capability.

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More Information

  • Office of Fair Trading: call 133220 or visit www.fairtrading.nsw.gov.au.

  • The Australian Securities and Investment Commission can be contacted on 1300 300 630 or visit www.asic.gov.au.

  • Industry Associations and your local chamber of commerce and industry offer advice and services to members.

  • Your local Business Advisory Service can offer you one-on-one advice on the practicalities of setting up your business. It also offers low-cost business workshops, such as business planning, marketing and financial management. Call 1300 650 058.

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Business Tips

Some tips on how to avoid business failure:

  • Don't underestimate the capital you need to start up the business.

  • Understand and keep control of your finances - income earned is not the same as cash in hand.

  • More volume does not automatically mean more profit - you need to get your pricing right.

  • Make sure you have good software for your business, software that provides you with a good reporting picture of all aspects of your business operations.


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