Starting a New Business, Starting a Company, New Small Business Ideas
Softhard Solutions ShopMate Business Accounting Software for Businesses
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Now, you've decided to go into a business, Starting a New Business or New Business Company,
completed your market research and written your business
plan. You're ready to take the next step, but where do you begin? Here is some information
to help you Starting a New Business.
A successfully well run small business or any business needs strategic management and effective leadership.
Learning and increasing your skills in these key areas will help you to run your business efficiently and achieve your long term goals.
Proper planning is the key to turning your dreams into reality. Consider the issues on this page when you're Starting a New Business.
When you are ready with your new 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 new business.
You may also brush up and read on Accountancy Theories...
When prospective customers had a business or had a New Business 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 Starting New Business they wanted to do or undertake. This page is dedicated to such people. Its all tips and 'need to know' about Starting a New Business or Starting a Company, New Business Company and what to do before a beginning.
How can I get advice & support?
You can take advantage of a broad range of advice and support offered by the Australian Government. These services include information and advice on starting and expanding a business, obtaining funding and training.
What to do...
- Contact your nearest Small
Business Field Officer for free general advisory services.
- Contact your nearest Business Enterprise Centre for free advice and support.
- If you're in a rural area, contact your
Area Consultative Committee about government priorities and programs.
- Find out if you are eligible for a
New Enterprise Incentive Scheme.
- Find out about the ACCC Small Business
Program which helps businesses be aware of their responsibilities under the
Trade Practices Act.
- 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
- 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
- Consult an experienced business adviser, accountant or solicitor.
- Draw up your Will, especially if you are a sole shareholder/director.
How do I make my business more innovative?
Innovation is not just about inventions. It's about new ideas and responding to new trends and market conditions, or improving existing products and services.
If you have an innovative idea for your New Business, there are many steps
involved in developing and protecting that idea. To find out more visit the National Innovation Website, which has been developed to promote
the benefits of innovation and identify programs that can assist you and your New
Here are a few ideas to consider, read more...
How do I manage my finances?
Good financial management is critical to the ongoing success of your New Business. When you're starting out find out how much funding you need, where you can get it and how to manage your financial arrangements.
Your New Business plan is important when seeking business funding - it sets out your vision and goals, what you'll spend the money on and how it'll benefit the business.
Sources of finance
There are several options for financing your New Business:
- Loans from a bank or other type of financial institution
- Using your personal savings
- Borrowing money from friends and relatives
- Venture capital
- Government funding
Please note that, in general, the government doesn't provide finance for starting up or buying a small business. However, in some circumstances you may be eligible for a government grant.
Read these state government guides for help with managing your finances:
- Raising finance - types of finance and applying for a loan.
- Business Finance - cash flow planning, bad debt, understanding balance sheets and
profit & loss statements.
- Getting capital - services to assist in raising capital.
- Financing your business - financial requirements, types of finance and loan applications.
- Step-By-Step: Financial management - guide to establish sound financial practices.
- Raising more finance - sources of finance and how to apply for bank loans.
- Finance - budgeting and financial control, credit management and grants.
- Seek advice from a professional business adviser, accountant or solicitor.
What are my taxation obligations?
Understanding your taxation obligations is important when starting up a New Business. Various federal, state and local government taxes and rates can apply, depending on the size and location of your New Business.
A number of federal government taxes apply to business, including Goods and Services Tax, Pay As You Go withholding tax and Fringe Benefits Tax.
State government taxes that may apply to your New Business include pay-roll tax, land tax, duties and debits tax.
Rates vary from council to council around Australia - you need to contact your local council to find out what applies to your New Business.
What to do...
- See the Australian government Taxation topic for all the information you need about business
- See the Australian government Registration & licences topic for the different types of registrations you need to start your New Business.
What are the legal requirements?
One of the first things you need to find out when you're starting out is what laws apply to your new business. You may wish to consult a legal professional to help you with all the legal requirements that you must comply with, such as licences and registrations, contracts and leases.
If you need legal advice on a business issue, then the on-line Small business legal issues guide may help. It covers problems you may encounter such as contracts, employment, fair trading, leases, insurance, credit and debt recovery, finance and tax.
- Read the Small business legal
- Read the Privacy for Small
- Refer to the Working with contracts
guide for assistance with writing up business contracts.
- Consult an experienced business adviser, accountant or solicitor.
What do I need to register for?
The type of new business you conduct determines what you need to register for. Decide on your new business structure, then you can determine what type of registrations you need.
For more information see:
- Decide on a business structure.
- Register your business name.
- Register your trade mark.
- Register your company.
You'll need to register your business for taxation purposes. Read this information about how to:
- Register for an Australian Business Number (ABN).
- Register for the Goods & Services Tax (GST).
- Register for a Tax File Number (TFN).
- Register for Pay As You Go (PAYG) withholding.
Your products may also determine the type of registrations you need. If you import or manufacture industrial chemicals (including cosmetics) you must register with the National Industrial Chemicals Notification and Assessment Scheme (NICNAS).
What licences & permits do I need?
It's important to find out what licences apply to your new business, as many different licences, permits, registrations and certificates are required by the different levels of government.
For more information see:
If you aren't sure which licences and permits you require, use the Government Forms website.
- Check with the Business Licence Information Service (BLIS) in your state or territory.
How do I set up operations?
Setting up your business operations involves many different aspects:
- Buy or lease business premises
The location of your new business can be an important factor in its success. So you should carefully assess what's the right environment for your business. Gather information about the demographic and economic characteristics of the areas you're interested in. Contact local councils for detailed information about business activity in their regions.
Once you have chosen your location, you need to decide whether to buy the premises or enter into a commercial lease. At this stage its advisable to seek professional business advice. Accountants, solicitors and other business advisers can advise whether its in your best interests to purchase or lease your new business premises and equipment.
State and territory governments are responsible for commercial and retail tenancies, each having its own retail tenancy regulations.
- Order & purchase stock
Efficient stock control is having the right amount of stock in the right place at the right time. It ensures that your capital isn't tied up unnecessarily, and protects production when problems arise with the supply chain. There are four main types of stock:
raw materials and components ready to use in production,
work in progress - stocks of unfinished goods,
finished goods - ready for sale,
consumables - for example, fuel and stationery.
Deciding how much stock to keep depends on the size and nature of your business, and the type of stock involved.
- Arrange insurance
It's essential to arrange insurance when you're starting out in a new business - you should insure your company, your income and your commercial risk. Taking out the right insurance will help protect your business and minimize its exposure to risk.
Set up record keeping & accounting systems
It's a legal requirement for you to keep records of your business transactions for a minimum of five years, so it's important that you have good record keeping practices in place. The records you must keep include all documents relating to your income and expenditure.
Keeping good records makes paying your taxation and other business transactions much easier and helps you to monitor how your business is going. You also need to keep other important papers, legal documents and contracts in a safe place, so make sure to set up a filing system for easy retrieval.
- See the Tax Office for extensive information on Record keeping essentials.
- Hire staff
Good employees can be your greatest asset, so recruiting and retaining the right person is important.
Once you've hired new staff you need to make sure you understand your legal obligations to your staff:
find out what wages and employment conditions apply to your staff
register with the Tax Office to deduct tax from their wages
set up employment records
comply with occupational health and safety laws.
How do I promote my business?
Marketing and advertising
Develop an effective marketing strategy for your new business. You can promote your business in various ways, including advertising on radio, television or print media, signage, business cards and direct mail. Take care that your advertising gives customers accurate and truthful information about your new business.
A growing number of businesses form networks to tackle the difficulties of operating a small business. By developing networks it's possible to reduce costs through bulk purchasing, sharing staff and winning larger contracts than would've been impossible by working alone.
Develop a marketing plan
A marketing plan assists you to integrate your total marketing effort. It ensures a systematic approach to developing products and services to meet and satisfy your customers' needs.
When you're writing a marketing plan you need to be clear about your objectives
and how you'll achieve them. A good marketing plan sets clear, realistic and measurable
objectives, includes deadlines, provides a budget and allocates responsibilities.
A plan can consist of these elements:
- Analysis of your current market.
- Your business objectives.
- Key strategies.
- Steps to achieving your objectives.
- Proposed budget.
Remember that your marketing plan should remain an on going process throughout the life of your business.
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
- 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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