Steps to take when starting a business
Starting a business can be both exciting and daunting but there is no need to be overwhelmed.
While plotting your course along this road will involve many steps, there is plenty of information available and CVW Accounting can help along your way.
We have included some links in this blog you will find useful.
What’s the best structure for your business?
One of the first steps is to decide on the structure.
Do you plan to operate as a sole proprietorship, a partnership, a trust, a limited liability company, a corporation, or a non-profit organisation?
Each has its own merits, limitations and expectations. So it is important to understand each and choose before you move further down the road. If in doubt, ask the CVW Accounting team for advice about the best structure to suit your plans.
The importance of business planning
Planning before, during and after you have created your business is vital to your success.
Planning beforehand means you have a solid understanding of what your business will do and why. You have;
- carried out due diligence for the industry your business will be trading in
- checked out the competition and know your point of difference and target market
- a mission and a vision as part of your business plan
- set goals and milestones as part of your marketing and social media plan
When starting a business, it’s worthwhile thinking about;
- a succession plan – you can check out our blog on the topic, click here
- a risk and an emergency response plan – to read more about this topic click here
- how you will protect your intellectual property,
- will you employ people?
- what insurance you will need – for details about insurance types click here
- are there any standards and codes you may need to adhere to
- your financial and taxation obligations
This list may seem overwhelming however these are concepts the CVW Accounting team deal with every day. If you have questions or need a guide through the starting a business process, please touch base.
What if you are purchasing an existing business?
If purchasing an existing business, your questions and planning will include the items above as well as why is the vendor selling? What is the customer base, market trends, suppliers, costs, profits, assets? The list goes on.
There is also the franchise option to consider.
Registering a business name
Then it’s time to register your business name through the Australian Securities Investments Commission (ASIC) and apply for an Australian Business Number (ABN), Australian Company Number (CAN) and Tax File Number (TFN).
Yes, there is a lot to think about when starting a business. However breaking what needs to be done down into manageable pieces means you can think about, plan and complete sections as part of the whole. This thinking and planning will create a solid foundation for your business.
However, please don’t think the planning stops there. It’s vital to continue your planning with colleagues, staff and mentors as well as professionals who can provide expert advice i.e. financial planning, strategic planning and taxation advice to name a few.
CVW Accounting can assist with any of the above or simply answer your questions.
Please note, as a CVW Accounting client we make it our business to know you and your business. This means we visit you on-site to thoroughly understand how you operate and manage others, how others in the business work together and how the business functions. This insight enables us to provide relevant and valuable advice for you and your business to achieve its goals.
Do you have questions about starting a business?
Touch base or drop in for a cuppa at our East Perth office or call 9219 1300. At CVW Accounting, we’re here to help.
This blog was first published 20 July 2017. Content is reviewed and updated regularly. The most recent review and update was September 2023.
