Starting a business from scratch can feel daunting, especially if you did not attend business school and have absolutely no clue where to start. While a service-based business may not need as much money or planning to get off the ground, you still want to ensure you know how to do it correctly; this will get you on the right path to success rather than simply jumping in head first with no real sense of direction.
We’ve put together a business start-up checklist to help you out!
- Lay the groundwork by doing market research, brainstorming ideas, writing notes, and planning things out. How much money will I need to get started? How long will it take before I can start to make a profit? Is there anything standing in my way, from a legal perspective?
- Pick a name for your business, but be sure to do your research to ensure you are not infringing on other businesses that may already exist with the name you prefer. Hire a designer to create your logo, trademark your business name, register your domain name for a website, and create a slogan so that it is official.
- Choose which legal structure you would like to go with: sole proprietor, franchise, partnership, Pty Ltd (Proprietary limited company), or public company.
- Choose a location to run your business from. Will you be running it from home, or will you need to rent or purchase a separate property to run from? If the latter applies, consider things like cost, and neighbourhood (are your competitors nearby and are you within close range to your target market?).
- Do some research to see whether or not you are required to purchase any liability insurance in order to protect yourself and your business. Be sure to purchase this insurance before seeing any clients.
- Secure any licenses or permits you may need, like a business license, or permits to operate a business out of a particular building.
- Set up an accounting system to keep the financial and administrative headaches to a minimum.