Starting a business is a huge step! It can be daunting as there are many aspects to business, and it may not be your area of expertise.
The following tips can help you on your way:
1. Surround yourself with the right people - Every business is a collective effort with your best people, be they employees, accounting and legal advisors, specialists, consultants, or financiers. Surround yourself with talented people to support you through the first (and next) stages of business.
2. Have a plan for engagement - have a plan for how you will attract and retain customers and grow these customers into advocates.
3. Choose the right structure - we recommend you consult an advisor on this step to ensure that the best asset protection, tax effectiveness, growth model, succession flexibility, and funding options are all considered.
Structure is best considered before you start, as could be more difficult to alter down the track. Advisors will also ensure that all required registrations and licenses are considered and guide you on any grant funding or small business/start up concessions available.
Also, do not forget to consider which insurances you might need, for the business and personally.
4. Invest in processes - having systems and processes in place will help you gain maximum efficiency, set up for the future, and keep compliance under control. Set budgets and review back to them regularly for both your initial capital spend and your ongoing operational activities.
Get the correct accounting software in place from the outset and decide how your data will be managed to ensure your compliance doesn’t overtake your time on core activities.
5. Deliver quality - allow yourself time to do what you do best! Ensure that you have a service delivery process in place, and that your product or service is market ready to allow your business to shine. Always remember to ask for help! It might be overwhelming to engage those that can assist you, but in the long run it will give you confidence that you are in the strongest position possible to get your business up and running.
If you would like to review your business structure reach out to a C&N advisor
