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Starting a business can be an exciting, albeit stressful, time. There are so many things to consider, it can be overwhelming on how to get started. As long as you take appropriate steps, it’s achievable. Read on below to find out the fundamentals you need to need to secure before starting a business in Australia.

Plan

Before you do anything, you need to make sure you have a solid business plan. Setting up your own business is a huge step and you need to make you’re ready for it. You need to be realistic. You need to think of what you want to achieve, and how you’re going to do it. Talk with your friends and respected colleagues about your idea, and see what they think of it. Do you think you can turn it into a profitable business? Put the time in to properly plan your business, to make sure it will work in the future.

Registration

Once you’ve got your plan to the best it can be, and you’re feeling confident to move on to the next step, you need to make your business official. You need to register your business via the Australian government. Depending on whether you’ve named your business, or if you’re being a sole trader, affects this registration process. You should also apply for an Australian Business Number (ABN) that will act as a unique number so customers, and the government, can easily identify your business.

Equipment

Your business is official. Now what? You may be prepared to get to work, but you’ll also need to make sure you’ve got the right equipment for you to get the job done. Office supplies and a working computer are key for you to start networking and growing your business. If you want to do some DIY to make a home office, or if the business itself is part of the building industry, RS have plenty of equipment that you can suit your needs.

Employees

Is your business going to be made up of just you or do you need to employ other people? You may have too much work to do for one person to handle. You could consider hiring just one more person to help you get things started. If you do need to hire someone, make sure they are reliable with a strong work ethic. A business in the early stages needs a lot of work put in to lift it from the ground. You can hire someone to help share your heavy workload.

Insurance

Insurance is a must for your new business. It is a legal requirement, and for a good reason. Not only does it protect you, but it can also protect any people you hire. If they come to harm while working with you, you’ve got them covered. It also can protect the business itself if there is any damage to the property, and help you maintain profits. It may cost you money initially but it can save you so much money in the grand scheme of things.

 

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