Setting up a new business can be so exciting but also very overwhelming, especially if you don’t have any prior business experience or someone to help you.
Here are some tips and things to think about
How/where are you going to advertise/get customers?
Budget for setup
Setup a monthly or quarterly budget
Get an accountant – even if it’s for the setup to guide you through the initial steps.
Learn the difference between a hobby and a business (just because it’s your hobby and not your full time income does not mean you aren’t technically a business under the eyes of the government) > Click Here to find a helpful fact sheet to get you started. It was put together by a trusted and registered accountant (Santi Accounting), but as always get your own individual advice.
Pick brand colours and theme
Design a logo
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Things you may need
An ABN (free)
Register your business name
You may also like to think about getting a domain name (for a website), even if you don’t plan on using it straight away. The costs to register and own the domain are minimal and worth it so no one else takes it.
Insurance – if you sell a product, product liability is usually a must, often public is required too.
Price your products appropriately. Don’t cost based on others pricing. What’s the use of selling your product or having a business if you aren’t in it to make money?
Work out the cost to make your product – materials, overheads, your time then add on your profit
Do research on your product and what the market looks like for it. If the market is saturated with your product you will need to find a point of difference that makes your product stand out from the rest. This doesn’t mean undercutting your competition to make more sales. That just devalues you, your business, and the product.
Common Question
A common question I see is; I want to start a business but don't know what to do. What business should I start?
This is not really something anyone else can help you with. To run a business, work long hours, put your heart and sole into and grow needs to be something you love doing and are passionate about.
Think about something you enjoy doing and more importantly, you're good at. A hobby or an idea you want to grow on.
Do you have any tips for setting up a business or questions?
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