Becoming a Business
Now you are ready to go ahead with your great product idea or service it is time to get yourself an identity. Here are just a few things you will need to do to get the ball rolling.
Business Plan
All of the tips from “Know your Market” are essential to creating an effective business plan. A business plan is critical to keeping your focus on your goals while being as efficient and productive as you coordinate the complex but essential tasks in setting up your business.
Business name
What will be your business name? Don’t worry this can often take time to get right but it is worth taking time to consider. Your business name will need to be something that people will remember. Something that will make it easy to find you on google or other places your clients will search for you. One common mistake people make is having a name which leaves potential customers asking, “so what is it you do?”. If your business name can incorporate what it is your doing in 3-5 words you have the first question of all future networking solved. If a name that doesn’t explain what you do eludes you then maybe consider a catchy name that provokes interest and enquiry. Considering a tag line can serve the purpose of explaining your business services.
So remember “short sharp descriptive name that is easy to remember”.
Don’t forget it is important to register your business name this can be done at abr.gov.au
Registering your Business
The first place to start is with your accountant because every situation is different and it is always important to seek professional advice as to how your business should be set up from the beginning. Now you have your name sorted you will need to register yourself an ABN and perhaps an ACN on the advice of your accountant. You need an ABN to be able to trade as a business. Also discuss with your accountant at this stage to find out if you will be required to register for GST as well. Registering your ABN can happen three ways. Through the Australian Business Register portal, using the services of a registered Tax Agent, or a paper-based application via the ATO
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