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Business Structure

Now I have a name and an ABN – what next?

Firstly, well done for taking the first steps. Now that you feel like you have a business with which to run, you need to ensure that you have covered your basics:

Have you got a Business Plan? Something you can refer to, to keep you on track? Do you know how much you are going to be charging? Do you know about registering for GST? (If you don’t think you will earn more than $75,000 per annum, you do not need to register – don’t forget though, to make sure you don’t claim GST and don’t charge it – for GST and invoicing tips go to GST for small business)

And have you considered insuring your business? You never know when you may need it. Speak to whoever is insuring other items in your possession, and ask about insuring your business within your home (and any aspects which may be carried out external from the home). For legal obligations visit Business Victoria for some guides. We have a fantastic Business Insurance Presentation available to VYVA members in the seminar downloads section.

If you have answered all of these questions, you can start thinking about promoting your services.

http://www.ato.gov.au

http://www.business.vic.gov.au

 

 

VA Tip!

1. Make sure you have done a Business Plan and try to stick to it. It helps you think very carefully through your whole business operation. It helps you define your target market and possibly choose your niche. It helps you budget. It helps you think out a good operational plan. And it helps you plan for the future, well after your business is up and running.

2. Get your procedures in place before you start getting clients. Do you require a consultation with the client first to get “on the same page” and avoid miscommunication? Do you want a contract signed between you? Do you want to provide several options for payments or stick to one that is best for you? Do you want payment up front, half up front or at the end of the project, task or service?

The more consistency in your operations, the less room for mistakes, confusion or miscommunication.

Thanks to Diane L Coville – Alternative Office Assistance

The Best Book to Get You Started!