Next Steps After Choosing Your Business Structure

Accounting, Australian Taxation Office, Finance, Starting a Business, Taxation, Xero

Next Steps After Choosing Your Business Structure

Starting a new business is an exciting journey, now that you have chosen the structure of your business, there are several important steps to take to ensure a smooth launch. Here are a things that might help you navigate these next steps, in no particular order:

  1. Choosing the Right Software

Selecting the right software is crucial for managing your business efficiently. Consider the following types of software:

  • Accounting Software: Xero, QuickBooks, or FreshBooks can help you manage your finances.
  • Project Management Tools: Asana, Trello, or Monday.com are great for keeping track of tasks and deadlines.  Trello is ideal for straightforward projects, Monday.com offers more customization options, and Asana is great if you need robust resource management features.
  • Customer Relationship Management (CRM): Salesforce, HubSpot, or Zoho CRM can help you manage customer interactions and data.
  • AI. Is there scope for AI to automate any part of your business?

Map out your software choices and decide on your direction from the very start.

  1. Setting Up Your Business Name

Your business name is a key part of your brand identity. Here are some tips for choosing and registering your business name:

  • Brainstorm and Research: Ensure the name is unique and reflects your brand values.
  • Check Availability: Verify that the name is not already in use by another business. The following link can assist to check the ASIC register: https://connectonline.asic.gov.au/RegistrySearch/faces/landing/bn/SearchBnRegisters.jspx
  • Register Your Name: You can register a business name using the Australian Government’s Business Registration Service or you can use your accountant or solicitor.

Remember you will be saying and writing this name often, pick a name that truly resonates with you.

  1. Registering a Domain & Email.

A domain name is essential for your online presence. Follow these steps to register a domain:

  • Choose a Domain Name: It should be easy to remember and relevant to your business.
  • Check Availability: Use domain registration sites like GoDaddy or Namecheap to see if your desired domain is available.
  • Register the Domain: Once you find an available domain, register it through a reputable domain registrar.
  • Email. Select identifiable, but shorter email addresses as opposed to longer.
  1. Creating a Website

A professional website is crucial for attracting and engaging customers. Here’s some tips on how to get started:

  • Select a Website Builder: Platforms like WordPress, Wix, or Squarespace offer user-friendly tools for building your site.
  • Design Your Website: Focus on creating a clean, easy-to-navigate design that reflects your brand.
  • Add Essential Pages: Include pages like Home, About, Services, Our People, Contact, and Blog to provide comprehensive information about your business.
  1. Designing a Logo and Marketing Materials

Your logo and marketing materials are vital for establishing your brand identity. Here are the steps to create them:

  • Define Your Brand Identity: Understand your brand’s values, mission, and target audience.
  • Hire a Designer or Use Design Tools: You can hire a professional designer or use tools like Canva, Adobe Spark, or LogoMaker to create your logo.
  • Create a Logo: Ensure your logo is simple, memorable, and versatile. It should look good in various sizes and formats.
  • Design Marketing Materials: Develop business cards, brochures, social media graphics, and other promotional materials that align with your brand identity.
  • Get Feedback: Share your designs with trusted friends and family to get feedback and make necessary adjustments.
  • You should also consider Trademarking. Seek a trademark specialist to understand the advantages/disadvantages.
  • Decide on your target market. Ensure you know your ideal clients and target them in your marketing for more effective marketing.

 It will be easier to sell a brand you love than one you don’t.

  1. Do you need to Obtain an Office Location?

Finding the right office location can impact your business operations and customer interactions. Consider these factors:

  • Location: Choose a location that is convenient for both employees and clients.
  • Budget: Ensure the rent or purchase price fits within your budget.
  • Amenities: Look for locations with necessary amenities like parking, public transport access, and nearby services.
  1. Staff and HR

Employing the right people in the right positions will enhance your business.

  • Legal Requirements. Ensure that you seek advice on the legal requirements of employing staff and ensure you understand the accounting and tax obligations of the same. Such items to understand are paying super guarantee, obtaining WorkCover, remitting tax on wages and the timing of all of these obligations. Ensure staff sign contracts if required and have a set of employment policies for your business.
  • Consider if a uniform is necessary.
  • Ensure that you have all the tools that your employees will require to complete their jobs.
  • Set targets for yourself and your staff.

Prepare a staff manual for standard procedures, employment policies, firm guidelines on work practices etc. These will vary depending on the industry you are in however they are integral to your success.

  1. Budget, Goals and Cashflow

If you fail to plan, you plan to fail. (Benjamin Franklin)

  • Set a budget for your income and expenses and continually review this against your actual results.
  • Set your business goals for yourself and your staff. Whether the goals and KPI’s are Financial or Non-Financial it is important you work towards these.
  • Similar to the budget you need to be actively reviewing your cashflow. You should be proactive in this approach, not reactive. The first few years of a new business cashflow is usually the pain point. Plan and adapt.

The above advice is general advice only. Different businesses would require their own individual set of steps, and these suggestions are only intended as a starting point.

By following these steps and adding in more steps particular to your industry, we hope you will be on your way to establishing a strong foundation for your new business. Good luck!

If you require any assistance we are here to help, please reach out to us on 07 5494 9173.