When you are starting a company, there are five essential things you should understand about being in business. Shuriken CEO Andrew Jeffers highlights these five things in the form of Q&A:
Should you be in business?
Business is highly emotionally charged. It can be financially straining on you and your family and friends, so you have to ask yourself, “Are you the sort of person that can deal with those highs and lows?”
Do you really have a business?
A lot of the time, particularly in this day and age when there are lots of courses about being an entrepreneur, you hear all your friends asking you to do something online.
But you have to ask yourself if you actually have a business. Is there a solid need that somebody needs fixing, and are you the person to deliver that?
What are the regulations around your business model?
When you start your business, you really need to check out whether or not there are regulations around it. It could be anything from financial services to opening up a local fish and chips shop.
When you start your business, you really need to check out whether or not there are regulations around it.
Depending on the council, depending on the regulators, go and check out your assets, your business number, check out the local council, have a look at what other people are doing versus what you want to do and find out whether or not your business should be regulated.
What is the right business structure for you?
When you are starting your business, it is so important to get the structure right. There are numerous different structures. You can be a sole trader, it can be a partnership, trust or company. Each one of these different organisation types need to understand properly. If you get it wrong from the get go, it can cost you a lot of time and a lot of money to fix it later.
Now the truly serious work starts…
Now you checked out the regulation, you have realised you can take this business on, you have made sure that you have a product and you have the right business structure.
Now is the point to really put the rubber to the road. Good luck!
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Do you need help starting a business?
Shuriken specialises in business setup and growth, being one of the main players in Australia in accounting, wealth and insurance. Discuss with one of our specialists today.