Beginning a new venture can involve a labyrinth of steps and many questions to address, including but not limited to:
- choice of business structure – sole proprietor, partnership, incorporated company, trust
- hybrid structure that may involve becoming a franchisee, or you may be aiming to franchise a concept yourself in the near term
- registering a business trading name
- establishing a brand – logo design, masthead, and possible trademark
- reserving a domain name – is the desired URL available, and what extension is suitable for me, for instance .com or .com.au (there may be implications for SEO and other purposes)
- building a website
- social media – deciding what forums are suitable to your target audience, understanding best practice in digital media campaigns, and ensuring the required social handles or account names are available eg. Twitter, Facebook, Pinterest, LinkedIn, Instagram
- arranging appropriate insurances
- preparing a business plan
- marketing material & advertising strategy, including printed collateral and business stationery
- choosing a suitable method of accounting software and who will manage the bookkeeping process
- obtaining an ABN – do you also need to register for GST?
There are many factors to consider, quite apart from the strategic plan you develop to set about achieving your vision. Decisions you make early-on can have critical implications to achieving your plan over time.
Australian Business Services can assist you in this challenging journey.