It can be an exciting and challenging experience - here are some essential things you need to know and do:
- Decide on your business structure: The most common types of business structures in Australia are sole trader, partnership, company, and trust. Each structure has its own legal and tax implications, so it's important to choose the right one for your business.
- Register your business: You need to register your business with the Australian Securities and Investments Commission (ASIC) and get an Australian Business Number (ABN). You may also need to register for goods and services tax (GST) and pay the relevant fees.
- Get the necessary licenses and permits: Depending on the nature of your business, you may need to obtain certain licenses and permits to operate legally. This could include things like a trade license, a food handling license, or a liquor license.
- Open a business bank account: Separating your personal and business finances is essential for accurate accounting and tax purposes. Open a separate business bank account and keep track of all your business transactions.
- Develop a business plan: A well-written business plan can help you clarify your goals and objectives, identify potential challenges, and plan for growth. It can also be useful when seeking funding or investors.
- Get insurance: Business insurance can protect you and your business from unexpected events such as theft, fire, or accidents. Consider getting public liability insurance, professional indemnity insurance, or other types of insurance depending on your business.
- Hire employees: If you plan to hire employees, you'll need to register for payroll tax, obtain workers' compensation insurance, and comply with employment laws and regulations.
- Set up a record-keeping system: Keeping accurate records of your business finances is essential for tax purposes and can also help you monitor your business's performance.
- Market your business: Once you've set up your business, you'll need to market it to attract customers. This could include advertising, social media marketing, or networking with other businesses.
Starting a business in Australia can be complex, so it's a good idea to seek professional advice from an experienced coach/mentor, lawyer, accountant, or business advisor.
Exploring Self-Employment Workshops include 1. Getting Started; 2. Business Idea Generation and Validation; 3. Start-Up Essentials; 4. Going Digital; 5. Branding and Marketing facilitated face to face and online.
Recording and links - Exploring Self-Employment Course Topic 1: Getting Started
Thanks for registering for the session and here is the link to the recording:
If you are based outside of the Barossa Valley, Clare Valley, Mid-North and Yorke Peninsula in South Australia you can find a Self-Employment Assistance provider near you.
There are 23 Entrepreneurship Facilitators around Australia so please see if there is one near you with free support:
Australian Entrepreneurs Alliance - Entrepreneurship Facilitators - Events (all free - face to face and online around the country)
If you are in South Australia then you can connect with Switch Start Scale where many free events are run in Adelaide as well as online.
Sea to Valley Startups can provide free coaching and mentoring, business advice, get stuff done sessions, training, development and events. This Thursday night 23.2.23 from 5.30 - 7.30 pm you are invited to Get Ready for 2023 across the Yorke Peninsula at Copper Trails Bike Hire 40 George St Moonta, SA 5558.
To connect into the South Australian ecosystem for entrepreneurs, startups and small business please check out this link.
When it comes to ABN registration (which is always free) visit: https://business.gov.au/registrations/register-for-an-australian-business-number-abn
For business name registration go to: https://asic.gov.au/for-business/registering-a-business-name/
Gaining quotes for insurance check out:
Biz Cover - apply code SEA99 for $25 discount
Di Brennan from DCB Insurance Services Pty Ltd is base in Port Pirie, SA
When you get quotes it would be great to see what prices come back for you and please feel free to share feedback on who is cost competitive, provides good service etc.
This was the first session in a series of workshops for the course so please make sure that you have registered for all of the workshops by reading through this blog post and I'll see you online, thanks.
If you would like to become a Sea to Valley Startups client and you are based in the region, you can book a time to develop a business plan, and email Abbie via admin@seatovalleystartups.com.au asking for the forms you need to complete to register.
Recording of Exploring Self-Employment Course Topic 2: Business Idea & Validation
Thanks for registering for today's session and here is the link to the recording:
Also, upcoming sessions and events:
https://seatovalleystartups.com.au/events/
And if you are interested in recorded webinars including topics like LinkedIn, please check out these topics:
https://www.switchstartscale.com.au/webinar-recordings/
If you are based in regional SA and would like to join Self-Employment Assistance, the first next step is to book a time to work on your business plan so please follow this link:
https://calendly.com/seatovalleystartups/business-plan-development?month=2023-02
Recording of Exploring Self-Employment Course Topic 3: Start-Up Essentials
Thanks for registering for today's session and here is the link to the recording:
Please review and check that you are registered for upcoming sessions here:
https://seatovalleystartups.com.au/events/
Exploring Self-Employment Course Topic 4: Going Digital
Exploring Self-Employment Course Topic 5: Branding and Marketing
Branding and Marketing recording
Draft your Business Plan for 2023-24