Things To Consider Before Starting Your Own Company

It’s quite a hectic, ruthless and competitive world out there, but if you’re truly considering starting a business of your own, first and foremost you’ve got to convince yourself that you’re into that idea 100% and willing to work for it with complete and utter dedication, otherwise it will all probably just be in vain.

Once you figure out what your main goal is, save yourself countless hours of speaking with accountants, solicitors and other entrepreneurs to figure out what your next steps are and simply read these helpful guidelines to clarify the process of starting your own company. Before you know it, you’ll be well on your way to becoming your own boss…

It’s all in the name

As superficial as it may seem, people (your potential clients)will always link any company’s name with the quality of its product/service,should it coincide with the general demand and spark interest to begin with. Your name is your signature, your personal stamp, so be clever and choose one that will be available for trademark and Internet domain name.

Failure to properly register your name can put your business at risk and all your efforts could go down the drain. Check everything online or at the authorized institutions to figure out what is most convenient for you. Also, bear in mind that even if someone could have used the name you opt to use now, there is a chance that those businesses are long gone, or never filed a trademark.

Know your rights

It’s easy to neglect this side of the whole story and even be totally oblivious about it, but understanding the law is paramount, especially when you’re building your own economic empire. You have to know your rights, to know what you can and can’t do, what regulations you need to follow, licenses to obtain and taxes to pay in order to get things functioning properly.

By all means, do some research on your own, but it’s extremely recommended that you consult yourself with a lawyer and accountant to get all the necessary factors in compliance with the law. In short, it’s required of you to:

• Ensure you are charging the correct amount of tax for your service or product that your business is promoting, if applicable and;
• Obtain all of the proper licenses needed to run your new business, at a minimum.

Set your company’s structure

One final piece of advice before you consider choosing your company formation style (process of incorporation of a business), you may want to analyze the four main business structures of Australia and all their advantages and disadvantages.

This is what will help you set your own path, a direction you want to head in, in terms of accounting and legal and financial planning. Once you get this step done, you can consider yourself to be a fully fledged businessman/woman.

Financial and mental preparation

Developing a business plan is hard work, but the person you should take into account in this whole pursuit of success is, well, you! Calculate your living costs, your rent, health insurance, mortgages, in order to cut out those unwanted extra expenses. Have some flexibility in your budget, there are moments when unexpected outlays will come and, also, if necessity demands it, maybe find a part-time job on the side to get things running more smoothly.

Remember, this is no mere feat, it calls for courage, wit and diligence to get things done. The first few years are the hardest, building a foundation will drain you of your free time and leisure, but should you persevere through all the trials and tribulations, you’ll thank yourself immensely one day, no two ways about it.