Considering starting a new Warrnambool business? Read this first

Posted on 20/08/2019 by Leigh Marris in Tax & Business Advice
Leigh Marris
Leigh Marris is an Accounting and Taxation Principal in the Sinclair Wilson Warrnambool office. Leigh has been involved in providing a diverse range of services such as compliance, superannuation and...

Starting a new business in a busy, growing area like Warrnambool – it’s an exciting prospect; you can be your own boss… shape your own destiny… have your own ‘skin’ in the operation, so to speak.

But there is a lot more to think about and organise – and some of it (okay… a lot of it) may not be quite as exciting as the initial thoughts.

Before you even begin to plan your new business, you need to face the reality that small business ownership will require you to:

  • Make difficult decisions
  • Work long hours
  • Face financial constraints
  • Lose sleep
  • Confront failure

If you’ve already considered these realities – and are still more excited by the prospect of what you can achieve than you are scared of what realities you’ll be facing, then you are ready for the the next four crucial steps towards making your dream a reality. We’ve outlined them below:

1.   Do your Research

If you’re not frightened off by the prospect of losing sleep, making hard decisions and long hours setting up your new business, AND you’re sure you have the drive to make the idea work, it’s time to start speaking with others who have done this before.

Experience is the best teacher – and if you don’t have any, seek out those who do. There is certain to be parts of the process that you can’t read about on a blog, that only the people who have worked at the coalface will think to tell you – and can share with you in layman’s terms.

That’s not all the research you should do though. Starting a new business is a complex process with many moving parts. So many, that it can be easy to lose track of them, or not realise they are even there!

Things to consider will be:

  • Deciding on your business structure and type
  • Applying for an Australian Business Number (ABN)
  • Registering your business name and trademark
  • Protecting your intellectual property
  • Understand the appropriate standards and codes of practice
  • Set up record- and account-keeping processes
  • Register a website name
  • Work out what taxes you need to register for
  • Find out the registration processes and licences you need
  • Consider your insurance needs
  • Buy or lease business premises

Sound daunting? Not to us.

This is something Sinclair Wilson’s Business Advisors are proficient in – we won’t say starting a new business is something that people do every day, but we help our clients do it a lot.

We can help make sure you don’t miss these details when you’re preparing to set up your new operation.

2.   Get a Business Plan

Now is not the time to, (to paraphrase a legendary AFL Football coach), ‘not think, just do’. An essential ingredient of any new business venture is a Business Plan. This is when you really do need to think before you do.

Not only will a Business Plan provide you with clarity and ensure you’ve thought about essential elements of running a business – but it’s also vital to secure finance for your business.

Here is where a Business Advisor becomes essential. Someone who knows the ins and outs, the finance formulas, the equations, the hurdles, the sticking points and the launching pads.

If you don’t yet have a Business Plan, you will pretty-much need to back to the start.

Sinclair Wilson has a large team of highly experienced, well-credentialed business advisors, who have helped many people effectively plan, and get businesses off the ground – and in a diverse range of industries and enterprises, too.

Talk to us about getting your plan on paper.

3.   Who will be doing all the work?

If you intend to hire people, you will also need to be familiar with the relevant labour laws, superannuation rules, work health and safety obligations and tax laws. Information about pay and conditions is available from the Fair Work Ombudsman website. You will also need workers’ compensation and public liability insurance.

Once again, Sinclair Wilson has a team of people whose job is to be experts in these areas. Talk to your Business Advisor when you catch up about the Business Plan – they’ll make sure you know everything you need to – including who amongst our team will be the specialist best-suited to your plans.

4. Don’t panic

Yes, there is a lot to take in. And then there is a lot to do. But people wouldn’t do it if it wasn’t worth it.

So let us help you to do it, too.

We love working with people to ensure their dreams of owning their own business can become a reality – it’s one of the most rewarding parts of our profession.

So there’s no need to panic about the magnitude and complexity of what lies ahead (well… not yet, anyway!).

A much better way to spend your energy is getting in touch with us so you know you are going about this exciting, challenging, rewarding, scary, brave and momentous step with the right people helping you.

The next step from here? Contact us.

Talk soon!