VNM Small Business Magazine Issue 023

Page 10



Congratulations. You have finally decided to fulfil your lifelong dream and soon enough you will be on your way to becoming a successful entrepreneur. But first, there are a few things you should keep in mind. The most important step in the process is to have an outline of everything you could possibly need. Start by writing out a plan that includes potential business names, your budget, your vision, and any other key information about your small business. Once you have a plan in place the fun will begin! Remember, these next few steps can be quite tedious so try to make the most out of each step in the process. After endless debates on a business name, pick your favourite one and make sure to apply for an Australian Business Number (ABN). Registering your business name and trade mark will ensure no one will copy your idea. It will also help you look a lot more reliable and trustworthy to future clients. During this process, it is also important you set up social media pages. Whether that be a page on Facebook, a website through WordPress, or a Twitter account, the more activity on social media to promote your company the more likely you are to bring in consumers. The next most important thing is to consider what type of business you are creating. Some businesses need particular licenses to run. If this applies to you, you may want to consider applying for a license as quickly as possible so your journey to entrepreneurship can run a lot smoother. After all licenses and ABN’s are set in stone, you will need to consider whether this small business is something that can be distributed from the comfort of your own home or whether you will need to rent out a vnm magazine 010 small place.

It is important to note that having a home-business can affect how many expenses you can claim on tax. You will need to contact the Australian Taxation Office to discuss all your tax related matters. If you are leasing out a property for the purpose of your business, you need to be aware of the leasing laws before signing any documentation. See here au/advisory-services for all relevant information regarding business laws. Now we are aware that some of you may be working solo, but those who plan to hire an employee must be aware of any superannuation fees and information about their pay from the Fair Work Ombudsman website. We understand that these steps can seem overwhelming, but keep in mind that once you have the challenging steps completed, the rest follow smoothly. Once you have all the back-end aspects of a company sorted, you can begin promoting your business through social media. Note that having a professionally designed logo is known to be more appealing to customers. You can find a number of illustrators throughout your city by a simple search on social media. After you have set up each communication platform for your business, you may begin advertising.