10 absolute basics when starting a business

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10 absolute basics when starting a business

Is 2013 the year you finally put your business idea into action? Here are 10 absolute basics to think about over the weekend.

We spotted this list of 10 things people starting their own business should think about and thought we would share it with you.

It's the absolute basics, and no doubt many of you already be across most of them. Still, it never hurts to go back to basics.

The list comes from the Small Business Support Line via the business.gov.au site. A number of these tips might also be relevant if you run an established small business.

Here is the top 10 (as quoted from the business.gov.au website):
 
  1. Is this a great idea? Research as many aspects of your business as you can before you start it – for example; is there a market for your product/service? Who are your competitors? Do you have the financial capacity to start a business?
  2. Have 20/20 vision - your vision statement, included in your business plan, should be a solid basis for all your business activities
  3. What’s in a name? A good business name not only identifies you to your customers, but has the potential to make you stand out from your competitors
  4. Licence and registration please - don’t get caught out by not having the right licences and permits for your business activities
  5. Own your product rights – do you have a great business name? Or perhaps a unique design or patent? Protect your intellectual property (IP) rights by registering for the right IP
  6. Assurance by insurance - businesses deal with risk on a daily basis. Insurance is vital to guard you against events that may not be within your control
  7. Advertising on the cheap - there are many ways to market your business, regardless of your financial budget. Ensure that your advertising efforts are rewarded by doing research on your market
  8. Tax tips for small business - new to business and tax? The Australian Taxation Office  (ATO) has a guide to help educate you on your taxation obligations
  9. Social media is the new black - with the rise of technology in the workplace, having an online presence is becoming more and more important. The Digital Business  website has information on creating a social media profile for your business
  10. Seek help when you need it - running a small business can sometimes make you feel isolated. Find your nearest advisor using the Advisor Finder tool.
 
The Support Line also has this how-to guide for starting a business which covers a range of topics including taxation obligations, promotion tips, IP, legal requirements and employee entitlements. 
 
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