Starting a Business? Read This Before You Start

Joseph posted 3 months ago

Congratulations on deciding to start a business. It is a fantastic journey.

Before you begin operating, there are a number of things you need to know to get setup right.

1. Check your desired name is available.
This includes for social profiles, business name, domain name and trademarks.

2. Apply for an ABN
You need to register your Australian Business Number with the government. At the same time you should register an AUSkey so you can manage your business registrations online.

3. Check for trade licences
Check the Australian business licence and information service (ABLIS) website if you need to have any specific trade licences to be compliant when operating.

4. Apply for a Business Name
A Business Name is the name your business operates under. You should be able to register your Business Name at the same time as the ABN

5. Protect your IP
If you have intellectual property that you wish to protect then you should register for any necessary patents, trademarks and design rights.

6. Set up Insurance Policies
There are dozens of policies that you can buy to protect specific areas of your business. These policies include: Professional liability, Income protection, Product liability, Life insurance, Public liability, Stock insurance, Key person, Motor vehicle and theft.

7. Safeguard Legal Business Documents
When you register your business, you will have a number of documents that go with the registrations. It is important to store these documents where they will not get ruined by damage or theft.

Once you have completed all these steps then you are in a good position to operate your business safe and securely. I have covered these steps in greater detail on the blog.

Do you have any further questions about starting your business? Let us know what you think.

John D
John D 3 months ago
That is an excellent checklist for starting up a business. Even if you are not in Australia, you should follow these steps in your country as they are mostly relevant worldwide.
Elle 3 months ago
Great guide.
I had issues with domain names in the past, I created a business name, no other business had the name, but my domain was taken. I made the mistake of paying all the fees without doing prior research so had to change my business name as i didnt want to compete and couldnt afford to pay the price to buy the domain. They wanted $45,000!!
Write a Reply.

Log in to Join the Conversation

Or create a free Lemodus account now.