This month out Start Up Series visits our Start Up Business Checklist. Seeing your idea develop into a functioning business can be exciting. At Rubiix we understand the necessary considerations one needs to take, to allow their dream to unfold. Earlier this year Yahoo7 Finance reported that a third of new businesses close within three years. To help avoid this closure risk, successful startup entrepreneurs need decent actionable information. Fortunately (and sometimes unfortunately) there is a heap of information out there. There are many websites with very useful information, many of which are government sites and include checklists for new start-up businesses. Although getting through the mountains of available information can be difficult.
We have pooled together some of the essential topics and useful links, and with it, created a handy checklist for new start up businesses. You can check out our Start Up Business Checklist page here. On our checklist you will find more information and useful links on, and for, the following items;
- Plan: The first step for you to check off is your business plan. You business plan helps you develop your idea and is essential when you start looking for grants, investors and partnerships later on.
- Name & Registrations: To make your idea a business reality you will need to fill in some forms and get a business name. Much of these legalities focus around tax and business requirements.
- Financial: To insure business success you need to make sure that your start up is meeting its financial obligations and keeping good records. Rubiix can help you navigate the tax and accounting requirements. As part of your financial set up you will also need to take into account where the set up and initial funds will come from. If you do not have enough available you will need to source from elsewhere.
- Legal: Depending on what the function of your business is, there will be a selection of business laws and considerations that you will need to take into account and practice by. Some of these will relate to the Fair Trading laws and Australian Competition and Consumer Commission, as well as State and industry specific standards.
- Insurance: Before starting up your business, beginning to offer your service or producing your product, you will need to consider appropriate insurance cover. It is important that you look in to insurance and protect yourself early on, especially in respect to Public liability, Professional Indemnity, Building & Contents Insurance, Interruption Insurance and more.
To check out the links and items on our Start Up Business Checklist page click here. Next month the Rubiix Start Up Series will share tips for success and factors of successful start ups. Look forward to joining you on this journey!
Yahoo7 Article: https://au.finance.yahoo.com/news/the-small-businesses-most-likely-to-fail-232457215.html