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Have you got a brilliant business idea but just don’t know where to start? Don’t stress, we’ve got all of the main points you need to know covered.

It’s easy to become swept up in the excitement of becoming a small business owner, but it is essential that you have all the practical and legal steps covered to avoid your dream business success turning into an expensive nightmare. Here are some of the main things you should consider.

Create a solid concept

Potential entrepreneurs should first think of a concept, product or service to form the basis of their business. Most importantly, you need to figure out how your concept can be used to generate as much income as possible, whilst also being sustainable. Try to conceive a plan that makes the best use of your knowledge, experience and expertise so you can reach your full potential.

Follow the rules

You will need to know and understand the rules relating to your business idea before you get started. You should ask questions like – What professional or insurance requirements apply to me? Will Customs allow me to import stock? Am I allowed to operate a business from my property? Also, all businesses are subject to tax, employment and workplace safety laws. It is recommended that you seek legal advice for these matters to ensure compliance and to avoid facing penalties.

Choose the right structure

Deciding on your business structure is an important initial step. The four main types are: sole trader, partnership, company and trust. Each type is different in relation to taxation, licencing, costs, personal liability, and your level of control in the business. Ask yourself questions such as – How much do I expect the business to grow? How can I protect my personal assets? How will I deal with customers and suppliers? It may be beneficial to get legal advice to determine the best structure for your needs. This could avoid you needing to file for bankruptcy if all goes wrong!

Protect your brand

Branding is an important aspect of any business. Make sure you take all the necessary steps to protect your brand. A good starting point is to register your business name, domain name and social media accounts – but there is much more to be done! Trademark registration is an effective way to enforce your rights as a commercial brand owner. To register, your business or product name must be easily distinguishable from others – so be original! Copyright protection is given to the authors of original works automatically, but it is more complicated and expensive to enforce than trademark rights. Lastly, it may also be necessary for you to register patents or designs. Do this before you share your ideas with others to prevent copycats!

Cover the legalities

Finally, make sure your business is covered when it comes to the legal nitty gritty. It is important that your website has a privacy policy and a complete set of terms and conditions. Ask yourself questions like – How can I limit my liability under the consumer law? How do I want to deal with returns and complaints? How can I reduce the risk of fraud? Also, make sure you don’t make any misleading statements on your website or marketing material to avoid potential legal penalties.

You will now have a good grasp of the main steps for starting a new business, but this is just where it begins. Each and every business is different and faces its own unique set of obstacles. It is therefore highly advised that you do your own research and seek advice from a professional to best equip your business for success.

Have you started your own business and have some advice too? SHARE it below!

Image source Shutterstock.

  • Very informative article, wise and helpful.

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  • All great tips. I run my own business – I’m a sole trader who works from home. I’m very lucky though to work with the contacts that I had when I was in full-time paid office employment, so mine is a very simple arrangement. Discipline and motivation are key.

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  • Great article and tips!

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  • Great article with lots of helpful tips and it’s a good checklist for those of us that have started a business to check off against every so often to make sure we are still doing things the way we set out

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  • I’ve no desire to start my own business. However my husband started his own business part time in February and per September this month he started full time and thank God it goes really well !

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  • I believe there are government agencies that can also help to get you started. I think it’s something called Business Enterprise.

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  • Thank you. Ive been looking at starting my own business but didnt know where to start. This has given me a lot of starting points.

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  • Easier said then done though. I have my little online hobby business of creating personalised items for people, but its so hard to do everything and get people to notice you :/

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  • Thank you I’d just finished my business plan before having bubs, 5mths now, time to start putting things into action

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  • Thanks for your tips,don’t have my own business but you never know!


    • Very true – you never know, if it will be an option down the line.

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  • Thanks for the business tips – will file for future reference.

    Reply

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