Okay, so it’s decided, we’re going to start a new company. Had the talks, thrown around some plans, gotten excited and yes we’re really going to do this.
So now what?
Well, you to a few key things before you get moving to put the wheels of your new venture on the ground.
1./ Decide on the structure of your business
Now this is a big one. Do you go for a sole trader, a company, a partnership or a trust? There is quite a few variables that come into play. And I advise you to seek some counsel on the matter (you can look up some of the benefits of each here) as an article on the web cannot understand your situation.
Getting it wrong can be incredibly costly and inconvenient down the road.
So it really is worth spending some time up front to decide which vehicle is going to protect you, your assets and your business as you go forward. If you do not have an accountant and want some advice here please give us a call and we can organise one for you.
2./ Choose a name
The fun part…sometimes.
When choosing your name what do you want your name to say to people? Do you want them to immediately understand what you do? Do you want to build a brand? Do you want to create interest?
I suggest writing out as many possible variations and ideas as possible, strive for 100. Go for the obvious ones such as Jim’s Mowing – no guessing what they do, try quirky catchy names such as Google (no one knew what that was pre Google…).
They are 2 different approaches that depending on what you are doing will perhaps make you lean towards a) the obvious or b) the unique.
3:/ Check if your name is available
Tick, we’ve got the name….
Wo, hold on for one second there, let’s make sure that name is definitely available. You can go here to https://connectonline.asic.gov.au/RegistrySearch and take a look and firstly see if the name is taken or available.
Now WARNING, even if the name is showing available there is one critical mistake many business owners make. What is that? Well, they register the name before checking to see if the domain name is available.
I hate to tell you but with my other business (a web marketing company) we have people spend tens of thousands of dollars on setup, design and marketing to then come to us and discover the domain name is not available. That hurts!
So make sure your domain is available. Nothing worse than having to compromise on a domain name or business name when if you just spend 5 minutes checking up front.
Once you have done all that, it’s time to get onto setting up your new business.