BUSINESS, OFFICE, HOME OFFICE - HANDY HINTS & TIPS
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Firstly you need to research your business idea to ensure that is is commercially viable.
Put together a Business Plan for your business idea.
Make sure you have the necessary Working Capital or means to finance it.
Decide which business structure best suits your Business Plan -
- Pty. company (incorporated)
- Discretionary or Unit Trust
- Or a combination of some of the above
Consulting with your accountant or a professional business advisor will help you choose what best suits your circumstances.
Importantly your Business Plan should -
- Comply with legal requirements
- Maximise protection of assets
- Minimise tax - including Capital Gains Tax
Consider your management skills - if necessary a course or workshop may need to be taken to ensure you have the necessary skills required.
Some necessary management skills are -
Be Prepared -
- Seek advice and guidance from professionals
- Do Market Research & identify your niche.
- Find out if you require any licences or permits
- Intellectual property - trade marks, copyright..
- Understand you Insurances and Superannuation requirements - Life Insurance : Income Insurance : Commercial Risk : Workers Compensation Insurance cover : Superannuation Guarantee contributions.
- Learn about when you need to Register a Business Name
Links to Government & Other sites for more information
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