As a Coolangatta Business Solicitor, I have worked with many start-up businesses, both big and small.
Below are the 7 steps that will ensure owners of start-up businesses have a greater than average chance of surviving and growing.
1. Surround Yourself with Proven Advisors
You will need a Coolangatta Business Solicitor, an accountant, a bookkeeper, a financial planner, an insurance specialist, a website designer, a social media advisor, and possibly a marketing strategist and business coach.
2. Document Your Business Goals, Objectives, and Projected Cash Flow
Without these, you do not have a clear direction or full knowledge of your business’s financial viability. Remember, business cash is generated internally, borrowed, or invested as equity. Become competent with Excel and create a financial model of your business with your accountant’s help.
3. Protect Your Intellectual Property
This includes patents, trademarks, and designs, among others. Even a logo and the words used to describe your business’s value proposition can be valuable to a future buyer and become synonymous with market presence and profitability.
4. Get the Right Business Structure in Place
Seek accounting, tax, and legal advice from a Coolangatta Business Solicitor before deciding to be a sole trader, a partner, a shareholder, or a trustee. The correct structure limits your personal liability for debts and unforeseen circumstances. Changing your business structure later can be inconvenient and costly, including stamp duty and taxation.
5. Get Agreements Professionally Prepared
These include shareholder agreements, partnership agreements, supplier and staff agreements, franchising and licensing agreements, terms of trade, and purchase and sale agreements. Properly drafted agreements reduce the risk of costly disputes and increased operating costs.
6. Protect Your Income and Wealth
Have your Coolangatta Business Solicitor draft your Enduring Power of Attorney, allowing someone to make financial and lifestyle decisions for you if you become incapacitated. Also, create a will specifying who should inherit your assets, including your business investment. Don’t forget personal and business insurance and superannuation, as these are key to creating and protecting your wealth.
7. Know and Comply with Business Laws
These can be Federal, State, and Local laws. Document how you will comply with them. They include Fair Work, Work Health and Safety, Corporations Act, Australian Consumer Laws, and Taxation, among others. Non-compliance costs for business owners are only set to increase in the future.
Contact Me
Ensure your business thrives with expert legal support. Contact Jim Wilson, an experienced Coolangatta Business Solicitor, at 0415 645121 to discuss how he can assist you in setting up and growing your business successfully.