A checklist for starting a small business in Melbourne

Checklist for Starting a Small Business

Start / June 6, 2016

You need a unique selling point (USP). It’s important that you define what makes your business different to the competition. Try to sum it up in two sentences – and memorize it. You'll use it every time you pitch to investors and potential customers

  • Find a business mentor

Whether it's a business advisor or a financial guru, find someone who will give you honest feedback about your business. Contact Small Business Associations or Small Business Development Centers.

  • Create a business plan
  • Register web domains and trademarks

You'll need a website, so check for suitable domain names and register them. Think about trademarks too – talk to your lawyer about this.

  • Set up your business structure

Choose a legal structure that works best for you. An accountant can help you here.

  • Ensure that your business will eventually be profitable

Can you make a profit from your business? Use accounting software to run profit and loss forecasts. Ask an accountant or financial advisor for their opinion.

  • Set up a business bank account

Don't use your personal account, even if you're just starting out. It’s always wise to keep your business finances separate. A credit card and PayPal account could be useful too.

  • Arrange business insurance

Even the smallest companies need insurance. Talk to a broker to find the best package for you.

  • Register for taxes

Organize tax IDs and register with the tax office. It’s best to get this paperwork done right at the start.

  • List the items that can be tax deductible expenses

Office rent, equipment costs, internet costs – all of these may be offset against tax so make sure you talk to your accountant.

  • Create your website

Use the website domain name you've already registered if possible. Services like Squarespace, Wordpress, Moonfruit and

Source: www.xero.com