Top Tips for Starting Your Own Business

Posted on 06 October 2011

We often see people with great ideas wanting to go into business for themselves but are overwhelmed by the enormity of the step into self-employment. Whilst we are here to guide you through the legal aspects of your business, below is a list of practical tips which may see you survive your first year with a smile until your business is up and running, paying you a salary and the figures are appearing on the correct side of the balance sheet.

  • Save diligently in the time prior to going out on your own
  • Pay utilities or other regular outgoings in advance so that they are one less expense you have to worry about during the start up period of limited income, if any
  • Keep your day job as long as you can through the set up period to enable you to still earn a salary as you may not earn a wage during the first 12 months
  • Take on a part-time job which allows you some time flexibility to focus on your new business but also brings in some income
  • Check with your home loan lender and know what re-draw facility you may have available
  • Search out the best deals on the expenses for your new business
  • File your GST returns by the due date. Expenses in the early months will most likely outweigh the income so you may be due a refund
  • Keep good lines of communication with your clients open and ensure they are paying on time for the goods or service you are providing. As a small business it is difficult to deal with overdue accounts or long payment periods. Follow up deliveries or service with a call to ensure they have the invoice and understand your terms for payment.

It’s all in the planning and if you fail to plan, you plan to fail. If you have a desire to start your own business, take the time to get professional legal and commercial advice prior to setting out on the road to independence. Our Commercial Lawyers can assist you on your new path to financial freedom and help your business avoid meeting with unwanted legal issues.