Setting Up A New Small Business

Setting Up A New Small Business

Any new small business venture is a gutsy move.

This is especially so in uncertain financial times.

You need to have a clearly articulated vision and some goals. You also need to do your research properly beforehand.

Having a clear and written business and marketing plan will also be an enormous help.

And then you should also consult some key professional advisors beforehand.

By then you may stand a better than average chance of achieving your dream successfully from day one.

By key professionals I am talking about a few key persons. These will be your partners throughout the growth of your future business venture.

The first one is a good business banking manager. Someone who you can sit down with and talk through your business plans openly.

Next you need to find an accountant that deals with setting up your new small business of your size.

Setting Up A New Small Business

Setting Up A New Small Business

Speaking of tax, the Australian Taxation Office website has tremendous resources for those setting up your new small business.

Click here  for more information РAustralian Tax Office Business Resources

Finally and not the least important by any stretch you need an experienced small business commercial lawyer.

Setting Up A New Small Business

Paul Ippolito is an experienced business lawyer who also lectures in commercial law.

He can sit down with you and have an open discussion regarding the legal issues that will face your business within the first 12 to 18 months and thereafter.

The legal things that are important in this early stage include;

  1. discussing the right business structure for you
  2. contemplating whether you need a partnership or shareholder agreement
  3. trade marking your business and brand names to protect them
  4. setting up some simple employment contracts
  5. looking at any lease for any new premises
  6. setting up some basic terms and conditions for operating

That way you will look and more importantly be professional from day one of your small business.

A good banker, accountant and small business commercial lawyer will be part of your business life from day one and from thereon.

So getting the right people on board early on is a critical step when setting up your new small business.

Setting Up A Small Business

Speaking of the right business structure if you click below you can read an article I have written about legal business structures.

Click Here

Call us today on 9528 0235 for an obligation free discussion regarding your small business concept.

You can see us at either our Crows Nest office or else come to Jannali.

Paul Ippolito is Principal of Ippolito Lawyers. He is an experienced commercial lawyer who enjoys working with small business owners, both new and established ones. Paul has also lectured for nearly a decade in commercial and corporate law at the NSW College Of Law. 

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