At The Alliance Group, we are big supporters of businesses at any level and any size. We understand that creating and nurturing a new business can be difficult, which is why we have collated some tips and steps to help put you on the front foot. From what to do before you even talk to us, to choosing the best loan for your start-up business, see below for a quick guide to get you started:
Where do I start?
Before you can even think about money or setting up office, you need to build a foundation for your business. The first thing is to create a business plan. This involves looking at your strategic vision, the details on how to make this happen, identifying any weaknesses in your ideas, and making changes to suit the competitive landscape today. Use this throughout the life of your business, with room for flexibility and change when needed. A financial plan that looks at all the costs and forecasts financial flow is also important at this point, but we will discuss this further below.
Funding your business
There are many costs associated with a business, both during start-up and many years into the future. Costs can cover everything from fees for registrations and permits, assistance from third parties and setting up shop to technology needed, marketing, paying for your premises and staff costs.
Before getting a start-up business loan, you need to calculate set-up costs and forecast your profit and loss. Having some estimations in place will give you an idea of the money you need to start the business, as well as how you can pay it off and when you will be at a point where you can run the business on the incoming cash flow. Try to have this in hand before applying for a start-up business loan, but remember that whoever finances you will also have a wealth of knowledge to assist you in choosing the appropriate option for your needs.
Setting up your business
There are a number of things you must do to ensure you operate a profitable, legal business. Some of these include:
- Register your business in each state you will be trading in
- If your business is a company, register with ASIC. If it is a partnership, create a formal agreement as well as a buy-sell agreement
- Register for an ABN
- Register for GST and PAYG if applicable
- Check with your local government if you need any licenses or permits
- Register your website domain name
- Review your will and insurance to ensure if you cannot work or pass away your business transitions appropriately
- Choose a premises and negotiate lease or purchase with a solicitor
- Arrange insurance and utilities for the business
- Organise fitout and purchase of relevant equipment and office supplies
The above may not all be applicable to your business, or you may have some more steps to cover, but these offer a great starting point for most new businesses. Use this as a checklist to make sure you have everything “ticked off”!
Starting a business requires a lot of planning and expert help to get success. Partnering with a trusted financial provider can be the first step to a good return on investment, so why not join The Alliance Group? With offices in Brisbane, the Gold Coast and Ipswich and Toowoomba, our team have the skills and know-how to help you turn your start-up into a thriving business. Contact us today to organise a consultation or for any further questions about our start-up business loans.