Guide To Start The Business With Negligible Capital
A capital amount or investment becomes a great deal when it comes to setting up a new business or beginning a startup.
Many individuals have got their ideas for a startup or a small scale business but the obstacle lies in arranging the adequate funds or investment or even the capital amount required in setting up the same.
Off lately government of Australia have begun supporting startup businesses and has helped in boosting small-scale businesses.
The startup questionnaire list
Pre-commencement of the business:
- Knowing the source for adequate support and advice for the business
- Awareness of the fact that the business is a passion or a pastime
- Business-related conferences, meetups or other network related events nearby
- Planning for the business
- Thorough study of the marketing and practical business plans
- Plans with regard to social media reach, export or import if necessary, emergent codes, as well as a takeover or merger plans.
- Plans with regard to finances as well as accounts for the same
- Appropriate business structure suiting the business
- Deciding whether the business is a partnership or a proprietorship
At this juncture the business has not commenced or run yet, hence, there exists no such capital investment at this point. But an export and import license can cost up to an approximate of AUS $40, social media shall not cost a penny but a website for the business can approximately cost AUS $300. Hence, these are some of the minimal expenses which are occurred for setting up a new business entity or enterprise.
The running phase
- The requirement of an Australian Business Number or ABN or the famous GST, also known as the goods and services taxes for filing and claiming tax deductions for the business and run the business legally.
- The requirement of a copyright or patent or a trademark for the protection of the intellectual properties.
- Infrastructure for the business, that is an office or commercial space for the operation or selecting the home or the same.
- Understanding the taxation or tax brackets which one may come under with the business.
- Fulfilling all legal formalities for the business.
- Knowledge of business ethics and the associated code of conduct.
- Accounting and finances.
- Business insurance.
- Having adequate human resource personnel for employing resources.
- Products and services to be offered.
At this juncture or phase of the business, the major part of investment can be the salaries of people to be hired. Trademark is a feasible source at AUS $200. Business insurance might be necessary for the businesses having an infrastructure for themselves and not the ones operating from home. As also an approximate fee of AUS $500 for acquiring an ABN and GST number.
Hence, a tentative saving of AUS $2000 can actually help in setting or kick-starting a new and small business. As also new entrepreneurs need to have sufficient market research about rivals or competitors and also of the fact whether their products and services shall work in the market.