How to Start a Business? – What You Need to Know about Starting a Business

Most, if not all people, would like to be their own bosses. It is probably every bloke’s dream to own a business. But what many people do not know is that not everyone can run a business. Yes, we can all have our own businesses but what will make you a successful businessman/woman? When you hear of Billionaires like Carlos Slim, Warren Buffett and Gerry Harvey you should know that they did not make their wealth overnight. It took years of hard work, labor and sweat to be where they are now financially and business-wise. So, if you would like to be the next Warren Buffett, Gerry Harvey or Janet Holmes, then starting your own business is the right step but rather a tough one. You must be prepared to work harder than you have ever worked your entire life.

When starting a small or big business, you should consider several things. First things first, start by doing some research and drawing up a business plan. After that ask yourself the following questions:

1) What structure would suit your preferred business?

The structure of your intended business is very important and so you will need to choose it wisely and carefully as it may affect the manner in which your business tax is applied, your assets protection level, the costs at which you operate and also your relation to other businesses.

2) How is tax affected by franchising?

If you have got a franchise business, then you should know that that kind of business has got its own payment treatments from and also to the franchisor. Also get to know how you apply your CGT.
3) How do you register a business?

It is illegal to run a business that has not been registered. You can opt to register with ASIC.

4) What are the advantages and disadvantages that come with owning a business?

The profits are, with no doubt, rewarding but owning a business is not about opening your business at daybreak and closing at night. At times, you will incur losses and to cover the losses, you will be required to go to your saving. And that is not a guarantee that you will not incur more loses in future.

These are just some of the many questions you should ask yourself before you take that big step. For more questions regarding starting your own business, you can check with the checklist on starting your business that has been provided by the Australian government. The checklist will help you understand everything you need to know before you decide to start your business, when in the process of starting, when you need to purchase stock for your business and also what to do when running your now formed business.

Just know that giving up is not one of your options and be prepared to surrender time you use as your leisure time for the success of your business. As James Packer once put it "in our different businesses, we have to move at a speed of a hundred miles per hour"

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