Are you ready to start your new business?

Our guide to start a new business includes three videos, each covering 4 steps. As you’ve just seen in video #3, it’s important to protect yourself and your business from the start. Some things you’ll need to consider are:

1. Legal & Risk

• If you’re employing staff, ensure you understand your obligations – this includes understanding fair trading laws and contracts
• You might like to consider engaging a HR Specialist for some advice

2. Insurance & WHS

• Take the necessary steps to protect your business
• Establish a Workplace Health & Safety Plan
• Ensure you have adequate Insurance and Public Liability Cover
• Be prepared for the unexpected
• Ensure your Intellectual Property is protected
• Take the appropriate Cyber Security measures

3. Tax Obligations

• Don’t let Tax time sneak up on you
• Ensure your record keeping is in order
• Learn how to lodge and pay Tax
• If you’re unsure, turn to your Accountant for some help

4. Operations

• Research and select key suppliers
• Keep an eye on the market, and on top talent (learn how to hire employees if needed) 
• Work your networks to market your business and consider engaging a marketing professional

While the process of starting a new business doesn’t happen overnight, the outcome can be truly life changing. It may seem like there are a lot of boxes to tick, but we recommend spending some time building up your support group and trusted Advisors so you’re not necessarily having to tick all of those boxes on your own.

Whether you’re ready to get started, or if you’ve already started the process and would like some business advice, please don’t hesitate to get in touch with the Lemonade Beach team. Our experience in both Accounting and in Business spans over two decades, and we’d love to join you on this exciting journey.

Which stage are you at?