Starting an online business is not a quick and easy task. It takes time, planning and dedication to ensure that you don’t waste your efforts by making avoidable mistakes. Before you get going, you need to know what is involved so that you don’t waste your time and money. To help you out, here are four steps that you can follow that will help you set up your own online business in Australia.
Decide on a Business Structure
Before you even think about starting up a business, you need to understand the difference between incorporating as a Pty Ltd company and using a business name. Lots of free resources are available that can help you understand the pros and cons of each option.
If you plan to use your own name as the business name or through the business, any customer can sue your personal assets if they are unsatisfied with the service. If you can afford to set up a Pty Ltd company, it can be a good way for protecting your personal assets. In this case, any judgment would be limited to the company’s assets; your personal ones would be protected. Set up a Pty Ltd company as soon as possible. It may be more effective than spending all your money on costly insurance policies, which cover losses (depending on what services you’re offering).
Build Your Website
Starting an online business costs money. You need website designers and developers. You need search engine optimization providers and other specialists. You need these people to help you make a reputable online presence for your business. You cannot save money by scrimping on costs and trying to do it all yourself; it will affect your business, website, growth and sales. Professional websites can convince customers that you’re selling legitimate goods or services. Do your research and ensure that the services you buy are from reputable companies. It is difficult and expensive to sue an overseas company or provider if things go wrong.
Unfortunately, a lot of online business owners have learned the hard way that some companies aren’t honest. To make sure you don’t make the same mistake, you need to be sure you have tight agreements in place with your service providers. They include clear timelines for delivery, payment for each phase of the project, and ownership of the website and the code after finalisation.
Get Compliant
To obtain a merchant account with the banks, you need to have terms that conform to consumer law, and you need to have a privacy policy that ensures you do not receive a fine from the Australian privacy commissioner if you are collecting email addresses and other personal details.
It makes no sense to spend the time and money trying to copy other businesses’ terms, as you are violating copyright law. There are inexpensive template options available that make it crazy to spend all the time drafting your own contract.
Set Up Your Systems
You need to have good systems in place to manage your finances and make your life easier. You also need to offer your customers secure and convenient payment methods. When you suddenly find that your business has taken off, you will realize how important it was to have these systems in place early on so that they can grow with your business.
Xero is a great accounting package for your invoices and accounting purposes. It can reduce the costs of hiring a business accountant by allowing you to do your own bookkeeping, and it can also reduce the workload of your business accountant as many accountants also use this service.
Conclusion
If you’re looking for business tips that will help you start your own business, then you’ve come to the right place. Brawler’s Guide is a resource hub for big thinkers and big doers. If you’re an ambitious upstart, an entrepreneur with a dream, someone who is taking the steps that so few people do visit our website today!