If you have had enough of the rat race and going to work is no longer the pleasure it once was, this might be the perfect time to set up your own small business. Many ahead of you now enjoy the freedom and independence that comes with being your own boss; indeed, the growing number of digital nomads shows the opportunities there are and what’s not to like about working online?
If you have a trade or profession, it makes sense to stay within that field, unless you have zero passion, in which case, you should look at other options.
Here are a few ideas:
- Household service
- Food & beverage
It is important to have a firm concept in mind, to give the business an identity and you can create a brand that people identify with.
If you are looking for a business start-up loan, check out https://www.universalfinance-difficultloanspecialistsadelaide.com.au/services/unsecured-business-loans-finance-lenders-loan, a leading commercial lender with all the solutions. You need to calculate the cost of setting up and launching the enterprise and have access to that amount of money; failing to plan for the future could see you run out of cash.
Of course, you must register the business with the federal and local government, which is pretty straightforward and can be done online. There are many ways to register a business; sole trader, partnership, limited company or even corporation; discuss the options with a business lawyer and receive the best advice. These are necessary steps and hiring a local business lawyer is the way to go, as this ensures compliance across the board.
Protecting the business
The business owner should minimise risk by taking out the right insurance. Public liability insurance is the minimum, while stock, equipment and assets should be insured, as should company vehicles and business premises. There are many liabilities placed on employers and you have certain responsibilities; what would you do if a worker suffered a bad accident and filed a lawsuit, claiming hundreds of thousands of dollars for their injury? You can take out insurance to protect you from lawsuits and we recommend taking out suitable insurance; search online for a business insurance broker and they will list policies that you might need.
Marketing & sales
This is the most important aspect of any company, without sales, there is no business and the smart entrepreneur invests in digital marketing, setting aside a monthly budget for SEO and some social media attention.
Infographic provided by Donnelley Financial Solutions, M&A solutions