Are you sick of the 9am to 5pm grind? Is your boss driving you crazy? Are you sick of commuting to the city? If you’ve ever flirted with the idea of setting up a business in Lane Cove, we have some practical tips on how to set up a home based business.
It’s important to have a good business plan in place and funding before you take the giant leap of starting your own business. The first thing you need to do is to decide whether you are going to be a sole trader or incorporate a company. The first person to speak to is your accountant. If you do not have an accountant then speak to MAM Advisory Group. They will also be able to help you decide which bookkeeping system you should use.
Here are a few practical tips for you:
Tip 1 – Secure Your Name
Many people think all they need to do is come up with a killer business name and you’re ready to go. It’s not that simple – you must conduct searches to ascertain if your business name is available, that it is not trade marked, and you can secure the social media sites for your chosen name.
Always check the following websites:
This will show you if a business name is available.
You may not want to register a trademark but you do not want to infringe a registered trade mark. Registering a business name will not protect you against trademark infringement. Never use a business name that is trademarked.
Always start a small business as if you will have an online presence. It’s important to check that you can use your name on all the main social media platforms.
Tip 2 – Business Premises
When starting a business, renting a store-front or office may not be financially viable. Of course, some businesses need a store-front (cafe etc). If you are leasing premises make sure you have the lease reviewed by a solicitor. ITC recommends you speak to a local lawyer. Our list of local lawyers can be found here.
Tip 3 – Running a Business From Home
Running a business from home presents a few issues. If you have stock, your house can soon become crowded with boxes. A good alternative to hiring premises is to rent a storage facility from Storage King Lane Cove. Many businesses actually run their business out of their storage facility. It’s the distribution centre you have when you don’t want to lease a distribution centre.
If you operate from home, it can be difficult to accept courier deliveries. Courier drivers seem to have this ability to know when you’re not home and try to deliver. You can rent a 24/7 mailbox from MBE Lane Cove. Another advantage of renting a mailbox from MBE Lane Cove is that you have a street address. Some suppliers will not deliver to home addresses or even set up an account with someone who operates from home or who only has a post box address.
Tip 4 – Get Help
When you run a business you can sometimes get bogged down in the smaller tasks. You are working in the business and not on the business. It’s also important that you look professional. If putting together presentations, word documents or price lists is not your forte – use a virtual assistant. VA’s do the work in half the time that you would do it and it looks professional. You can find out about Leanne Clout, a Lane Cove VA here.
Tip 5 – Have Local Experts On Speed Dial
Invariably your computer or printer will pack up just as you about to deliver a big job or project. Local computer expert Tek Doctor makes house calls. If your printer is not working email the job to Andrew at MBE Lane Cove and he will print it out for you.
Tip 6 – Promote, Promote and Advertise
It’s no use starting a local business if no-one knows about your business. Don’t be afraid to ask your friends and neighbours to help you spread the word about your business. Use Social Media!! Social Media is an inexpensive way to get the word out in a targetted fashion. If Social Media is not your thing, then use a Social Media Consultant. We have some local consultants in our Business Directory. You can always advertise on ITC, email us for our media kit. ITC always gives a free shout out to any new business in Lane Cove – we want you to succeed.
Good luck with your new business and remember to tell us about it so we can give you a shout out.
Do you have a local issue you would like help with? ITC is here to help just email us at [email protected]
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