It may be one of the scariest and most liberating choices you can make all at the same time. Deciding to be your own boss and start your own business means that you’re in control, and you do the work on your own terms, but it also means when things go wrong, you’re responsible. It takes a lot just to get started, and if you don’t have a lot of experience, there are three important things you need to do to make sure you start off on the right foot.
Consolidate Your Identity
You can’t just call your business “business” and be done with it. You need a name people can remember, a name that you can use for search engine purposes when people go looking for you on the Internet, and, most important of all, a name you can legally own and use. You can’t call your business “Disneyland” when there’s a huge company that owns that name and has a global audience that associates those words with that company.
Register Your Business
In Australia, a Proprietary Limited, or “Pty Ltd” is the legal registration required to recognize your ownership and provide you with financial protection. Once you have a registered pty ltd company, the assets and property of that company are considered separate from your own personal finances. This means that in the event there is a problem with your company’s money, that doesn’t spill over to your own personal accounts.
You should spend money on important things like your website and your brand, as these are “points of contact” between you and customers. Don’t worry too much about making sure you have premium business cards to hand out, or a smartly designed office. Get the fundamentals out of the way first as these will have the biggest impact on your business.