So you have decided to start a new business? You have a novel idea or a better way of doing things? What’s next?
Starting a new business can be daunting, but with good planning and the help of experienced advisors, success is just around the corner. In this guide, we give our top 10 actions to consider for Start Ups embarking on a new business journey to maximise their chances of success and avoid legal hardships.
#2: Engaging the advisors you need
We don’t mean to brag, but every start up needs a lawyer.
It is important to consult with at least your lawyer and accountant as soon as possible in the start up journey. For example, there are often tax consequences to changing a business structure once business has commenced trading.
When choosing advisors, it’s useful to ask for recommendations by family and friends, but this should not be your only consideration. We recommend entrepreneurs conduct some due diligence and choose advisors, including lawyers and accountants, that fit their requirements and have the requisite experience in their industry or the field of expertise that is required.
Your lawyer will assist you with matters such as:
- Establishing your business structure;
- Ensuring you have the appropriate licenses and policies in place;
- Drafting your terms and conditions; and
- Other matters address in the next sections of this guide.
Your accountant will advise you on matters of tax and ensure you comply with your PAYG and BAS obligations.
There may be other advisors that you should also consult, such as licensing consultants and marketing consultants. Engaging professional advisors may appear costly but will give you peace of mind and ensure your business has the best chances of success.
A valuable tool for researching lawyers is Queensland Law Society’s Find a Solicitor page. You can also find useful information on the Choosing an accountant page on ASIC’s MoneySmart website to help find the right accountant for your start up.
For more information regarding your start-up journey, download the full guide below or contact us today.
What’s next? #3: Choosing the Right Business Structure to Suit the Future
Read from the beginning: #1: How to Make a Real Business Plan for Your Start Up
Individual liability limited by a scheme approved under professional standards legislation (personal injury work exempted).
The article was authored by a former team member while they were under the employ of Bennett & Philp Lawyers.