Thinking through your business idea carefully and taking the time to research and plan your operations can help you to:
1. clearly understand what you want to achieve with your business
2 .work out and prioritise your main tasks
3. prepare for any obstacles down the track.
3. Seek government and professional advice
If you're just starting out, it's a great idea to get some expert advice and support. Talking to experienced business advisers, accountants, bank managers, or government advisory services can all be good ways to find business guidance.
4. Work out what licences and registrations you need
As a small business owner, it can be difficult to work out what licences and registrations you need, and how or where to get them. Using your home as a place of business may also mean you need to comply with particular state, territory and local government regulations.
Networking is an important way to keep up-to-date with business trends and to create business opportunities and relationships. If you're operating a business from home, consider joining a business association or attending events related to your business.
To set up a comfortable and safe home business environment, you may need new furniture, office equipment and technology like a phone or internet connection. It's a good idea to first work out your business requirements before purchasing anything.
It's also a good idea to shop around and compare prices to make sure you're getting a good deal. You could also talk to other home-based business owners for advice on setting up a home office.
7. Set up your finances
Managing your business finances effectively is crucial to a successful business! You'll need to consider things like:
1. how the business set-up in your home can affect your tax deductions
2. whether you want to open separate bank accounts for your business and personal funds.