Tips to help you start your own business

Starting a new business is exciting but there’s a lot to think about and organise.

Before you even begin, you should consider how prepared you are to make difficult decisions, work long hours, face financial constraints, lose sleep, and confront failure.

Most jump in thinking about all the freedom they’ll have ‘running their own show’ but if you ask any entrepreneur, usually the opposite is true!

Research

If none of these scare you, and you have the drive to make a success of your business idea, start by talking with others who have gone down the same path and can help you figure out your next steps.

Be under no illusions, this is a complex process with many moving parts, but having a checklist will make things easier.

The Department of Industry, Innovation and Science offers a lot of help through its business.gov.au website, including a start your own business preliminary checklist.

It says you should follow these steps:

  • choose your business structure and type
  • apply for an Australian Business Number (ABN)
  • register your business name and trademark
  • protect your intellectual property
  • understand the appropriate standards and codes of practice
  • set up record- and account-keeping processes
  • register a website name
  • work out what taxes you need to register for
  • find out the registration processes and licences you need
  • consider your insurance needs
  • buy or lease business premises.

Business plan

One essential ingredient of any new business venture is to draw up a business plan, which you will need to secure any financing. It will also provide direction and help keep you on track.

Financing your idea and keeping track of where the money is going is crucial to your success, so a good accountant is essential.

Employment

If you intend to hire people, you will also need to be familiar with the relevant labour laws, superannuation rules, work health and safety obligations and tax laws. Information about pay and conditions is available from the Fair Work Ombudsman website. You will also need workers’ compensation and public liability insurance.

Here to help

With so much to think about, it’s clear that starting a business is challenging. A financial adviser may help you understand your new financial obligations and develop a financial plan tailored to you, so you may get your new business off to the right start.   We’re always happy to help, so don’t hesitate to give us a call on 07 5593 0855.

Simple lifestyle changes for a healthier you

Treat your body well and it may help you dodge cancer. Here’s some tips on how to create a healthier lifestyle.

“Cancer isn’t always a matter of genetics or bad luck,” says Professor David Whiteman of Brisbane’s QIMR Berghofer Medical Research Institute.[1] A recent study from the institute found risky habits and behaviour are to blame for more than 16,000 Australians being diagnosed with cancer each year.1 The good news is that changing these behaviours may help prevent certain cancers forming.

The most common types of cancers that are directly related to lifestyle choices include skin melanomas, and lung, bowel, liver and stomach cancers.1 The key culprits causing these types of cancers include:

  • tobacco smoking
  • high intake of red and processed meat
  • low intake of fruits and vegetables
  • excessive exposure to UV light
  • excessive alcohol consumption
  • being physically inactive
  • being overweight.1

In other words, what we put in our bodies and how often we move them.

So, what changes can you make for a healthier lifestyle?

  • Since the biggest cause of preventable cancer is smoking tobacco, your first mission is to “hang tough, don’t puff!”1
  • Eat more fruit and vegetables and reduce your intake of red and processed meat –going vegetarian just two days per week may help you create a more balanced diet.
  • Decrease your alcohol consumption – limit your drinks to special occasions or set yourself the challenging of nursing one drink per party.
  • Exercise regularly – exercise may help reduce the risk of various physical and mental health problems.[2] If you have a sedentary lifestyle, even committing to 15 minutes of walking a day could be a great start.
  • Moderate your exposure to UV light – get your sunlight early in the morning or late in the afternoon and use a combination of protective clothing, shade and sunscreen.

 

[1] ABC News, (2017), ‘Changes to risk factors could have prevented 40 per cent of cancer deaths, study finds’. Available at: http://www.abc.net.au/news/2017-12-12/cancer-study-finds-40pc-deaths-preventable-with-lifestyle-change/9247876

[2] Australian Government, Department of Health, ‘Physical Activity’. Available at: http://www.health.gov.au/internet/main/publishing.nsf/content/phy-activity