If you are more than tired of your day job and feel there’s no future in working for someone else, there are online opportunities to create a business, and what’s more, many Australians have successfully transcended from a 9-5 lifestyle to self-employment. Here is a checklist to ensure that you have not overlooked anything.
- Business Plan – This should be the document that you work from, so you need to spend as long as it takes developing your business plan. So important is this, that you should not go past this stage, at least not until you are happy with your plan of action, and if you feel you will need some professional help, there are online companies that help to create business plans.
- Capital – Of course, every business requires adequate funding and with no doc business loans, you can borrow the money you need to get the ball rolling. When crunching the numbers, make sure to include funds to support the business for at least the first 6 months, which might have to be used to keep you afloat.
- Legality & Insurance – Your new venture needs to be registered, either as a limited company or registered partnership or sole trader, and a visit to a chartered accountant will reveal your options regarding company formation. You will need a level of insurance that protects your interests, and an online insurance broker can help you with that.
- Web Design & Hosting – Whatever the business, you will need digital representation, and unless you happen to be a web designer, this will involve outsourcing. Don’t forget cyber-security, which is essential.
- Administration – If you are the only person involved then you will be very busy, otherwise you should create a flowchart that shows you how the business will be managed and operated. You should contact a local accountant who can offer essential bookkeeping services to make sure that all transactions are recorded.
- Assets – The business would obviously require assets in the form of equipment, vehicles and other things, and these should all be listed in the business plan, while renting might be an option for some items, especially if you have a limited budget.
Creating a long list will help you to ensure that nothing is overlooked, and you will have to outsource many aspects of the venture, in order to deliver a high level of customer service, which will define your success. With a lot of determination and effort, you should be able to create a business that sustains you for many years to come.