Starting your business

The process of starting up your business may seem daunting or overwhelming, and you might not know where to start. The following information can give you an idea of the steps you should take in preparing and starting your business.

Before starting your business, ask yourself:

Are you ready to start a business?

This involves understanding whether you’re ready put in the time and effort into running the business, and whether you have an understanding of what’s required to be successful.

Click here to find out if you’re ready

Analyse your business idea

Investigate whether your idea has potential, by considering a variety of factors, such as the following:

- Is there a want or need for your product or service?
- How hard will it be to develop your idea?
- Is your idea financially viable?
- How will you protect your idea?
- Who are your competitors?

Is it a business? Or is it a hobby?

There are different responsibilities depending on which one it is, for example; tax deductions, legal forms, obligations such as keeping records, etc.

Click here for some of the key differences between the two

Starting your business

Make key decisions such as choosing a business structure, finding out your worker status, etc.
Plan out the future of your business by developing a business plan, risk management plan, and more!
Finding help for your business is often a good idea to get the resources and advice you need to avoid making mistakes, and to manage the business well.
Register your business
Organise, prepare, and develop an understanding of your finances
Learn about the law
Protect your business in terms of insurance, health and safety, etc.
Understand and prepare for tax
Set up operations, hire employees, etc.
Finally, you get to market your business!