Starting a Small Business
You’re excited. You have a great idea. You know what your business is, who your target market will be and how this idea can make you money. This will be what you will be known for, even famous for. This is your calling.
Before you start trading, secure a new shop or order your business cards, let’s cross some t’s and dot a few i’s. Let’s have a think about what is involved to be successful.
Did you know, nine out of 10 start-up businesses do not get past 12 months? This is a very scary statistic. But what makes those one in 10 succeed? Bill Gross tells us in his TED talk that the single biggest reasons why start-ups succeed it due to timing and execution. The idea itself isn’t as big of an issue.
In general, businesses in Cairns become unstuck because of tax, cashflow and legal risk. A good lawyer will help you deliver your business idea successfully.
So, what does proper execution look like for your new business? Here are a few things from a legal point of view to consider:
- What your business structure should be.
- Risks of getting paid, managing product liability and liability for your interaction with the world.
- What physical space do you need? Commercial lease, home office and exit strategies.
- Legislation compliance, for example tax, Fair Work Act, WHS, consumer protection laws and so on.
Successful execution will include an accountant (cashflow, compliance and financials) and access to money (banks, brokers and private lenders).
With a little bit of planning, your business will be given the greatest chance of success. And, most importantly, remain excited, stay positive and believe in your business!
Contact Wilson Partners Law for more information on getting your great idea off the ground:
- 07 4231 9815
- 24 Hannam Street, Bungalow
PO Box 5860, Cairns, Qld 4870