Starting a business can involve more than you think. Here are a few things you might not have considered when costing your business.
Your first steps are to:
Apply for an ABN if applicable
- Register for GST and PAYG, if applicable
- Open business bank accounts
If you are going to call your business anything other than your own name then you’ll need to register it.
Register your business name in each state you will be trading in. If your business is a company then register also with ASIC
What business structure is best for you
Next you should consider these costs:
- Computer / Software / Office Appliances
- Stock costs
- Bookkeeping / Software
- Wages
- Rent
- Web design
- Web hosting
- Legals / Licences
- Registration
- Domain Name
- E-commerce costs
- Bank fees
- Advertising costs
- Insurances
You must take into account these costs when costing your products or services. Your profit margins will suffer if you neglect this.
