Setting Up your Business

Make sure you're setup to meet your business requirements, from handling everyday procedures, legal requirements, and being prepared for business growth.

1. Your Home Offfice

You need a workspace. Somewhere that will put you in the mood for work when you sit there. A place where things are organised. A desk and chair, with good ergonomics.

A computer with good internet access.

Printer (optional).  You may succeed with a paperless office, taking screenprints and saving them your computer. But occasionally you need to print documents.

Fax (optional).  If you don't have space for more hardware, mbox.com.au has a virtual fax and answering machine,  to/from email, from around $10/month. This can give you a separate number for use with business, so you can keep your personal phone numbers private.

Filing system. Assuming you haven't managed a paperless office, keep records organised in folders, in a central place. Decide a system for logically arranging your data, and stick to it.

Backups. Backup computer files frequently. Backup your important files to external hard drives or disks. Store a copy offsite if possible, or in a fireproof safe.

2. Time Management

Instead of rushing online each morning to check your email inbox, responding to emails and messages haphazardly, being distracted into joining the latest traffic generation scheme, and visiting the latest websites, you need to stop and set your goals each morning.  Decide your objectives for the day, based on your business plan. Allocate a certain amount of time to checking your emails, and stick to it. Prioritise your goals, and decide which ones you will target for today.

3. Online Presence

Having your own web address is recommended.  It allows personalisation of your online presence, consistent email addresses, and adds a layer of professionalism.  You can get hosting and email services from www.jumba.com.au from as little as $10/month.  They also sell Australian domain names (eg www.xxxx.com.au) for exceptional prices. You can have multiple subdomains, such as blog.xxxx.com.au, shop.xxxx.com.au and xxxx.com.au, and also multiple email addresses for different purposes, such as advertising, newsletter subscriptions and personal contacts.

4. Banking

Ideally keep a separate bank account for your business. Have a cheque and credit account.  Keep a small credit limit on the credit account, to limit online risk.

5. Tracking

Use financial software such as MYOB, or even a simple spreadsheet, to track income and expenses on at least a monthly basis, monitoring business profitability.

6. Tax/GST

Consult a tax accountant to determine the best way to establish your business. Check with the ATO on the requirements for registering for GST.  (An ABN is required to purchase a .com.au domain name).

7. Preparing for Business Growth

Could you cope with a sudden increase of visitors or customers?  Have you organised information so that it is ready and easily available?  Try to automate as much of your business as possible, to cope for large numbers of customers or prospects.