How To Run A Business

Many people acquire or start a business and are totally bamboozelled as to what they are required to do. The following is meant to be a quick check list of a number of the more important issues that need to be dealt with. This is by no means intended to be an exclusive list but merely a help and a start on the way:

"Offices" or Workplaces

These must be registered with the division of workplace health and safety. This will apply even if your business is a "non-dangerous" business or if you work from home. Obviously the registration process is more involved should you be carrying on a risky or hazardous business. Random inspections are made of all work places and non-registration under the provisions of that Act may lead to prosecution. Enquiries with regard to registrations may be made on 07 3247 4711 or if outside Brisbane on 1800 177 717.

Your Business Name

You must register your business name with the Office of Consumer Affairs. If you intend to trade under your own name with a description as to the type of work you undertake there is no need to register, anything else requires registration, e.g. "J Smith - Plumber" need not be registered but "J Smith & Assoc - Plumbers" will. The Office of Consumer Affairs with whom registration is made can be contacted on 07 3239 6018. If you are outside the Brisbane area, forms may be delivered to your local Magistrate's court or local government agency.

Licences

Many businesses need to be licensed and sometimes for the most unexpected things. You need to have these licences before you start trading. The licensing system has recently been streamlined and the contact point is The Queensland Business Licence Information Centre Ph 3221 1620 or 1800 061 631.

Council Approvals

Many businesses are closely controlled by council. You need to check with your local council about any town planning, zoning, or usage rules that may affect your business. If you carry on business contrary to any of these local council rules you may lead yourself open to prosecution and large fines. Ultimately the council can also close your business down.

Industry Associations

It is always helpful to contact your relevant trade or industry association to see what assistance they can offer you. They are often able to provide details of appropriate award rates for employees or rules of practice and or codes of conduct that may be applicable in your situation. You will often find they will be able to assist in group purchases of things such as insurance policies that may be written specifically for your business.

Solicitor

If you are buying an existing business or leasing premises, we strongly recommend that you see a solicitor prior to accepting liability for these contracts. Many times I am told "oh . it is just a standard contract". Please be aware there are many forms of standard contracts with many forms of different wordings. These will in turn give you many different liabilities and obligations. It is best to know about these before you accept the obligations.

Trading Vehicles

After discussion with your solicitor and accountant you will be able to ascertain whether it is more beneficial for you to trade as a company, sole trader, partnership or maybe some form of trust. All these different methods of trading have different effects and it is best to tailor make your commercial vehicle to suit your particular needs and industry.

Record Keeping

Most small businesses fail within the first three years. In my experience one of the major factors attributing to this is the lack of proper record keeping. Often times people trade for the first year without realising what sort of profit they have made or are intending to make, and end up with no provision put aside when they face their tax. You may be liable for provisional tax as well which merely makes your problem larger. A simple precaution is to prepare a simple set of books with a profit and loss and balance sheet at least every month. This will also enable you to follow up your debtors and creditors and make sure that your trading and credit record is clean and strong.

Insurance

There are many types of insurance, ranging from insurance for business premises to professional negligence insurance and personal insurance to cover you in the case of sickness and accident etc. Please see an insurance broker. Should you need recommendations to suitable people, please do not hesitate to enquire at this office.

Planning

Normally people start a business for a purpose, the purpose is often to create their own independence and be master of their own destiny. Before one can decide how to master a destiny one must decide what that destiny is. The best method of this is to undertake some simple forms of business planning and vision sessions. Assistance with this can be obtained through professional business planners or through the government TSBI business centre. The government business centre is also on the internet at www.dtsbi.qld.gov.au.

Grants

You will often various government grants and/or tax breaks available to you. You can contact TSBI and/or discuss this matter with your accountant. This can maybe assist your business in its beginning days at the very time when cash flow is at its tightest.

Ongoing Training

I would also strongly recommend to anybody entering business for the first time that they source seminars and lectures that will assist them in understanding the whole business process and methods of marketing, production and distribution of their product. Assistance from these are often obtained through the mail and/or by consulting with your professional advisers.

Networking

One of the most important things is to obtain a client base, these are often obtained through networking clubs such as the business referral club and/or by other associations and clubs to which you can belong in the community such as Lions, Rotary, Round Table and other similar clubs. The business network referral club is a club specifically for networking business and has certainly produced good results for the writer. Should you wish an introduction to this club, please contact this office.

Accept All Opportunities And Invitations That Come Your Way.