Archive Monthly Archives: November 2014

Keeping Financial Records

Be sure to keep accurate business records. You will need accurate records when it comes to tax time. Also you will be able to see if your business is profitable.

The easiest way to keep records is with financial record keeping software. Below we have recommended several packages which you can use for this task.

Cashflow Manager

Cashflow Manager This is the Australian Version its a small business accounting program. It will make it easy to keep records for tax and other record keeping requirements. Several versions are available depending on your business.


Progress

One of my favorite books is ‘Built to Last‘  in that book the authors Jim Collins & Jerry Porras make the point that one of the most important facts about successful companies is to get your company started.

Indeed some of the greatest companies they studied did not have a clear idea of where they were going until a year or more after commencing. They debunked the idea that you need a great idea to start a company.

Here at Busi Start we have now completed the first section on getting your business started. We will soon be moving on to the next section which will be branding.

Licenses & Permits

Licenses & Permits

Depending on your particular business there may be licenses and permits that you will need from your Federal, State or local government.

There are too many requirements to list here. Consider going to your local council and inquiring about local government permits etc for your business. The same with State and Federal jurisdictions. If your in any doubt about your requirements check with a solicitor.

Business Number 

Business numbers are required in some countries they can have tax implications. Inquire locally to ascertain if your business or company will require a business number. Additionally you may require a Tax Number check with the Tax Dept. in your city.

Register Your Business

How to Register Your Business.

Now its time to register your business. Unless your a sole proprietor who is operating under your own name you will have to register your business with your government department that handles business registrations.

If you are a sole proprietor we still recommend contacting your accountant to see if they recommend registering your business. Different countries have different rules so its best to play it safe. 

​See our previous post on 'business type' for links to some popular government business registration sites.

Select A Name For Your Business

 6 Things To Consider When Selecting Your Business Name.

Here are a few considerations you should make before deciding on a name for your business.

#1 First as most businesses have an online presence of some sort these days you will want to make sure you can obtain a domain name that is closely linked to your business. Consider obtaining a .com domain or if your business is limited to your country you can use a country specific domain such as .us for the United States .com.au for Australia etc.

#2 Another consideration is do you want a name that is short and punchy or a long descriptive name. We suggest a short name its much easier when building web sites, business cards and other promotional material for your business.

​#3 Pick a name that is easy to say. Its much easier for customers to recommend your company if they can pronounce it.

#4 Do a trademark search. You don't want to select a great name and go to the expense of branding your business only to find someone else owns the trademark.

#5 If your going to name your business or company after yourself it may be more difficult to sell down the track if you decide to sell it at some point. Consider using a more generic name that will be easy to sell.

#6 Your business may want to expand in future. For this reason don't name your business after your city or town unless you have no intention of expanding out of your current locality.