FIVE TOP TIPS FOR START-UP BUSINESSES
Written by Peta Gray Enterprise Legal
ACCORDING TO A START-UP LAWYER Starting a new business requires time, money, a leap of faith and most importantly, a whole lot of planning! As a start-up business ourselves not too long ago, the team at Enterprise Legal understand the hard work that is required to turn the dream of a successful business into a reality. We have assisted hundreds of clients to start new businesses or grow and evolve existing ones, so here are our top tips for getting it right:
1. Get the groundwork right
Choosing a great business name? It’s easy to check whether or not it is available for registration with ASIC’s free business name check. More importantly, however, you need to check whether there are any registered trademarks that your chosen name might infringe. Preferably, you should build a contingency into your start-up budget for costs associated with registering your business name and logo as trademarks, to ensure you have the best protection for your brand. You should also seek legal and accounting advice regarding the best structure to undertake your business venture in (eg. sole trader, partnership, company, trust). Getting your structure right from the start can save significant time and money later on.:
2. Choose your business partner/s wisely
Play devil’s advocate when assessing whether your proposed business partner will be a good fit for you (even if they are a friend or family member)! It’s easy to get along when things are going well, but have you seen how they conduct themselves when times are tough? Do you have a similar communication style? Are there other factors which would influence how you should deal with them (for the good of the business) in certain circumstances? Do you have the same vision for the business? These are all questions you should ask yourself before entering into a ‘business marriage’.
