Guide to starting a business in Gippsland

Sick of working for “the boss?” Think you can strike it on your own and make bank? Thousands of Australians are joining the ranks of the self-employed and becoming business owners and operators each year.

However, starting a business and maintaining it so it’s profitable are two different tasks entirely. What do you need to know before you leave the workforce and begin a new life as a business owner? This short guide will point you in the right direction.

Business goals and mission

Before you start anything to do with your business, you need to set out a clear vision and goal for your business. Why are you starting it? What can you do better than other, similar businesses? Why are you more valuable to a customer than X, Y, Z? Your mission statement should sum this up – e.g., “To be Gipplsand’s premier provider of digital marketing with an emphasis on social media.” It seems a bit lofty, but it keeps your business on track. Your goals should also be measurable and achievable – eg., having five regular retainer clients within six months of operation.

Getting the right structure and registration

Depending on the nature of your business, you will need to register an Australian Business Number at the very minimum to start trading. The structure of your business may differ depending on who is working in the business and who is bringing in capital (more on that below.) You may also need to register with the Department of Health if you are providing cosmetic or food services; and apply for a liquor licence if you are serving alcohol. Make sure you get advice before opening your doors – be it online or in real life – so you don’t run afoul of authorities.

Financial and intellectual capital

There are two kinds of capital in a business: financial capital (e.g., money and assets) and intellectual capital (the people behind the idea or will behind the business.) To get started in your business, you may need to source financial capital from banks, investors, or friends and family (the latter of which can get messy!) Your business legal structure such as a sole trader, partnership, incorporated entity et. al., can also depend on who supplies the intellectual capital such as ideas and knowledge. At this stage, you should consult with a lawyer and accountant to ensure you’re set up correctly.

Reassuring customers with insurance

If not for your own peace of mind, having the correct insurance is vital for operating a business, regardless of whether you’re in agriculture or widget making. Seeking the right cover for your business is a mandatory step to ensure you’re protected against claims against your company. Public liability insurance is a must for those running retail shops, as is property insurance. Professional indemnity insurance should be a first thought if you are providing professional services. Other insurance may include business interruption insurance, cyber liability insurance, and product liability insurance. Worker’s compensation insurance is also mandatory by law. Be sure to talk to an insurance broker to get the right amount of cover for your business so you aren’t caught short.

With all this in mind, you can make a real go of starting a business in Gippsland!