I would suggest the very first legal 'issue' to consider is the actual structure of your new business. Changing structures down the track can be tricky and costly so best to get it right at the start! Usually an accountant or solicitor can help determine the best structure for you and ensure personal assets etc are protected.
Once you've determined the right structure - ensuring you are registered properly, have the right permits/licenses and insurances in place is crucial. The Australian government has a business license information service (BLIS) available, where you can search in your state by your business type to determine any permits or registrations you will need and requirements you need to meet.
Other legal issues to be considered during start up phase could include:
Others may also apply depending on the nature of your business but I would suggest that the above applies to most new businesses in some manner.
What should a bootstrapping early stage startup consider? Which costs are good investments?
Get your legals and financials in place first. The structure of your business is most important along with contracts for your business, so liability is clear. The other parts of your business maybe more exciting or interesting but if you don't get the basics right you wont have a business for long.
If you have a business in Singapore or have researched the industry, let us know what the startup culture in Singapore is like and what you need for starting a business there.
I am in the early stages of setting up a virtual marketing and administration business and am interested to hear from other small businesses which software programs have made their lives easier in...
There are so many business software options nowadays, and choosing the right tools can really help you elevate your startup business from the get-go.
Below are some of the best business software solutions which are great for both small startups and larger businesses:
1. Trello - awesome for time-management, project management and team collaboration
2. Asana - Asana is a great solution for project and time management and I would say slightly better than Trello for collaboration with all members of your team
3. Mailchimp - an excellent choice for campaign management and generating customer leads
4. HelpScout - intuitive and great for customer service, i.e. facilitating fast customer responses and providing data on response times and customer service ratings
5. Zendesk is one of the best apps for customer service and support with a great dashboard showing all tickets, access reports and a live agent overview
6. Hootsuite - excellent for social media management and has some great tools for social media analytics and insights
These are just a small handful of the many tools available!
List a few renowned and good ones that have produced viable startups
I would suggest you ask why you want to go into an accelerator before deciding which are best. Different accelerators have very different sylabus (some have none) and therefore the outcomes are very varied. In addition, some accelerators ask for equity in your company which you may not wish to give up.
Once you know your parameters, it's time to do the research. I suspect 99% of people who are looking to get into an accelerator shouldn't even be trying! In my view, you're better off discovering if there are customers for your idea rather than spending the time in an accelerator.
Hi Scott, How much computer programming experience did you have before starting OzBargain?
Good to know about Ozbargain. Nowadays, many entrepreneurs start a business without programming experience and background. For one, the skill can be learned if they have the drive. And another reason is the abundance of local and overseas programmers available. In this growing gig economy, you can easily hire app developers, website programmers, UX designers to build the product you need.
As a startup, are there any discounted or free things/privileges you can have access to? If yes, what are they?
Hi Andrew, If you are in Australia then the BEC's (Business Enterprise Centres) are a good resource. They have business advisors on staff that will meet with you and advise you on what free resources are available. I would also try googling strings such as 'shoestring start-ups' 'free business resources' etc. Good Luck!
I am thinking of crowdfunding a certain project I have in mind, but I am not sure if this will be enough. How can I do it effectively?
Can anyone share any tips on how to generate business name ideas? How can you get inspired?
Not an easy question to answer, Richard. But if you get really stuck, there are marketing consultants and identity firms whose job it is to do this.
You will want your business name to: help you stand out from your competition; provide recognition for your company, and; steer potential clients toward hiring you.
In my own experience, there are several qualities that help make a great business name. It should be:
There are many different categories of naming – descriptive; metaphoric; acronym; family; fabricated, among others. The trick to selecting the right type can sometimes lie in knowing who your target market is and what are their particular problems.
In other words, positioning.
I'm just starting my first venture, and with most startups there are financial hurdles to leap.
Great question James. I still work full-time on top of my several ventures.
Ideas for part-time work:
When it is making a profit to a degree that you're happy with and it is meeting its purpose in your head. Success is a state of mind and not necessarily a case of comparing to others or what others think.
With that said it is almost a never ending journey, so its not a point you reach and you're done.