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.
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!
What should a bootstrapping early stage startup consider? Which costs are good investments?
Depends what you're starting. A restaurant..you have the lease, the equipment, furnishings, stock, staff.. That's thousands upon thousands.
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:
Should I create a teaser Ad Campaign to measure customer interest or maybe a subscription form, before moving forward?
I agree with much of Steve's comments. Talking to people is the best way to ascertain if your idea has legs. If people get excited by your concept, and start elaborating on your idea or making suggestions on what you could do with it, it may suggest you're onto something conceptually.
Have a clear idea of your target market and get out there as much as possible.
Ask people for honest answers. There are meetup groups in most cities these days that allow you to engage with other entrepreneurs and share advice with one another.
I would suggest mixing your face-to-face interviews with online surveys. Ask people if they'd use the product or service, how much they would pay for it, how often they would use it, etc.
Further to this, I would suggest a few things: