SlideShare a Scribd company logo

Session 3 - Get Set Up

•
•
L
LaurenWilby

A successful business starts with a strong foundation to build on - your name, business registration - the basics!

Related slideshows

10 tips for starting a staffing company
10 tips for starting a staffing company10 tips for starting a staffing company
10 tips for starting a staffing company
 
Business Credit _
Business Credit _Business Credit _
Business Credit _
 
Seven simple strategies to cut costs
Seven simple strategies to cut costsSeven simple strategies to cut costs
Seven simple strategies to cut costs
 
1 of 28
Download to read offline
Session 3 - Get Set Up
Starting your own business may sound like a good deal. You can be your own boss and set your own hours. But how much do you know about getting started, and achieving financial success through business? When it comes to starting a business, one of the biggest questions to answer is: What do I need to do, and how much money & time will it take to get this business idea started?
WHAT WE WILL COVER & WHAT ACTIONS/ INSIGHTS YOU’LL LEAVE WITH Gain an overview of key legal requirements for setting up and operating a business in Australia. Work through key business set up steps to help avoid unnecessary expenses and reduce risk, including structure, name and business bank account Consider the best online presence for your business (note: link to Session # 2) Identify your business income streams Identify and assess risks 3
During this session we will work on these parts of the canvas
Not sure about any terms being used? Have you checked your BUZZ WORDS? Starting your own business can be exciting. However, the process can feel overwhelming when you realise there are a number of regulations and government departments involved. Let’s look at registering your business and then break it down into some of the most important set up steps…
Registering your business: To officially operate your business, you’ll need to register for an Australian Business Number (ABN). You’ll need an ABN when dealing with other businesses, banks and the Australian Taxation Office (ATO). Applying for an ABN can be completed online for free at www.abr.gov.au
Question: Before registering a business name, which of the following do you need: a) an ABN or ABN reference number b) a registered trademark c) a business logo?
Answer a) an ABN or ABN reference number b) a registered trademark c) a business logo The answer is (a) an ABN or Australian Business Number. To register your business you also need to decide on your business name.
Question: How long do you think it will take to register your business name? a) 5 minutes b) Within 1 business hour c) 24 hours d) 1 working week e) 28 days
Answer How long does it take to register your business name? a) 5 minutes b) Within 1 business hour c) 24 hours d) 1 working week e) 28 days 90% of people receive their ABN registration within 24 hours (or 1 business hour if you opt for the express service). The remainder are chosen by the ATO for a review before they issue an ABN. The review may take up to 28 days. If you pay for your business name registration by credit card, you will usually be registered within 60 minutes. Your record of registration will then be emailed to your email address. If you do not have access to a credit card or debit/credit card, and lodge your application manually, you can expect to have confirmation within 28 days via postage.
Eat me Chutney –Part 2 Sarah – Little Flowers - Part 2
Activity: Let’s brainstorm together… Imagine you want to start your business, and as your first step, you log on to Vistaprint online to order your business cards. What challenges would you face? What steps might you have missed? The most common reason why businesses (big and small) fail – they run out of resources - specifically money! To ensure this does not happen before you even have a chance to get started, it is important to 'plan' the start up steps! In this way, you will avoid doing work that later needs to be redone, costing you additional, unnecessary time, stress and money.
MY ‘GET STARTED’ PLAN
Business Structure Criteria for other structures: ❑ Where two or more people share ownership of the business= Partnership/ Joint Venture ❑ A developed or high growth business with a Director and one Shareholder (although it can have more of each) and the ownership of the company rests in the hands of the shareholder(s)= Proprietary Limited Company. If you are a self-employing, start up venture you will most likely be a: Sole Trader If you conduct business alone -without a business partner. More Information: https://www.business.gov.au/info/plan-and-start/start-your-business/business-structure
Choose your Business Name – Check availability of Domain Name – Register your business & Secure your Domain Name and Hosting • A good business name should means something. • Your domain name (URL) is part of your brand, so it is best to make it short, easy to spell, pronounce, search for on line and instantly recognisable. • Do your research…Check domains, trademarks, search engines and social media sites to see if your preferred name has been already taken. • If you can’t get the domain you want, add another word, take a letter off, or add a letter or number. If your preferred name is in use, you will need to get creative! However, it is always better to go for a name not already in use to prevent confusion. • You will need both a registrar (e.g. GoDaddy) as well as a hosting site (e.g. Shopify or BigCommerce. A hosting service enables your website to be viewed online by storing your webpages on a server.
INSTRUCTIONS: Work in pairs and search on the internet for where to register your: - Business number - Business name. 16 Using the results you find in Google, can you identify what is legitimate and not? Hint: if the web address ends in .gov.au it is a legitimate website for registering. If it doesn’t – don’t use it!
Find the right financial service provider and product for you – Set up your Business Bank Account – don’t forget to understand and build the structure to fulfil your tax obligations. • Account Name • Transaction Sub Account • Savings / Growth Account • Tax (Set Aside) • GST (Set Aside) Remember the following ATO Support Services: Small Business Support ato.gov.au/SBsupport Business tax enquiries Monday 8 am – 6 pm Call - 13 28 66 Business tax self helpline 24 hours, 7 days Call – 13 72 26 ATO Indigenous Helpline Call – 13 10 30 Translating & Interpreting Call – 13 14 50 Activity: In small groups, work out what type of features a small business operator would need for each of the sub accounts. Remember to think about fees, charges, and the number of free transactions needed each month…
Complete a risk assessment of your emerging business or enterprise to uncover what else you need to put into place (insurances, licences, registrations). Risk Probability Impact Action Plan to Mitigate …. Low / Medium / High Minimum/Significant/Severe Action Plan Steps ACTIVITY: As a group, lets identify risks associated with a catering business using pop up tents for service. Now, working on your own, use the above headings, to think carefully about your business idea. What could possibly go wrong (risk), how likely is that to happen (probability), how bad would it be if that did happen (impact). NEXT STEPS… You don’t need to resolve all the risks right now. Just ask yourself whether the risks are: 1. A deal breaker (ie its high probability with a severe impact)? 2. Something to keep on your radar & steps you can take to lower the risk? 3. Something that can be managed by delegation/ out-sourcing?
Start considering the best online presence for your business. ONLINE/ WEB PRESENCE • Wesbite • Linked In • FaceBook • Instagram • Twitter • You Tube • Pinterest • SnapChat Once you have the basics in place, you can start setting up your online and/ or face-to-face business presence. Consider where your target market gets its information from (note: think back to Session 2. on your customer).
Build your business collateral (materials or resources) Distribute your collateral across your chosen platforms to develop your brand and expand your web presence BUSINESS COLLATERAL • Logo • Business Cards • Labels • Flyers • Other materials Activity: In pairs or small groups, discuss what types of business collateral you think would be of most valuable to your business idea.
• Sole Trader • Partnership / Joint Venture • Company • Account Name • Transaction Sub Account • Savings / Growth Account • Tax (Set Aside) • GST (Set Aside) • Logo • Business Cards • Labels • Fliers • Other materials Risk Probability Impact Mitigate …. Low / Medium / High Minimum/Significant/Severe Action Plan MY ‘GET STARTED’ PLAN MY ‘GET STARTED’ PLAN • Linked In • FaceBook • Instagram • Twitter • You Tube • Pinterest • SnapChat
Choose the Business Structure that best fits your idea or business Choose your Business Name – Check availability of Domain Name – Register your business & secure your Domain Name and Hosting Find the right business banking provider and products for you – Set up your Business Bank Account – don’t forget to understand and build the structure to fulfil your tax obligations Complete a Risk Assessment of your emerging business or enterprise to uncover what else you need to put into place (insurances, licences, registrations) Understand where your target market gets its information - So as to align your choice of traditional marketing with a social media platform & build your web presence Build your Business Collateral - Distribute your collateral across your chosen platforms to develop your brand and expand your web presence
In My Big Idea we looked at the ways to make money from “what’s in your hand”. There are literally hundreds of possibilities! Every idea you have will in your business will have many possible income (revenue) streams if you are willing to explore them… You will need: CURIOSITY PERSEVERANCE TIME WILLINGNESS TO STETCH YOUR THINKING
Income (Money + Resources) you can use to run your business 321
Activity: In groups, have a look at Kagi’s Instagram @nubia_designs and discuss: • What are the income streams that you can identify in her business? • Are they all from the same source or different sources? • What do you think would generate most income at the start up stage? • Are there any that surprise you? • Do you think they “fit” with her vision and values of sharing African culture with the Australian community? Kagi, Nubia Designs Kagi is a Brisbane based Sister who has an art business. She initially thought she would try and earn an income by selling her art.
Do they fit with your organisation’s values and mission? Which ones might take time to develop? streams? Are they “low hanging fruit” with a high likelihood of success quickly and easily? streams? Which ones are the priorities or most significant ones? Your businesses existing or future income streams? Art sales at market Adult art workshops Kids school holidays program Art sales online + commissions Activity: These are some of the sources of Kagi’s income. Work on your income streams in your booklet.
Check out the BOOKLET & BUZZ WORDS used in Session 3, and get a sneak look at the BUZZ WORDS we will be using in Session 4. © Global Sisters 2018 27
Session 3 - Get Set Up

More Related Content

Session 3 - Get Set Up

  • 2. Starting your own business may sound like a good deal. You can be your own boss and set your own hours. But how much do you know about getting started, and achieving financial success through business? When it comes to starting a business, one of the biggest questions to answer is: What do I need to do, and how much money & time will it take to get this business idea started?
  • 3. WHAT WE WILL COVER & WHAT ACTIONS/ INSIGHTS YOU’LL LEAVE WITH Gain an overview of key legal requirements for setting up and operating a business in Australia. Work through key business set up steps to help avoid unnecessary expenses and reduce risk, including structure, name and business bank account Consider the best online presence for your business (note: link to Session # 2) Identify your business income streams Identify and assess risks 3
  • 4. During this session we will work on these parts of the canvas
  • 5. Not sure about any terms being used? Have you checked your BUZZ WORDS? Starting your own business can be exciting. However, the process can feel overwhelming when you realise there are a number of regulations and government departments involved. Let’s look at registering your business and then break it down into some of the most important set up steps…
  • 6. Registering your business: To officially operate your business, you’ll need to register for an Australian Business Number (ABN). You’ll need an ABN when dealing with other businesses, banks and the Australian Taxation Office (ATO). Applying for an ABN can be completed online for free at www.abr.gov.au
  • 7. Question: Before registering a business name, which of the following do you need: a) an ABN or ABN reference number b) a registered trademark c) a business logo?
  • 8. Answer a) an ABN or ABN reference number b) a registered trademark c) a business logo The answer is (a) an ABN or Australian Business Number. To register your business you also need to decide on your business name.
  • 9. Question: How long do you think it will take to register your business name? a) 5 minutes b) Within 1 business hour c) 24 hours d) 1 working week e) 28 days
  • 10. Answer How long does it take to register your business name? a) 5 minutes b) Within 1 business hour c) 24 hours d) 1 working week e) 28 days 90% of people receive their ABN registration within 24 hours (or 1 business hour if you opt for the express service). The remainder are chosen by the ATO for a review before they issue an ABN. The review may take up to 28 days. If you pay for your business name registration by credit card, you will usually be registered within 60 minutes. Your record of registration will then be emailed to your email address. If you do not have access to a credit card or debit/credit card, and lodge your application manually, you can expect to have confirmation within 28 days via postage.
  • 11. Eat me Chutney –Part 2 Sarah – Little Flowers - Part 2
  • 12. Activity: Let’s brainstorm together… Imagine you want to start your business, and as your first step, you log on to Vistaprint online to order your business cards. What challenges would you face? What steps might you have missed? The most common reason why businesses (big and small) fail – they run out of resources - specifically money! To ensure this does not happen before you even have a chance to get started, it is important to 'plan' the start up steps! In this way, you will avoid doing work that later needs to be redone, costing you additional, unnecessary time, stress and money.
  • 14. Business Structure Criteria for other structures: ❑ Where two or more people share ownership of the business= Partnership/ Joint Venture ❑ A developed or high growth business with a Director and one Shareholder (although it can have more of each) and the ownership of the company rests in the hands of the shareholder(s)= Proprietary Limited Company. If you are a self-employing, start up venture you will most likely be a: Sole Trader If you conduct business alone -without a business partner. More Information: https://www.business.gov.au/info/plan-and-start/start-your-business/business-structure
  • 15. Choose your Business Name – Check availability of Domain Name – Register your business & Secure your Domain Name and Hosting • A good business name should means something. • Your domain name (URL) is part of your brand, so it is best to make it short, easy to spell, pronounce, search for on line and instantly recognisable. • Do your research…Check domains, trademarks, search engines and social media sites to see if your preferred name has been already taken. • If you can’t get the domain you want, add another word, take a letter off, or add a letter or number. If your preferred name is in use, you will need to get creative! However, it is always better to go for a name not already in use to prevent confusion. • You will need both a registrar (e.g. GoDaddy) as well as a hosting site (e.g. Shopify or BigCommerce. A hosting service enables your website to be viewed online by storing your webpages on a server.
  • 16. INSTRUCTIONS: Work in pairs and search on the internet for where to register your: - Business number - Business name. 16 Using the results you find in Google, can you identify what is legitimate and not? Hint: if the web address ends in .gov.au it is a legitimate website for registering. If it doesn’t – don’t use it!
  • 17. Find the right financial service provider and product for you – Set up your Business Bank Account – don’t forget to understand and build the structure to fulfil your tax obligations. • Account Name • Transaction Sub Account • Savings / Growth Account • Tax (Set Aside) • GST (Set Aside) Remember the following ATO Support Services: Small Business Support ato.gov.au/SBsupport Business tax enquiries Monday 8 am – 6 pm Call - 13 28 66 Business tax self helpline 24 hours, 7 days Call – 13 72 26 ATO Indigenous Helpline Call – 13 10 30 Translating & Interpreting Call – 13 14 50 Activity: In small groups, work out what type of features a small business operator would need for each of the sub accounts. Remember to think about fees, charges, and the number of free transactions needed each month…
  • 18. Complete a risk assessment of your emerging business or enterprise to uncover what else you need to put into place (insurances, licences, registrations). Risk Probability Impact Action Plan to Mitigate …. Low / Medium / High Minimum/Significant/Severe Action Plan Steps ACTIVITY: As a group, lets identify risks associated with a catering business using pop up tents for service. Now, working on your own, use the above headings, to think carefully about your business idea. What could possibly go wrong (risk), how likely is that to happen (probability), how bad would it be if that did happen (impact). NEXT STEPS… You don’t need to resolve all the risks right now. Just ask yourself whether the risks are: 1. A deal breaker (ie its high probability with a severe impact)? 2. Something to keep on your radar & steps you can take to lower the risk? 3. Something that can be managed by delegation/ out-sourcing?
  • 19. Start considering the best online presence for your business. ONLINE/ WEB PRESENCE • Wesbite • Linked In • FaceBook • Instagram • Twitter • You Tube • Pinterest • SnapChat Once you have the basics in place, you can start setting up your online and/ or face-to-face business presence. Consider where your target market gets its information from (note: think back to Session 2. on your customer).
  • 20. Build your business collateral (materials or resources) Distribute your collateral across your chosen platforms to develop your brand and expand your web presence BUSINESS COLLATERAL • Logo • Business Cards • Labels • Flyers • Other materials Activity: In pairs or small groups, discuss what types of business collateral you think would be of most valuable to your business idea.
  • 21. • Sole Trader • Partnership / Joint Venture • Company • Account Name • Transaction Sub Account • Savings / Growth Account • Tax (Set Aside) • GST (Set Aside) • Logo • Business Cards • Labels • Fliers • Other materials Risk Probability Impact Mitigate …. Low / Medium / High Minimum/Significant/Severe Action Plan MY ‘GET STARTED’ PLAN MY ‘GET STARTED’ PLAN • Linked In • FaceBook • Instagram • Twitter • You Tube • Pinterest ��� SnapChat
  • 22. Choose the Business Structure that best fits your idea or business Choose your Business Name – Check availability of Domain Name – Register your business & secure your Domain Name and Hosting Find the right business banking provider and products for you – Set up your Business Bank Account – don’t forget to understand and build the structure to fulfil your tax obligations Complete a Risk Assessment of your emerging business or enterprise to uncover what else you need to put into place (insurances, licences, registrations) Understand where your target market gets its information - So as to align your choice of traditional marketing with a social media platform & build your web presence Build your Business Collateral - Distribute your collateral across your chosen platforms to develop your brand and expand your web presence
  • 23. In My Big Idea we looked at the ways to make money from “what’s in your hand”. There are literally hundreds of possibilities! Every idea you have will in your business will have many possible income (revenue) streams if you are willing to explore them… You will need: CURIOSITY PERSEVERANCE TIME WILLINGNESS TO STETCH YOUR THINKING
  • 24. Income (Money + Resources) you can use to run your business 321
  • 25. Activity: In groups, have a look at Kagi’s Instagram @nubia_designs and discuss: • What are the income streams that you can identify in her business? • Are they all from the same source or different sources? • What do you think would generate most income at the start up stage? • Are there any that surprise you? • Do you think they “fit” with her vision and values of sharing African culture with the Australian community? Kagi, Nubia Designs Kagi is a Brisbane based Sister who has an art business. She initially thought she would try and earn an income by selling her art.
  • 26. Do they fit with your organisation’s values and mission? Which ones might take time to develop? streams? Are they “low hanging fruit” with a high likelihood of success quickly and easily? streams? Which ones are the priorities or most significant ones? Your businesses existing or future income streams? Art sales at market Adult art workshops Kids school holidays program Art sales online + commissions Activity: These are some of the sources of Kagi’s income. Work on your income streams in your booklet.
  • 27. Check out the BOOKLET & BUZZ WORDS used in Session 3, and get a sneak look at the BUZZ WORDS we will be using in Session 4. © Global Sisters 2018 27