How to start your own business in Lower North Shore Sydney

Setting up your own small business can be a big and exciting step to make. Before starting, you should take the time to learn what running a business requires.

We list down some important things to consider and accomplish to start a business in Sydney’s Lower North Shore and who are the important businesses partners that can help you.

The basics

Starting a small business means understanding what needs to be done. Some of the questions you should ask include:

How do I choose a name for the business?
What are the skills required in starting a business?
What are my goals and objectives?
How much funding do I need to start and how much more to generate returns?
What are the advantages and disadvantages?
How do I come up with my business and marketing plan?
Who are my local competitors in Lower North Shore?
Is there a market for my business in Lower North Shore?
How will I reach and communicate with my target market in Lower North Shore

After you answered these questions and decided to start your small business, there are also several things you need to prepare.

Identify the best business structure

You have to decide what type of business structure is best for your type of business.

There are four business structures that small businesses in Australia commonly use:

Sole Trader – the individual solely operates and becomes legally liable for the business.
Company – legal entity that is separate from shareholders
Partnership – association of entities or people running the business but different from a company.
Trust – an entity that holds income or property for the benefit of others.

Choosing the right structure depends on what your intended business needs and the risks involved. You can talk to a small business legal expert to understand the pros and co’s of each for your particular business type. An accountant and financial planner will also be able to tell you how each structure works including how it will benefit you financially.

Other considerations to think about when choosing a business structure include:

tax implications
extent of your business control
risk exposure
Ongoing compliance costs and volume of paperwork for your business.

You can change the structure as your business progresses. As mentioned, you should obtain legal or professional advice to understand how each structure will impact you.

Apart from legal and business advice, you may also need help in the day to day operations of your small business.

Thats where it pays to get out in your Lower North Shore business community and get to know other local businesses that you can tap into as you start to set-up and grow your business. Many will certainly become valued long-term business connections for years and years to come.

The top local business services you will need include:

An insurance broker for your business insurances like public liability, professional indemnity, business equipment and workers compensation insurance.

A mortgage broker to set up short term and long term business funding requirements which may include a business start-up loan, an overdraft, business credit cards and business specific bank accounts.

A bookkeeper to set up your financials and invoicing system as well regularly update your financial records and books.

Need help with other local businesses in Lower North Shore Sydney?

Did you know Tradebusters Connect powers the Lower North Shore Top 3 Local Choice business directory. Unlike other directories, the businesses listed here undergo an interview and screening process for your peace of mind.

From local trades, real estate, property and finance service providers, we’ve got you covered with genuine recommendations.