Tips on starting up a new business

In my experience, there are five costs to look out for. There are obvious costs to expect, such as your start-up capital and your wage bill if you decide to employ staff and their super.

You will also need to account for the GST on the business you’re bringing in and the different insurances you need depending on the industry you’re entering.

Next is location; while you can start from your garage, some businesses require retail space, and some require office space. Most commercial spaces are expensive and require a bank guarantee nine times out of ten, and that’s before you’ve turned your space into an environment people want to work in.

If you’re entering retail, you’ll need merchant terminals, software, and hardware. Later, you'll want a CRM to manage and market to your newfound clientele.

There are two options for accounting: DIY (e.g., Xero/MYOB) or an accountant. One will cost more than the other, but one will also save you more in the long run.

Lastly, you have to create your brand. Since you’re just starting up, that can be as simple as some signage and a website, but then you have to work out how to drive people to your newly created brand.

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