First Time in Business Checklist

Evaluation

• Evaluate your business idea
• Evaluate yourself
• Evaluate your resources

Are you able to carry out the business idea?

Are there any skills trainings required?

Do you have sufficient capital?

Read “The Useful Business Boot Camp” by Murray Davey (published by Collins Debden) – contact DBA Accountants for a copy.

Are any special licenses or permits required?

Any special requirements by your major customers (eg. insurances, qualifications, licenses, OH&S)?

Does the business involve the use of intellectual property?

• If it is yours, how can it be protected?
• If it is not yours, is permission required? How do you obtain permission?

Premises

• Is your tenancy secure?
• Is your intended use permitted?
• If music will be played, an APRA license.

Will you be employing staff?

What business structure or structures are appropriate?

Insurances

• For your premises – building and contents insurance, public liability
• For your employees – workers’ compensation insurance
• For your customers – product liability insurance, professional indemnity insurance
• For yourself – workers’ comp, income replacement, death, disability insurance

Superannuation for all employees, including yourself

Trading names to be registered

Bank accounts and merchant facilities

Record keeping

• By whom?
• In what form?
• Management reports to be prepared from those records.

Any matters specific to your business or profession?