Starting up a new business.

If you have decided to start a new business, and have sorted out funding and finance options, then there are a number of pre-start issues you should consider. Don't necessarily set up the business structure the cheapest and easiest way - if you change your mind at a later date, it may prove rather costly.
A business can be as simple as trading under your own name as a sole trader, as a partnership, or as a proprietary limited company, or trusts and the like. Getting the structure of your business sorted out prior to commencing trade is very important. All types of business structures have benefits and limitations. You should consider not only the start up structure of the business, but where you might want to be in 5 or 10 years time, as this will assist you in getting the best value from your advice.
As always, the government may put their hand in your pocket for various fees and taxes, such as for business name registration, licences, planning approvals, and possibly EPA data that needs to be gone over at your proposed work place.
There are lots of ways in which to start in business, but essentially it falls into two categories - start a new business or buy an existing business.

Firstly, starting a new business from the ground up involves a significant workload. You need to make a huge number of decisions, apply for various facilities and acquire everything you need to start a business. These decisions range from accounting software, to stationery logo design, insurances, and purchasing perhaps a larger computer or laptop, advertising stratagies, etc.
There are weeks, if not months required to prepare and complete many of these tasks - it is time consuming and costly. It is possible to start small with the basics until cash-flow can be set aside for improvements, but the price paid is usually a lot more time spent in office work or not being able to compete against your competition who may have a faster tools that lower labour costs. If you intend to begin your business from scratch, you must ensure you have the time and resources to fully complete the process within a reasonable time frame, and careful planning and adequate cash resources are needed. Most new business failures are because of a lack of working capital.
Do not short cut or avoid necessary tasks, as many of the things you need to run a business involve risk control.Having appropriate insurances in place is vital - the risk of avoiding insurances such as public liability could be catastrophic to your business as well as your personal fortunes.
Many of the business necessities in this process have prerequisites. For example, you cannot set up a bank account without having a business structure in place.
Starting a business from scratch can mean having to make decisions without the benefit of experience. Get advice from other business people. This is where becoming a member of a Chamber of Commerce is of great value to new-comers, as most business people are more than willing to offer advice based on their experiences.

The second option is to buy an existing business. There are many advantages to this: Having an established business will allow you to:
1. Approach clients with an established business track record, which is a valuable tool in attracting new clients.
2. Have established trade accounts with suppliers. This greatly assists in managing cash flow; it is usually difficult to establish trade accounts as a new business, and mostly the best discount rate available has been established.
3. Have established procedures, processes and methods in place. There are many significant levels of documentation required in most businesses, from accounting methodology to Workplace Health and Safety. The latter, in today's
business environment are a must and realistically take several months and hundreds of hours to document and establish.
It is a sad but true statement, that the more WH&S credentuals you have with the current legislation, the less the fines will be if a serious accident occurs at your workplace,br you blamed or blameless.

Another popular alternative is franchise operations. This is also worth consideration, depending on your own preference as it takes away many of the start up issues you may have, although there will be an ongoing cost to you for the life of your business. This option is one that must be given much consideration and legal work, to ensure that the business and any support services meets what the franchiser offered. The aim is to eliminate the risks involved before you part with your cash. That is much easier than trying to recover what you may have lost.

Buying an existing business requires cash up front, which may not be possible; however it is a way of getting started that is in many ways a more secure and certain pathway. Although there are some businesses to avoid, such as:
1. A business where new processes or technology may impact on its future capacity for product sales.
2. A failed business or a business which has a very poor reputation.

Having now looked at three ways of starting a business, the purchase of an existing business has some value and would be well worth considering. Regardless of which option you choose researching the subject is certainly easy - most government websites have extensive advisory information, as do bank and various other organisations. "Googling" can save time and money and a surprising amount of free advice can be gathered in
this way.
A business plan is an absolute necessity before you start. These need not be complicated, and they will assist you in setting down your own ideas to give goals to aim for. By make you consider all areas of your business venture, and are also a valuable tool when seeking assistance, such as getting finance from your bank or talking with your own accountant. The time taken preparing a comprehensive business plan will be invaluable. Assistance to make one is available: you can pay a consultant to do one, or there is reference books or many websites that have templates you can simply download at no cost.
If you are starting a business partnership with another person, regardless of the structure, ensure you write down and agree contractually what the expectations and roles of each person are, and the function and duties of everyone, and most particularly include what happens if someone wants out of the business.
Talk to other people in business- any experienced input is often invaluable. Join a Chamber.

Finally understand why you are going into business. You will need dedication and commitment as well as a real passion for what you are doing. The potential is to make a significantly better income, but this will come at a cost to you, especially in the start up phase over the first few years. In terms of your time - eight hour days and free weekends will seem like a fond memory.
Neither can you simply 'quit' and get another job. Financially you will likely be committed to the business so make sure you understand before you begin, your reasons for and what you need to do to start your own business.

Start here, and learn more about how to go about it in a manner that will see that you having the best chances of a successful start:
http://www.sdi.qld.gov.au/virtual/index.cfm

This Queensland Government site will help in all aspects of getting the best start, but it requires a fair amount of time to navigate the entire comprehensive package. A must, especially for first-timers, to avoid the common mistakes that lead to failure. Well worth the effort.