Starting A New Business? p. 1
We’re excited to announce a Business Basics Workshop on Saturday the 20th of May at 10am by Chloe Heath of Bendigo Bank. This workshop is specifically catered for people in the creative space, including how and when to set-up a business or ABN, banking and sources of funding. Check out causeastir.eventbrite.com.au to get your ticket now. This workshop is free and only for Stir participants (past and present). If you haven’t already, head to www.causeastir.com.au and upload your creative project now so you don’t miss out.
Chloe has also written a post on ‘5 Things to Know Before You Get Started’. Check out the first instalment below.
5 Things to Know Before You Get Started
Find your passion. If you can get paid for something you love to do, you will never work a day in your life. Sound familiar? We have all heard it over and over, but how do you actually make this a reality? You have found your passion, but how does this translate into a business?
Having your passion convert to the business world can seem daunting with the red tape and the ‘tax man’ to conquer in order to reach your goals. If you want to start out on your own here are 5 key things to keep in mind that will simplify the process.
1. Create Your Support Structure.
You want to ensure you know where to get help, advice and support. We have already touched on starting a business being a daunting task, but it is even more so without a support system in place to help you.
By now you’re asking yourself “where do I find advice and support?” or “who do I talk to about getting small business advice?”. Read and follow the steps below to create your support structure.
Step 1: Visit business.gov.au to locate your local government-funded small business advisor.
Step 2: Look up your local Business Enterprise Centre (BEC) or Small Business Centres, who provide free or low cost assistance to small and micro businesses.
Step 3: If you’re looking at an online business, visit digitalbusiness.gov.au to find a stack of resources about what your business can do and how you can do it.
Most importantly, don’t let a lack of understanding hold you back. Ask questions. Get out there and get the support and advice you need to make your idea into a reality.
2. Hobby or Business? An important distinction.
Simply put, if you are not intending on making a profit from your activities, you’re pursuing a hobby. A hobby is a pastime or leisure completed in your spare time. It also means you have no reporting obligations, unlike a business. On the other hand, if you are aiming to make a profit from your activities, you are in business!
Being in business comes with many benefits, the first of these is that you can apply for your Australian Business Number (ABN). This will allow you to produce invoices, access government information services (remember that support structure we talked about?), concessions and the ability to claim tax deductions.
That’s all for this first instalment. Keep your eyes posted for updates on the Stir blog for the next part!