With the announcement of the Federal Government’s possible new funding package, there has never been a better time to start a small business. Treasurer Josh Frydenberg proposed a funding package that would make $2 billion available to smaller banks and non-bank lenders to loan to small businesses. It is expected that legislation to cover the fund will be introduced in early 2019. The treasurer will also be meeting with regulators and stakeholders later in November on a second proposed initiative intended to raise private funds to invest in smaller companies, similar to those seen in Britain and Canada.
These proposals could have a profound impact on borrowing for small business. Currently, many owners must resort to taking out personal loans or charging up their personal credit cards for business expenses. Usually, with rates that are often higher than home loans, this is a result of the high interest rates on business loans. Now that new funding proposals are in place, the idea behind it all is that the larger banks will have competition, pushing interest rates for small business loans down all around. If this happens, you have the recipe for a market that is ripe and ready for building a small business, or even expanding your current one.
Ready to Start Your Small Business?
Starting a new business is exciting, but it also requires a lot of thought and, of course, even more work. It’s easy for some things, even vital things, to get lost in the shuffle. To help keep you on track if you’re ready to take the leap, here are a few tips for getting your business off the ground:
Have A Checklist
To help ensure that nothing falls through the cracks, you’ll want a thorough checklist for starting a business. An incredible resource for this is actually our government’s downloadable checklist. This is a wonderful document, as you can both print it and use the digital version for its many links to other resources, both general and tailored to more individual needs.
What’s In A Name?
Choosing your business name is all about making (and leaving) an impression. Unique or memorable names are likely to stick with potential customers, but you’ll want to ensure that the same or similar-sounding name isn’t being used. Is your chosen name available as a domain name online? You’ll also want to think about whether the name that you’re considering could be taken in any other manner; you may want to pitch the name to a few people to see what sorts of reactions it garners! Once you have the perfect name, you may want to consider trademarking it, potentially giving you the exclusive rights to use it.
Research and Plan for the Future
If you’re not researching both your industry and market, you’ll find it difficult to keep your business afloat. Keeping up with latest news and trends in your sector are important to making sure that your business succeeds. It may sound cliché, but you’ll also want to plan for the future of your business. Where do you see your company in five years? What about ten? Is your business based on a trend that’s likely to slow down? Figuring out how you would continue or possibly expand into other areas to diversify can help you greatly with dips that may occur in your market.
Get A Helping Hand
Beginning a business is overwhelming, no matter the time or the season. With everything from business start-up advice, GST & ABN set up, and budgeting and forecasting, all the way to tax return preparation and even cloud-based accounting software implementation, we’re here for you every step of the way. Book an appointment at TCA Darwin and learn how we can help you get the best start for your start-up.