Step 4: Set Up Your Business Structure and Operations
Legal Structure
Decide on the best legal structure for your business, such as sole trader, partnership, or corporation. It’s straightforward to start as a sole trader not registered for GST; then, once your income hits $75k, you can register for GST. As your income grows to $100-200k, or if you acquire assets like property, you may want to consider transitioning to a company structure.
Business Structure?
Top Tip: Avoid partnerships. Most partnerships end in disputes over money and the direction of the business. Unless you have a rock-solid contract that clearly outlines decision-making processes and responsibilities, things can quickly become messy and fall apart.
Business Bank Account
Keep your personal and business finances separate by opening a dedicated business bank account. Consider ethical banks like Bank Australia or Bendigo Bank, which offer all the modern services without contributing to global issues.
Keep your personal and business finances separate…
Insurance
Protect your business with the right insurance. We recommend working with an insurance broker who can tailor your coverage to your specific needs. If you’d like, Environmentarian can connect you with our broker—no strings attached, just a simple introduction to help you out.
Operations Setup
Whether your business is online or has a physical presence, set up your location, equipment, and technology. Develop systems for managing daily operations, such as bookkeeping and customer service.
At Environmentarian, we can assist you in determining what tools best suit your business and level of tech-savvy. You may need to learn a few things along the way, but that’s part of life…and business!
