If you have a good idea for a new business, you may want to follow these important steps to ensure you can successfully get your company off the ground and into the market.

Evaluate your idea

When the spark of inspiration hits, you will need to ensure pursuing this business idea is a viable option before pouring money into the venture.

Could the idea make money? Do you have a source of start-up finances? And most importantly, is the business something you are passionate about and will stick with through the good and the hard times?

Choose a business structure

Will your business suit a sole trader structure? Perhaps you would prefer to work as part of a partnership, company or trust.

There are advantages and disadvantages for each structure, so it is important to do plenty of research before committing to one plan.

Choose a name

When deciding on a name for your business, the first step should be to check the name online to ensure the domain name is free so future clients will not be directed elsewhere when they search for you online.

Once you have settled on one name, you will need to register this name with the Australian Securities and Investments Commission.

Licences and permits

Having the correct licences and permits is essential to ensure your business can operate without being closed down due to non-compliance.

You can find out more about which licences, permits and registrations your business will require from the Australian Business Licence and Information Service.

Insurance

Business insurance is an important part of managing the risks new companies can face every day.

If a new business is uninsured when a loss-causing event occurs, it is common for the financial burden to cause the business to go under fairly quickly.

Therefore, it is essential to understand the kinds of insurance your business may require, such as third-party liability cover and business interruption insurance.

For more information on your business insurance requirements and options, contact MGA insurance today.