Here are my top ten things that every business owner in every industry must do in order to minimise risk and ensure that they go a long way to complying with applicable laws and regulations:
- Stop procrastinating and get started;
- Choose the right structure to suit your business (e.g. sole trader, company, partnership, trust etc.);
- Know who you’re in business with and document the relationship (e.g. shareholders agreement);
- Ensure your general business and taxation registrations are complete (e.g. ABN, PAYG, GST);
- Ensure your specific business registrations are in order (e.g. food premises, liquor licence, childcare / education approvals, professional registration etc.);
- Register your business name and intellectual property. A business name alone provides no IP protection;
- Choose the right accounting software to suit your business;
- Take out adequate insurance to suit your needs and keep it updated as your business grows (e.g. public liability, fire and theft, product or professional liability, business interruption insurance, life and income protection insurance);
- Establish relationships with your suppliers and understand their payment terms;
- Set down clear terms and conditions with your customers. If you’re providing consumer products and services, be aware that some guarantees and warranties cannot be avoided at law;
Nick Hitchens
DISCLAIMER: This post is the opinion of the author and in no way constitutes legal advice.