a Business - Checklist
starting or purchasing a business you may need to undertake
some or all of the following activities.
NB: Those items listed in italics below indicate
that help is available at Perry Ure by calling 02 4926
on what licences/registrations may be required through
the Business Licence Information Service.
with the local council regarding zoning, health regulations
whether you need to lodge a Development Application
or Building Application.
people currently operating in your industry - suppliers,
competitors, agents, associations and authoritative
any trends and seasonal factors and reflect these in
your sales forecast and cashflow projection.
market research to determine target market, size and
location of market and distribution channels.
buying an existing business, obtain three years trading
figures (profit and loss statements, etc.), history
of the business and its owners, break up of purchase
price (land, buildings, equipment, stock at value, intangible
assets including goodwill, databases, patents, etc.)
and determine the real reason for the sale.
a SWOT analysis (strengths, weaknesses, opportunities
and threats) on the venture.
any perceived barriers the community may have to your
venture. Check alignment with market research and personal
suitability. Utilise First Base Services, Bizlink, seminars/workshops
and other resources at your local Business Enterprise
the sales of your products and services for the first
and second year of operation.
establishment costs, pricing policy, sales forecast,
break-even point and funds required.
marketing plan (covering publicity, public relations,
sales promotions, personal selling and advertising).
cash flow projection.
your personal financial position (ie assets less liabilities).
a business plan of feasibility study covering such areas
as development costs, management plan and financial
your proposal with a CPA at Perry Ure.
legal structure for operation (company, partnership,
training needs for management and staff.
your chosen business name through the Department of
Fair Trading and/or register your company name through
the Australian Securities & Investments Commission
and/or establish a partnership agreement (even for spouse
up a business bank account (a Certificate of Registration
of a Business Name will be required for the bank account
in the business name) and arrange with your bank to
send monthly bank statements.
for connection of services (telephone, electricity,
gas and water).
for your Australian Business Number and register for
all relevant tax obligations, eg GST, PAYG and BAS or
IAS. If you intend to employ staff, register as a PAYG
Withholder through the ATO.
you intend to employ staff, obtain Awards, establish
superannuation policies, take out Workers' Compensation
cover and check other relevant information.
other business insurance cover such as public liability,
vehicles, fire, burglary, plate glass, professional
indemnity, sickness, etc.). Obtain quotes from agents
an intellectual property register covering logos, trade
marks, patents, copyright and designs, etc.
financial position and loan arrangements with your bank.
credit arrangements (EFTPOS, credit and/or debit card
and sign lease/purchase documentation in consultation
with your solicitor.
business equipment (eg computer, cash register, fax
machine, mobile phone, photocopier and any other office/shop
equipment), fittings and furniture.
an asset register.
advertising and marketing needs with media.
suppliers, order stock and determine terms.
or order stationery, tax invoices, promotional material,
letterheads, business cards, brochures, cash journals,
quote book and order book once phone number is secured.
up a suitable filing and accounting system (tax invoices,
cash book, bank statements, supplier statements) to
maintain records for up to five years.
a trade association/chamber of commerce.
your will drawn up or updated to reflect your change
a Power of Attorney for yourself and/or partners and
draw up a Deed of Transmission.
This checklist brought to Perry Ure clients in consultation
NSW Department of State & Regional Development.
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