Getting Started in Business- Setting Up Your Wedding Business!
This first topic in our Advanced Wedding Business Program is getting you started in business!
In this topic we will be covering the steps on registering your business name, different business structures, applying for an ABN, and registering your website name!
Some of you may have already completed these steps, and have already registered your business name. If you have done so already- double check you have an ABN, and a website domain name. If you have done this already- you can skip to the next Unit!
5 Easy Steps to Setting Up Your Business! ( Exciting Times! )
Step 1: Decide on a business name that you love!
Start by Brainstorming and Research a few names that you like.
Before you decide on a business name, you need to check if the name is available.
To check if the name is available, visit: https://connectonline.asic.gov.au/RegistrySearch/faces/landing/SearchRegisters.jspx?_adf.ctrl-state=hkgnt3ce0_4
You will also want to consider a name for your website address (called domain name.)
You can either call your domain name the same as your business name, (www.lovebirds.com.au) or you can go for a descriptive word- for example like “www.onlineweddingshop.com.au”. (or you could do a combination of both – For example ‘ www.lovebirdsweddingshop.com.au
To see if the domain name that you want is available, visit:
http://www.unlimited-space.com/domain-names.php
You will want a “ .com.au “ domain name. ( Note: you are not registering your domain name at this point- you are just checking if it is available..)
Step 2: Choose a Business Structure that suits you!
Decide weather you will be a Sole Trader, Partnership, or Company.
Sole Trader Business Structure
If you are planning to operate your business alone (without any partners, including your spouse), then a sole trader structure may be right for you.
Advantages of sole trading
- It’s inexpensive, simple to set up and easy to maintain.
- You have complete control over the management and direction of your business.
- You own all your business’s profits and assets.
- There is less paperwork than other business structures.
- Minimal statutory provisions and government regulations govern how you operate your business.
- Unlike companies, you do not have to disclose your profits to the public (i.e. greater privacy).
- Disbanding is relatively easy. You keep any after-tax gains if you sell the business.
Partnership Business Structure
A partnership is when 2 or more people operate a business as co-owners and share income. All co-owners (i.e. partners) act on behalf of each other in the business. Like the sole trader structure, a partnership entity is not separate from its operators.
Advantages of partnerships
- Partnerships are easier and less expensive than companies to set up.
- Partners may carry on business under a trading (business) name.
- Partnerships combine the resources and expertise of a number of people.
- Partnerships are simple to administer. Profits and losses are shared between partners according to his/her share (as specified in the ‘partnership agreement’).
- Unlike the sole trader structure, partnerships allow for greater flexibility in holidays and sick leave.
- Unlike companies, partnerships do not have to disclose their profits to the public (i.e. greater privacy).
Changing the legal structure is relatively simple (i.e. changing from a partnership into a company at a later stage).
Step 3- Apply For ABN
The first step before your register a business name is you need to have an ABN.
You may have an abn already, or you may need to register one. If you are operating as a sole trader, you can use your own personal ABN.
If you are registering a Company Name, you can apply to get an ABN for your company online – it will take around 15 minutes:
Step 4- Register Business Name
This step will take around 15-20 minutes.
First step: create an account: https://asicconnect.asic.gov.au/login/login.html
Then follow on screen prompts.
Steps to register a business name
Here are the steps to apply for a business name.
Step 2: Enter the proposed business name and select a registration period
Step 3: Enter the proposed business name holder details, including representative details (if required)
Step 4: Enter the addresses for the business
Step 5: Confirm eligibility to hold a business name
Step 6: Review and change the information if required
Step 7: Declare and submit
Step 8: Pay the registration fee
Step 9: Confirmation
Step 5: Register Domain Name and Hosting
- Go to: http://www.unlimited-space.com/domain-names.php
- Type in the domain name that you want to register.
- Add ‘ Hosting Plan’(starter Hosting Plan is fine..) You can select to pay monthly or upfront for first year.
- Register and Pay- using your Business name
You will receive a welcome email when it has been registered. Please forward this to Annette. Also write down your password for login to your hosting on your password sheet.
Costings
Business name registration: $33.00 / year
Domain Name registration: $19.00/ 2 years
Web Hosting: Starter Pack: $19.95/ month or $ 200/ year
Action List
If you haven’t already done so, decide on a business name, and check it availability! If its available- register it, as well as the domain name!