Starting A Small Business in 2023

Starting A Small Business in 2023

Is 2023 the year you’re going to take the plunge and bring your business ideas to life?

It’s a huge step to take and sometimes can dramatically change the course of your professional life and/or career. This could be a good thing or a bad thing depending on which way you look at it!

Either way, starting a new business will bring a fresh sense of starting something anew. They always say a change is as good as a holiday!

When planning out your business operations, it’s good to have a trustworthy and knowledgeable commercial law firm who can assist you, someone like TY Lawyers in Chatswood who specialise as small business lawyers in Chatswood.

Commercial lawyers like TY Chatswood can assist with various commercial legal requirements from business contracts to business structuring and legal protection to corporate compliance.

The Small To Medium Business Outlook, Post Pandemic

The way businesses now operate post covid has changed dramatically. How things were done before that used to be successful, may not be so great now.

It’s important when in business, to never stay the same – your business will always need to evolve, move and adapt to the times and needs of their target audiences.

Some of the things that have changed in the marketplace across the world since covid include:

  • Changed ways of communicating – less face to face and more digital
  • A huge increase in online sales and people shopping online in the retail sector
  • Prices for most things have increased significantly
  • The rapidly changing role of technology and its role in all business sectors
  • The increase of new technologies, such as AI
  • Supply chains have changed and shifted significantly
  • A focus on sustainability has become a key theme for many businesses now more than ever before
  • There is more requirement for support of a hybrid working structure for many sectors

Pros And Cons To Consider When Starting A New Business

  • Large personal and financial commitment
  • Unpredictable income until operations are established
  • Opportunity for more financial freedom if your business is successful
  • Work your own hours, report to no one apart from yourself
  • Grow your abilities, skills, strengths and problem solving approach

It’s important to also understand some of the reasons why businesses commonly fail and ensure you don’t fall into any of these categories:

  • Driven solely for money, and no passion
  • Failing to plan the business properly
  • Lack of market research
  • No online presence
  • Failing to pivot into new opportunities
  • Attempting to expand too fast
  • Failing to change with the market
  • Lack of capital & cash flow

Many small businesses in Australia fail within the first three years so getting your plan right from the outset, is vital.

Creating Your Business Plan

Having a solid business plan means you’ve always got that blueprint to come back to.

Here are some of the things you should include in your business plan:

  • Your Target Market
  • Financial Plan or Investment Required
  • Your Business Structure – Sole trader, Partnership, Company or Trust
  • Your Business Details and Particulars
  • Your Business Product or Service Offering
  • Your Reporting & Accounting System
  • Your Marketing & Advertising Plan

With all of these above mentioned points, small business lawyers like TY Lawyers Chatswood can help you point you in the right direction, gather the required information and complete the legal tasks required.

As commercial lawyers in Chatswood, our team can assist small businesses with many commercial law firm services, including:

  • Choosing a business structure
  • Registering an ABN
  • Registering a business name
  • Registering for GST (earnings of over >$50,000/year)
  • Registering a trademark
  • Licenses & permits
  • Business insurances
  • Workplace relations
  • Asset protection
  • Property leases
  • Advice for small businesses

Does Your Business Need Help From TY Lawyers Commercial Law Firm Chatswood?

Whether you’re thinking about opening up a small business, during the planning phase, or currently up and running, the expert lawyers at TY Lawyers can help you with any business financial, legal or operating issues.

Get in touch with us on (02) 8007 0135 or contact us online by putting in an online enquiry.

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