How can you protect your small business?
There are a number of easy steps that EVERY business owner should take when starting a business to help protect their business AND their personal assets.
Often people are so busy worrying about sales, marketing and branding when they first start a business that they don’t stop to consider how can I protect my business?
It shouldn’t be an after-thought.
We all want to be successful and we hope for the best, but things don’t always go to plan. It is worthwhile spending some time to set things up correctly from the start. It may save you a lot of pain later down the track!
We have created this colourful Infographic below as a quick guide to help you:
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Which Business Structure is right for me?
Check out this great video from the ATO for a summary of the most common business structures:
Do your research BEFORE you launch
Make sure you aren’t accidentally copying someone else’s business name or brand!
Spend a few minutes checking out the competition BEFORE you start to spend money on your website, branding and marketing. It is free to check.
- Check existing names: Search to see if a business name is available using Business name check
- Check existing trade marks: Make sure you’re not infringing on someone else’s intellectual property (IP). Visit the IP Australia website to find out about Searching for trade marks in Australia and overseas.
- Register a web address: If you want to use your proposed business name as part of your web address, read about registering a domain name
- Apply for a trade mark: To protect your business name, apply for a trade mark on the IP Australia website.
Get Registered on ABLIS
The best place to find out (for free – bonus!) what licenses you need is the Australian Business Licence and Information Service, or ABLIS.
Use their easy search function to find relevant information for your business on licenses, registrations, permits and assistance you need, across all levels of government.
Where to from here?
You should have these six recommendations covered BEFORE you start trading in your business. If you have missed anything, there’s no time like the present to sort it out.
This is NOT an exhaustive list, but we think it is a good starting point for new business owners. You might like to read some of our other free legal guides here.
Need some proper legal advice?
Use our handy online scheduler to book a free consultation with Her Lawyer today. We provide a range of legal services for business owners Australia-wide.