Getting your business ready to start trading
Before launching your new business, ensure that key activities, skills, and processes are in place to support a smooth start.
- Establishing a clear organizational structure and ensuring your team is properly trained.
- Getting your retail space, branding, website, or other sales channels ready to serve customers effectively.
- Setting up reliable payment systems and banking processes for seamless transactions.
- Organizing your inventory, securing suppliers, and preparing necessary equipment—take time to research and select the right suppliers.
On this page
- Business Structures and Organization
- Preparing Your Premises or Online Store for Customers
- Training Your Team to Serve Customers Effectively
- Setting Up Banking and Payment Systems
Organizational Structures
An organizational structure provides a framework for managing and coordinating the activities within your business.
Having a clear structure helps define how information and tasks flow, ensuring smooth operations. It outlines:
- Responsibilities assigned to individuals or teams.
- Hierarchies of authority and decision-making processes.
- Roles for directors, managers, and employees.
- Delegations to streamline decision-making and enhance efficiency.
- Structures that align with and support your business strategies.
Establishing an Organizational Structure
Creating an organizational structure involves designing a framework that supports your core operations and ensures smooth communication of operational information.
When setting up your structure, consider:
- The relationships between team members and their specific roles.
- The location of your business, whether physical or online.
- Any strategic partnerships, alliances, or joint ventures that may impact the structure.
- Specialized roles that require technical, financial, or digital expertise.
Once you’ve chosen the right location for your business, take the necessary steps to prepare for its launch.
If appropriate, you should think about a soft launch for your business by opening only to a small number of family, friends and other supporters. This will help you identify anything you may have missed or where you're not functioning effectively before opening for customers.
If applicable, consider a soft launch where you open to a limited group of family, friends, and supporters. This allows you to test operations, identify potential gaps, and address any issues before opening to the broader customer base.
- Necessary licenses and permits
- Insurance coverage
- Security measures
- Staff facilities
- Parking availability
- Utility services
- Work, health, and safety protocols
- Fire and emergency procedures
- Cleaning supplies and materials
- Inventory, stock, and supplier arrangements
- Branding and signage
- Advertising strategies
- Website and online presence
- Social media accounts
Understand the various business structures and the importance of obtaining the appropriate licenses and registrations to operate legally and effectively.
- Required licenses and permits
- Insurance coverage
- A dedicated phone, email address, and workspace
- Payment processing methods
- Parking arrangements
- Utility services
- Work, health, and safety measures
- Cleaning supplies and materials
- Inventory, stock, and suppliers
- Branding and marketing strategies
- Advertising efforts
- Website and online presence
- Social media accounts
Learn about different business structures and the essential licenses and registrations needed to operate your home business legally and efficiently.
- Required licenses and permits
- Insurance coverage
- A dedicated phone, email address, and workspace
- Payment processing options
- A strong website and online presence
- Utility services
- Work, health, and safety protocols
- Inventory, stock, and supplier management
- Cleaning materials and supplies (if applicable)
- Branding and promotional strategies
- Advertising efforts
- Advertising
- Social media accounts
Understand the various business structures and the necessary licenses and registrations to ensure your online business is compliant and ready to operate.
Choosing a Business Location
Every business location offers distinct advantages and challenges. It’s essential to evaluate each option carefully to determine which one best suits your needs.
Use a business premises checklist to assist in your decision-making process.
Explore the factors to consider when selecting the ideal location for your business.
Getting Your Team Ready for Customers
Your team is the face of your business, so preparing them for daily operations is critical. Consider the following when setting up your team:
- Clearly define roles and responsibilities.
- Establish strong policies and procedures for all staff-related tasks.
- Cross-train staff members to perform various tasks, reducing the risk of errors or delays due to absence.
- Ensure all team members are fully trained in their responsibilities.
- Communicate a clear support structure so staff know who to turn to for guidance or assistance.
Banking and Payment Processes
Your business's banking requirements will vary based on the type of business, available funding, and your individual situation.
It can be beneficial to set up a dedicated business bank account. This helps to separate your business finances from your personal finances. It also lets you easily traSetting up a dedicated business bank account can be beneficial as it keeps your business finances separate from your personal ones, making it easier to track and manage income and expenses. ck and control the income and expenses of your business.
Working Out Your Banking Needs
To determine the banking services your business requires, follow these steps:
- Seek advice from your accountant.
- Research available banking products and services to find the best options for your business.
- Establish a direct contact at the bank, preferably a business banker.
- Thoroughly review all provided information, including product disclosure statements.
- Consider obtaining a line of credit or overdraft with guidance from your accountant.
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Establish Your Payment and Banking Processes Early
- Set up your payment systems and banking facilities well in advance of your planned start date.
- Ensure your staff is trained on how to process payments and handle transactions, such as issuing refunds.
- Review the support and training resources offered by your payment system provider and bank.
