When starting business there are many factors to consider. Including some of the following: Due diligence Have you researched or tested the market for your product or service? Have you considered the capital required to start you business and help it grow? Do you posses all the skills required to operate the business? Have you obtained independent professional advice? Business structure There are four main structures or combination of structures used to operate a business: • Sole trader • Partnership • Company • Trust (Unit or Discretionary) The type of business structure you choose will affect your taxation position, your personal and legal liability, the life of your business, and the availability of capital to establish and operate your business. Government compliance such as taxation, registration, licensing and employment. Are you adequately covered by insurance for your personal protection as well as that of your business? Do you have adequate wealth protection, etc   [ Top of Page ]