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Sole trader

How do I deal with all the regulatory red tape?

By Marcia Griffin
Wednesday, 06 March 2013

This week’s Secret Soloist is answered by Griffin+Row founder Marcia Griffin

 

Yes, there is a lot to do when starting up a business.

 

It can be daunting, but the good news is that many people have started up businesses before you and it may be a good idea to tap into that information!

 

A business mentor could help you get through a lot of initial issues and save time and money.

 

If the business mentor is a private person, there will be a payment involved but there are also a number of free mentoring services available through the state government.

 

Once you have a picture of what needs to be done, decide what you can do and what you need to delegate.

 

The cost of this delegation needs to be in your start-up budget, but keep a very close eye on costs as you get people involved.

 

You do not need to go to the most expensive source of information – find out from others who they have used to assist them.

 

Always work with people who have been referred to you by someone you trust. This will save you a lot of time, money and prevent a lot of headache and heartache.

 

Starting a business requires a great degree of resilience and determination.

 

Have this list of resources set up before you start your business. These may come from your past business life or the lives of others.

 

You will need to spend time on the business set up, on compliance, etc. You need to be patient with this and understand there will be a time period required before you actually open your business to business!

 

It’s part of the process.

 

Keep your goal in mind as you cross off each part of the start-up process. You will need to be very clear about opportunity for your business before you make a start.

 

This will keep you on track and patient!

 

When I co-founded Griffin+Row my former business partner and I spent a lot of time in preparation, listing what we needed to do and who would do what.

 

We did as much as we could ourselves to save money and invested in expertise where we needed to. For example, in our case we worked with a scientist and manufacturing chemist on product development, we contracted a graphic artist, and we obviously had an accountant give advice on company structure.

 

We did the things we could and paid trusted parties to do the rest.

 

I want to encourage you in your business start-up by saying that people who take the risk of building a business should be treated as heroes and in my thinking they are heroes!

 

The country needs you, Australian workers need you.

 

We are living in a time when jobs are going offshore on a daily basis. I have nothing but admiration and encouragement for those who take the risk of starting up a business.

 

Please prepare well and budget for the initial time and money you will need to invest.

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