As of October 2019, there are 2.73 million registered companies in Australia. More than 15,000 new companies registered in each month of 2019.
If you’ve been thinking of starting your own operation, you’re in good company. It’s never too late to go after your dreams.
But, what happens after you register your company? How do you make it a success?
The good news is, there are a few steps that every company director should follow. Read on to learn what you need to do after registering a company.
Protect Your Intellectual Property
If your company is built on a unique idea or product, you need to protect it. Without the proper protections in place, someone could steal your idea or design. That could seriously hurt your future profits.
First, you have to make sure that someone else hasn’t already registered your idea or brand.
If your idea is in fact unique, you need to figure out what type of IP (Intellectual Property) your company has. Did your company invent a new drug? Did you develop a new plant variety?
Australian IP rights can take the form of a patent, trademark, design protection, or plant breeder’s rights. The type of protection you need depends on your IP. For example, a medical device needs a patent, whereas your company logo needs a trademark, design of unique furniture will need a design registration and trademark.
Create a Company Website
No matter what type of company you’re starting, you will need customers to exist. In 2019, that also means you need a website.
Today, customers do their own online research before buying a product or hiring a service. If you don’t have a website, 30% of people won’t even consider your company. Without a website, you’ll be losing out on one third of your customer base.
To create a website, you’ll need to buy a domain name, purchase web hosting, and then design your site. If you don’t have the time or you’re not tech savvy, you can hire a web designer or marketing agency to handle this for you.
Get Legal and Financial Advice
Establishing a company is exciting, but it’s not without its challenges. Managing budgets and drafting contracts can be overwhelming when you’re just starting out.
An experienced lawyer can advise you on everything from business contracts to commercial leases. A good accountant can help you set up your accounting system and other processes, prepare your financial statements and income tax return, additionally they can help you set financial goals for your company.
When you have legal and financial experts to depend on, you can make smarter business decisions.
Registering a Company is the First Step
Registering a company is the first step in your new career journey. Next, you’ll need to protect your intellectual property, create a website, and get legal counsel.
If you follow these steps, you’ll build a solid foundation for your company. You’ll be on the path towards success.
If you’ve recently registered a company, don’t hesitate to contact us for more guidance. At Start New Company, we offer the tools and services to register your company and help make it a success.