A business can be operated in your own name, or via a company or trust. Each one of these has its own advantages and disadvantages. Although it is easy to set up your own trust or company, it can be very difficult to move to another type of structure after you have commenced trading.

Also consider the need to have a comprehensive budget and business plan. This will help to determine if the business is on track. Advice from an accountant can be helpful here. When employing people, you should also be aware of all of your obligations for payroll, on-costs and business registrations. For businesses that have intellectual property, professional advice should also be sought on how to protect this via registered designs, patents and trademarks.

We recommend developing a business relationship with a lawyer, banker and accountant from the initial startup of your business. These advisors can provide regular assistance as your business grows and help you to avoid pitfalls along the way.