What do I need to start a business

We've made a checklist of the most common items you might need before you are able to trade.

This list has been designed so you can work out your start up costs and does not include items like opening bank accounts etc. You may already own some of them - others items may not apply to your business. You can download the spreadsheet below and add in the costs per item to work out how much opening will cost you - or you can use it simply as a checklist or guide.

Licences, Permits & Registrations

Trading Name
Company and/or Trust establishment Fees
Professional Body Application and/or Registration Fees
Domain Name
Email Address

Insurance

Business Insurance
Professional Indeminity and/or Public Liability
Vehicle and/or Tools and Equipment Insurance

Depending on your industry you may also have to take out industry specific insurance eg builders require Builders Warranty Insurance - speak to an insurance agent who will be able to design a business insurance pack for you.

Software and Office

Accounting Software
Industry Specific Software
Inventory system Software
Office software
Desk and chair
Computer or Laptop
Phone
Office Supplies
Stationery

Other items you may need

Security costs
Recruitment fees
Tuition Fees
Loan establishment fees
Other financing costs

Marketing and Online Presence

Opening advertising & promotion
Website
Social Pages

Consultancy fees

Accounting advice
Legal Fees
IT Consultant

Cost of Sales

If you are opening a retail outlet you will of course need opening stock to be able to trade. Other business's such as trades or service/repairs industry may need to need opening materials in order to remain competitive against more established businesses.

Opening Stock or inventory
Materials

Working Capital

Unless you are buying assets your biggest expense in starting up a business will be making sure you have enough working capital put aside to survive the early days which usually results in negative cashflows. You may be able to organise an overdraft account with your bank to cover you.

We're not big on overdrafts - we've seen too many businesses fall into trouble from the high interest associated with overdraft blowouts. But there is a time and place for everything and this is one of the few circumstances in which used wisely an overdraft will work in your favour. You only borrow (and pay interest on) the money you need. Just make sure you have plans in place to pay back the overdraft in your business plan.

Look out for our upcoming article on how to work out how much you need for working capital.

Business Premises

Bond
Land and Building

Assets

Plant & Equipment
Fit out and/or Furniture
Connection fees
Installation
Business Vehicles