Starting a new company is an exciting milestone, but the work doesn’t stop after formally registering a company.
Post registration, you must take key steps to set your business up for short- and long-term success.
This guide will walk new business owners through essential to-do’s to remember after registration.
Notify relevant parties and set up accounts.
Once your company registration is complete, one of the first things you need to do is let important parties know that you are now formally in business. Some important groups to notify may include:
- Suppliers and business partners – Let any vendors, affiliates, or wholesale suppliers know about your new business status so you can set up official accounts.
- Bank and government agencies – Open business bank accounts and notify groups like ATO and your state tax authority that you are now operating. This helps avoid any potential tax penalties or confusion.
- Customer – Spread the word to bring in that first wave of sales. If you have accumulated emails from your audience, let your email list subscribers know about your grand opening or official launch.
Handle legal compliance needs.
Registering a new business makes you subject to certain state and federal legal requirements. Important compliance steps that new business owners need to take care of include:
- Tax obligations: When you register a company Australia, you must start paying taxes. Understand what licenses and annual tax filings you need at state and federal levels.
- Employment paperwork: If you plan to hire staff, ensure you have an employer identification number (EIN) and proper worker paperwork.
- Insurance: Consider general liability insurance, workers’ compensation coverage, cyber insurance, and other policies to reduce business risk.
- Licenses and permits: Depending on your industry, you may need special licenses or permits to operate legally. Research requirements for your location and niche.
Refine your business processes.
When you first launch, operations may feel a little chaotic or disjointed. As you settle into life as a registered company, take time to analyze and improve business processes. Look for ways to increase consistency and efficiency in order fulfillment and shipping, billing and invoicing, quality control and assurance, data management and security, and standard operating procedures for tasks/production.
Documented processes make training staff and scaling up your company over time easier. Refining systems now also save headaches down the road.
Set up accounting & record keeping.
With a registered business, proper financial records are a must. You need clear insight into profits, losses, cash flow, taxes owed, and more. Important accounting steps to take include:
- Choosing an accounting system or method (e.g., cash vs accrual)
- Selecting small business accounting software
- Developing an orderly record-keeping system for expenses, income, receipts, etc.
- Establishing an inventory tracking process if selling products
- Creating standard profit and loss balance sheet reports
Working with an accountant to handle financial recording and reporting is wise for most new business owners.
Build up your credit profile.
You are starting from scratch, so you don’t have any business credit yet. Building up a strong credit profile makes it easier to access funding down the road, whether you need a business loan, line of credit, new company card, or other financing.
Here are some tips you can follow to establish solid business credit:
- Pay bills and creditors on time
- Take out and responsibly manage new credit accounts
- Report positive payment histories to credit bureaus
- Do not overutilize credit on a new account. It must be below 30%
- Maintain and show strong business revenue and operating history
A good business credit score makes lenders more confident in approving financing applications.
Develop a budget & financial plan.
With your new company up and running, looking at the numbers and developing a financial plan to guide decision-making is important. You can factor in these important elements:
- Operating budget: Track income vs. business expenses. Break down costs by category.
- Cash flow projections: Forecast cash coming in and going out month-by-month.
- Profit/growth goals: Set specific targets for expanding your venture.
- Funding strategy: Decide how to fund new equipment purchases or hiring goals.
- Contingency plans: Think through backup options if sales dip or costs swell.
Also, revisit your financial plans regularly and adjust based on real-world results as needed. Sound budgeting and planning are key to turning startup excitement into long-term success.
Summary
The administrative work doesn’t disappear once you register a company. However, taking the right post-registration steps goes a long way in setting up good business habits and smooth operations. Use this checklist to ensure your new venture starts on the right foot. With attention to legal, financial, and operational details, you will be well on your way to growing a thriving enterprise.
