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Up0
In terms of the order of things –
Purely my personal approach, not advice on this – I’d be inclined to have my business plan/marketing plan done first – as this will apply to the current location but likely to any other if the first doesn’t check the boxes, then perhaps inspect with agent, and see what might be possible in terms of rent negotiation. If the inspection fails your hopes and/or you can’t negotiate this may impact what you do next. If that all checks out, then perhaps discuss with the bank – who may very well want to see business/marketing plans and projections anyway, and, then, ‘admin set up’ things.
A slightly side note – you mentioned the ‘admin’ side of registering a company name. Keep in mind a company name doesn’t protect the name nor ensure it’s safe and available to use. If you have a name in mind, before registering the company with that name (which obviously costs money), check it’s not likely to infringe registered trade marks, and, that it’s available as a domain name and across social media platforms. It can be disappointing to register the company name only to realise you can’t set up social media/website by the same name, and certainly not great if you are forced to rebrand due to another person owning a trade mark. You can conduct your own basic TM searches at https://search.ipaustralia.gov.au/trademarks/search/quick (look not just at identical names, but anything that looks or sounds similar to the one you want to use for your shop – where confusion could occur), and, https://namechk.com/ can help find names available across social media/domains etc.
Good luck
In any case, all the bestUp0Hi kmiller,
I agree with all Jacqui said.
So at the practical level…
Do basic business plan as bank will need this and cashflow and budget projections for business loan application.
Check business trading name on asic.gov.au business name search, plus the IP Australia trademark check, plus domain search on godaddy or crazydomains are easy. (Socials too but this is more flexible).
Once you’re sure on name, get legal AND accounting advice on structure of owning entity, it’s more complicated than u might think, especially if you have other assets to protect and you’re considering a loan.
Once entity is set up, and names registered, open you business trading account. The potential loan and bank acnt don’t have to be at same bank but may be more favourable for loan. Would not go to same bank as who has my house mortgage though.
Negotiate with commercial agent. I would highly suggest asking about a ‘casual’ lease option for first 6 months. This will not force you to do full shop fitout or hefty other fees or long term lock in if covid hits or the community doesn’t rally behind it. It gives you breathing space to ensure all your ducks are aligned and you’re doing your store in the most appealing and profitable way. Giftwares are an especially tricky business and you should be prepared with something to set you apart from the Kmarts of this world.
Then your entity will apply for loan with you as guarantor etc.Don’t underestimate detailed planning. Good instincts will only get you so far. Sounds lime you’ve found your passion and purpose and I’m sending good vibes your way
Good luck.
Rhonwyn
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