Business

How to start an eatery business?

By September 21, 2021 No Comments
Discover the many ways in which money can be made in the food business.

Have you had the idea to start an eatery business for a while?  

You can do it with the right help. 

RECIPE FOR SUCCESS INGREDIENT CARDS

Ingredient 1: Business Law

Question:

What do you need to know to start an eatery business?

Answer:

Here are tips for starting a new eatery business and the questions you need to ask yourself:

  • Write a business plan – this will be your roadmap – this is a document that sets out your objectives, short/long term goals, target market and financial forecasts.  You need to make a time frame in which your business goals can be achieved.
  • Determine the best business structure for your business – getting this right from the beginning will prevent much work down the track, reduce your tax bill and reduce any risks.
  • Do you need to register for GST? 
  • Will you have employees? 
  • Perhaps you need to register a business name.  Are you going to trademark your business?  A trademark protects your business name, logo, and things like slogans so other businesses can’t use them.
  • Do you need any licenses eg alcohol licence?  This is something your accountant can help you with.
  • Meet with an insurance broker to discuss any insurance you may need to protect yourself and your business – do you need public liability insurance WorkCover?
  • Open business bank accounts.  One for your everyday trading and another for GST, income tax and PAYG withholding. 

Does all of the above sound confusing?  It isn’t! 

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