How to Go From Sole Proprietorship to Full Office: A Startup Guide

sole proprietorship

When you are operating as a sole proprietor, there are limitations to how far you can take your business. As there’s only so much time in the day, there is only so much that you can get done every week without asking for help. For many one-person businesses, this can be a frustrating issue that can be difficult to overcome. However, one very simple solution will help you take your business success to the next level quicker than you ever imagined.

If you have reached a point in your business where you cannot take on any new clients or handle any additional work, it is probably time to make the move to a full office setup. Hiring a team to help you with your workload will allow you to take on more work moving forward and give each of your clients a little more time. While trusting in a team can be difficult at first, especially if you have been working on your own for a long time, it is essential for your business to progress and improve.

Continue reading to learn how you can successfully make the move from a sole proprietorship to a full office and grow your operations.

Find The Right Office Space

Before you do anything else, you will need to find an office space that will meet the needs of your expanding business. Be sure to pay close attention to the location, be vigilant in your research and look at multiple options before you make a decision. Often, commercial plumbing services can be helpful when it comes to ensuring that the air conditioning, restroom facilities and staff break room are all in working order and you should also hire an electrician to check over everything before signing the dotted line. Find a space that will accommodate your new team comfortably and get your new venture off to the best start possible.

Hire A Team You Can Rely On

When you have been used to working on your own for so long, many solo business owners find it difficult to relinquish control. However, for your business to move forward, you need to ensure that you delegate tasks effectively and trust in your team to complete the work to your high standards. This begins with hiring the right team. While recruiting staff to work with you in your new business can be difficult, it’s important to put the time and effort into finding people with the right skills, experience and work ethic to help you successfully move to a full-office setup.

Change Your Company Structure

Once you have made the decision to change your business structure and move forward as a company, you will need to lodge an application with the Australian Securities and Investments Commission (ASIC). If your application is approved, you will be issued with an Australian Company Number (ACN), which you must use in the future. The Australian Business Number (ABN) that you had when you were operating as a sole proprietor should then be cancelled and you will need to apply for a new Australian Business Number (ABN) in the company’s name as the sole proprietor ABN cannot be transferred to your new company.

Make The Transition To A Full-Office Setup As Straightforward As Possible

To ensure that your business can continue to grow, evolve and stand tall against the competition, at a certain point, you are going to need some help. Changing your finding an office, hiring a team and changing your business structure might seem daunting at first. However, with a little time, effort and research, you can ensure that the transition is as smooth as possible, setting your new company up for a brighter future.