Question 1 - What Steps Are Involved In Starting A Business?
We are recognised as business start-up specialists and can help you navigate your way through the business start-up maze. We often say the start-up phase is like a game of chess, to be successful you need to make the right opening moves. Basically the process usually includes:
- A fact find meeting to decide on the most suitable structure for your business. There are a number of options including sole trader, partnership, limited liability company or trust. The key considerations are income tax, asset protection, potential admission of new partners and eligibility for discount capital gains concessions.
- Preparation of a business plan including cash flow and profit projections including best and worst case scenarios.
- Assess your finance requirements and options and possibly prepare finance applications.
- Prepare a marketing plan and consider the business name, branding, slogan, website, SEO, domain names, social media strategy, digital publishing, target markets, site location and loads more!
- Register for an Australian Business Number, GST (if required) and Tax File Number with the Australian Taxation Office (ATO). If you plan to employ staff there are additional registrations including WorkCover and PAYG.
- Other registrations may include your business name and domain name(s).
- Legal Issues including trademarks, wills, leases, trading terms and specific industry registrations like council permits, liquor licensing, building approvals etc.
Software selection is critical because the wrong choice can prove very costly. We aim to help our clients minimise the cost of compliance and we recommend software that matches your business needs with your level of accounting skill. In many cases we train you to use the software. There are a multitude of options including MYOB, Cashflow Manager and cloud based solutions like Xero. We urge you to consult with us before you make this important decision.
Download our starting a business expense checklist from here
This is really just the tip of the iceberg and we have even written a 45 page booklet to help our clients starting out in business. Copies are available from our office or call us on (03) 9497 2222.
OTHER QUESTIONS IN THIS SERIES:
- Do I Have to Register for GST?
- What Tax Records Do I Need to Keep for My Business?
- What Is a Business Activity Statement?
- What’s the Difference Between an ABN and an ACN?
- Do I have to include GST on my Invoices?
- What Software do You Recommend for My Start-Up Business?
- How Much Tax Do I Pay?
- Can I Claim my Motor Vehicle Expenses?
- What Do I Need to Do When I Employ My First employee?
- Whats The Most Appropriate Tax Structure For My Business?
- Are You Small Business Experts?
- How Much Do You Charge?
- How Do I Change Accountants?