WHAT STEPS ARE INVOLVED IN STARTING UP A BUSINESS
We can help you navigate your way through the business start up maze. To be successful you need to make sure you start up right and this includes:
- Deciding on the most suitable structure for your business. There are a number of options and 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 programs and record keeping to suit your level of accounting skill.
- Cars and equipment in the business.
- What you need to do when employing your fist employee.
As you can see there are so many things to consider, we urge you to consult with us before you make these important decisions to ensure you start off the right way.