Tips on starting your own business
Starting a business is a big decision, one that merits careful research and planning well before you start trading. To begin with, you need to figure out what type of business you’re going to be operating and then design a structure to suit that business type, the business premises from which you’re going to run your business, as well as the most appropriate billing, paying and record-keeping systems for it.
It’s essential you find out sooner rather than later what your tax and superannuation obligations are going to be and whether or not you need to register your business.
Do your research
Some quick and simple research can save you time, money and angst. Find tips on business benchmarks, a checklist for people starting a new business and a guide for contractors. You may want to talk to a financial planner, business advisor or seek professional advice. It is also a good idea to develop a business plan. Business planning will help your business devise clear and timely strategies for your organisation. The process will provide clarity for management and employees and assist in keeping your business on track in the long term. More importantly, careful planning will help ensure that your business can respond appropriately to changes and opportunities that may arise from within or outside your business.
Are you operating a business?
One of the very first steps is to work out if you are operating a business or if your activity is actually a hobby. This affects what income you need to declare along with deductions and losses you can claim.
Choosing your business structure
When you start a business, it’s very important to choose the business structure that best suits your needs. The four business structures are:
• Sole Trader
Each business structure has its own set of pros and cons – always seek professional advice. Our expert advisors here at The Quinn Group can help determine which business structure is best suited for you.
Registering your business
You may need to register for a range of obligations, such as goods and services tax, with the appropriate authorities and government bodies.
Setting up your invoicing, payments and records systems
Invoicing customers, paying creditors and keeping records are essential parts of running your business.
There are obviously a lot of financial decisions and considerations when you start planning a new overseas business.
The four crucial things to consider are:
• Raising Capital
• Cash Flow
Starting a business in Australia can be quite complex. We recommend that you seek professional advice before and during the process to ensure that your business start up is smooth and effective.
Our team of qualified and professional lawyers, financial planners and accounting and tax specialists can help you to achieve you business goals. If you’d like more information or would like to discuss how to start a business in Australia, complete an online enquiry or call us on +61 2 9223 9166 to arrange an appointment today.