Put together a business plan! I can’t stress enough the importance of this – you will need it!  Your business plan is your roadmap to success and will keep you on track.  Depending on your business type, it should include the following sections:

1. 1. 1. Title page – Business Name, Address and Logo. Think carefully about your business name and check availability as well as the domain name avilability.
      2. Business Summary – a one-page summary of your business plan (do this last!)
      3. Your business – structure, registrations, location, premises, products and team.
      4. Your market – this should include your market analysis, who your competitors and customers are, as well as key marketing strategies and goals.
      5. The future – include your business goals, vision statement and key business milestones;
      6. Finances – How will you finance your business? What are you cost projections? Do you have enough working capital to fund the business until its generating income? Preparing a projected cashflow statement as well as having key financial information throughout each stage of your business is vital to ensure its financial stability.

Put together a business plan! I can’t stress enough the importance of this – you will need it!  Your business plan is your roadmap to success and will keep you on track.  Depending on your business type, it should include the following sections:

1. 1. 1. Title page – Business Name, Address and Logo. Think carefully about your business name and check availability as well as the domain name avilability.
      2. Business Summary – a one-page summary of your business plan (do this last!)
      3. Your business – structure, registrations, location, premises, products and team.
      4. Your market – this should include your market analysis, who your competitors and customers are, as well as key marketing strategies and goals.
      5. The future – include your business goals, vision statement and key business milestones;
      6. Finances – How will you finance your business? What are you cost projections? Do you have enough working capital to fund the business until its generating income? Preparing a projected cashflow statement as well as having key financial information throughout each stage of your business is vital to ensure its financial stability.

There are four main business entity types used by small businesses in Australia: Sole trader, Partnership, Company and Trust. When choosing a structure, you need the one that best suits your needs. There are advantages and disadvantages of each option and your structure can determine:

1. 1. 1. How much tax you pay now and if you sell the business;
      2. Your potential personal liability;
      3. How you are paid (as an owner or employee);
      4. The licenses you require;
      5. The ongoing costs and paperwork for your business.

You structure can be changed later but this can be costly if it’s left too late.  Make sure you contact us to discuss which option is best suited for you.

Once your structure is determined you can then register your business. You will need a TFN, ABN and tax registrations could include GST, PAYGW and FBT. You may need to register your business name with ASIC. Make sure you are also familiar with any local council registrations required or industry licenses.  If you are taking on employees, you will need to register for Workcover or the equivalent in your state or territory.

One of the most important systems for small businesses is an accounting system. This will help you manage your budget; conduct business with others and record the information for your taxes.  Cloud accounting software now has many add-ons including options like being able to integrate with your inventory and point of sale systems. Up to date financial information is key to knowing where your business is at, at any point in time.  We can help you determine which is the best software for your needs and help you set it up correctly to save you time and heartache down the track.

You may have a home office, shared or private office space or a retail location. Think about whether the location works for the type of business you are running.  You may want to consider whether it makes sense to buy or lease the space you require.

If you are hiring, make sure you take the time to outline the positions you need, the position descriptions and arrange suitable employment contracts.  If you are using independent contractors make sure they are genuine independent contractors or you may be held liable for employee obligations such as superannuation that you weren’t expecting. If you aren’t sure, it’s worth have a chat with us to make sure you understand the difference and the effects of getting it wrong.

If you’re a solo entrepreneur, consider what support you need. Mentors, business professionals, maybe a small business coach or networking group. A team of support for advice, motivation and reassurance.