Congratulations on your decision to go into businesses!
Whether you have started your own enterprise for lifestyle reasons, or because you have a unique product or service, you have a lot of work ahead of you.
We know a thing or two about starting up a business and have done this ourselves more than once. By partnering with us in your business journey we can help you achieve your business goals.
When starting out, we know things can get overwhelming like “where do I even start?” and that’s where we come in.
We can steer you in the right direction with these few points:
Business Mentoring – a mentor is someone who had travelled the road before you and can act as a sounding board and keep you accountable.
- Creating a Business Plan.
- Setting up the right structure now and in the future – most people start up as sole traders to minimise costs but is this going to be the right structure going forwards?
- Ensuring your business will remain profitable – part of your business plan needs to include budgets and forecasts.
- List the items that can be tax deductible expenses – you cannot claim everything as a business expense and it’s important you start off on the right foot with the ATO. Ignorance is not an excuse.
- Registering for taxes – you will already have an ABN, but what about registering for GST or PAYG withholding’s when you start employing?
- Choosing the right business applications – if nothing else you will need an accounting package to keep track of income and expenses. If you are a retailer or you are in hospitality, you will need a POS system.
We have been advising SME’s on operational software add-ons that will work with their accounting systems to minimise duplication of data. Start off with the right software.