Considering starting a business?
If you are considering starting a business then there’s a lot to think about. From choosing the right structure, to business planning and managing cashflow, it’s important that you are prepared for your new venture.
Our accountants have extensive experience working with small and medium sized businesses and can provide you with valuable advice from the very beginning, then help you build strong foundations for a successful business. We’ve put together a quick checklist you should consider during the setup process:
- Market Research: Get to you know your customers, competitors and industry.
- Business Structure: Chat to your accountant about your options.
- Business & Marketing Plan: Work out what your going to do and how you’re going to do it, and most importantly your goals for the business.
- Budgeting & Cashflow: Decide how much money you need and how you’re going pay for ongoing expenses.
- Operating Location: Can you operate from home or do you need an office or warehouse?
- Business Name: Decide on, and register, your new business name. Also remember to secure your website domain.
- Intellectual Property: Consider registering a trademark or patent (if applicable).
- Registrations: Chat to your accountant about what registrations you need (e.g TFN, ABN, GST, PAYG, etc).
- Insurance: Protect your business with appropriate insurance (e.g public liability, professional indemnity, workcover).
- Accounting Software: Work out how you will maintain accounting records and which is software is right for you.
- Asset Protection: Chat to your accountant about getting your affairs in order, ensuring that your home and others assets are protected if the business fails or creditors come after your business.
To discuss your business plans call PPT Accounting on (03) 5331 3711.
DISCLAIMER: The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
