Tips for starting a business
If you’re thinking of starting a business, it’s important to be prepared. Here are some tips to help you get ready.
1. Research your business idea before you commit a lot of money
It’s an unfortunate fact that many start-up businesses fail. In many cases, that’s because not enough market research was done. It’s important to establish that there is a market need for your product or service, and to analyse the strengths and weaknesses of any competing businesses.
2. Develop a business plan
Your business plan should outline key information such as your:
products and services.
business model (i.e. how your business will operate and make a profit).
financial forecasts (including start-up costs, cash flow, break-even, and profit and loss forecasts).
3. Decide on your business structure
In Australia, there are four main business structures to choose from:
The most appropriate structure will depend on your business circumstances.
4. Decide on and register a business name
Once you have, search the business names register to make sure no on else is already using it. Current fees for registering a business name are $37 for one year or $87 for three years. Renewal fees of the same amounts are required at the end of your registration period.
5. Apply for an ABN
An ABN is an Australian Business Number. It is free to apply for an ABN. If your business will have an annual turnover of more than $75,000 you must have an ABN and to register for GST with the Australian Taxation Office.
6. Register your web domain
It’s crucial to have a website these days to help market your business. Pick one that is easy to remember or spell and then check with a web hosting provider like Go Daddy to see it it is available. If it is, register it as soon as possible.
How we can help
At Scorpion Bookkeeping, we can help you to implement Xero bookkeeping software to help you quickly and easily keep your business finances up to date. We are a Xero-certified partner and we can also provide you with bookkeeping support services. We currently have a diverse range of clients in South Australia, Victoria and New South Wales.
Contact us today for a free, no-obligation consultation to find out how we can help your start-up business!