Starting a business can be a big step into the unknown for most people, there are so many things to consider from how to finance the business to what registrations you will need. It’s no wonder more than 60% of business stop trading within the first three years. Getting good advice before you even start trading can greatly increase your chances of success by helping you avoid many common mistakes made in the early stages of business. At Robertson Wouters our experienced team of Accountants and Business Advisors can help you every step of the way to help ensure you have the best chance of succeeding and help you grow your business into the future.
Having the right business structure can provide many benefits. It is important to choose the appropriate structure for your business to make use of certain legal and tax advantages. The main types of business structures are;
With some issues to consider on each structure, such as;
It is important to know what registrations and licenses are required before you go into business.
Some common business registration in Australia are;
Along with GST registration
There is plenty of record keeping software available in the market, however they all differ in many ways. It is important to choose the right software for yourself and your business based on your accounting knowledge and business needs.
At Robertson Wouters we can offer these services through our partnership with Pentagon Bookkeeping Services.
Employee entitlements you may have to deal with include;
Other issues to manage when employing staff are handling you Superannuation and PAYG obligations. It is also important to know the difference between an employee and a contractor and how these business relationships differ.
How do I finance my new business?
You need to establish the right balance of debt and equity depending on you circumstances. Before doing this you need to determine the costs that will arise for your business and to recognise the sources of finance that are available.