Thinking Of Starting A Business
It’s exciting when you have that light bulb moment, that flash of brilliance and idea for your new business. It’s hard not to get carried away with the excitement of a new venture, particularly if you’re following your passion.
Of course, turning your idea into a business necessitates research and planning plus there are inherent risks that create financial pressure and plenty of stress. No amount of enthusiasm, money, hard work or talent can guarantee you success in business and there are very few shortcuts when starting a business.
Over the years we have mentored hundreds of clients through the start-up phase of their business and along the way we have earned a reputation as business start-up specialists. To help our clients we have also developed a number of practical tools, templates and checklists to help you fast track your start-up. In recent months we have consolidated all this information into what we call The New Business Starter Kit. It’s a fantastic booklet that has 7 chapters to guide you through:
Choosing the Right Business & Tax Structure – Company, Trust, Partnership or Sole Trader
The Right Accounting or Bookkeeping Software – Avoid the Computerised Shoebox!
Business Registrations – Business Name, GST, TFN, ABN, PAYG, Website Domain & Others
||Appropriate and Adequate Insurances for Your New Business
||Legal Issues - Contracts, Commercial Leases, Wills etc.
||Preparing a Business Plan and Cash Flow Budget
Marketing - Branding, Videos, Lead Generations Websites, Social Media, Backlinks, Google Reviews and more!
To succeed in business, it’s important to make the right opening moves and this 33-page book is the ideal starting point. It’s a great resource for a new entrepreneur and you don't have to reinvent the wheel or go searching for the essential start-up tools like a checklist of expenses, a business plan template or a cash flow budget template. They are all on our website in the resources section for your immediate download together with a template for a profit and loss statement.
Starting a business can be a maze and haze of issues for a new entrepreneur. It is a process and with our New Business Starter Kit it’s all under one roof. There’s even an 82-point checklist you can work through when starting your business that will make sure you leave no stone unturned.
Of course, as business start-up specialists we can also help you prepare revenue forecasts and expense estimates as well as a profit & loss forecast for your first year of trading. We can even do some financial modelling and project your financial results based on different price points.
We genuinely believe your marketing could be the difference between doom, gloom and boom so we have put extra time and effort into the marketing chapter. You’ll find guidelines and tips on creating the right brand, a lead generation website, social media channels, backlinks, search engine optimisation, Google Reviews and more! In fact, this chapter is an essential read for any business owner – new or existing.
This article forms part of our June 2018 Business Accelerator Magazine. Click HERE to download the full edition or browse other articles in this edition below:
Other Articles in this Edition:
- Don't Leave Profit on the Table
- Looking for More Website Traffic?
Federal Budget 2018/19 Summary
- Changes for Individuals (3 Stage Personal Income Tax Plan, Preventing Bracket Creep, Removal of 37% Bracket, Medicare Levy Rates, Taxation of High Profile Individuals)
- Business Summary (Extension of $20,000 Instant Write-Off, Introduction of Cash Payment Limit, Expansion of Taxable Payments Reporting, Removal of Tax Deductibility for PAYG Payments Where Criteria isn't Met)
- Companies Summary (Phoenix Activity, Division 7A Changes, Research & Development Incentive)
- Trusts ( Children's Income & Testamentary Trusts, Circular Family Trust Distributions)
- Partnerships (Partners Accessing CGT Concessions)
- Superannuation (SMSF 3 year Audit Cycle, Maximum Number of Members, Voluntary Contributions Work Test Exemption, Concessional Cap Breaches, Deductions for Personal Contributions, Passive Fees - Banning Exit Fees - Small Accounts, Life Insurance)
- Other Tax Changes (Deny Deductions for Vacant Land)
IMPORTANT DISCLAIMER: This article contains general advice only and is prepared without taking into account your particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should speak to a licensed financial advisor who should assess its relevance to your individual circumstances. While the firm believes the information is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this article is not considered financial product advice for the purposes of the Corporations Act 2001.