Starting a business is a major decision, one that needs careful research and planning well before you commence trading.
You must determine the type of business you wish to operate and then design a structure to suit that business type. You’ll need to think about the location from which you’re going to run your business, as well as the most appropriate billing, paying and record-keeping systems.
You’ll need to find out what your tax and superannuation obligations are going to be to avoid any unexpected costs later and whether or not you need to register your business.
Quick, simple research can save you time, money and stress. Find tips on business benchmarks, a checklist for people starting a new business and a guide for contractors. You may want to talk to a financial planner or accounting specialist to develop a strategic business plan.
Work out if you are operating a business or if your activity is actually a hobby. This affects what income you need to declare along with deductions and losses you can claim.
When you start a business, it’s very important to choose the business structure that best suits you and your families needs.
You may need to register for a range of obligations, such as goods and services tax. You can register for many of these using the one registration form.
Invoicing customers, paying creditors and keeping records are essential parts of running your business. Accurate data allows you to make educated and informed business decisions.
Many small businesses are operated as home-based businesses. A home-based business is one where you operate the business either:
- at home – that is, you carry out most of the work at your home
- from home – that is, the business does not own or rent any premises other than your home
If you are thinking about starting your own business, talk to one of our business development specialists today on (03) 9744 7144