You may have heard the statistic that roughly half of business start-ups exit the market within their first four years of operation.
Starting or taking over a new business can be daunting, especially when you are coming at it for the first time. How will you give yourself the best chance of succeeding where many others have failed?
Burnett Business Centre can help you identify the relevant issues and put in place solutions to give your business the best possible start.
Sometimes the idea to start a business is just not sound in the cold light of day. We can help you to assess if the business will be as good as you hope, before you sign on the dotted line.
Cash is king, and nothing is truer when it comes to running a business. You need to plan for the times when cash flow is at its weakest, and implement strategies to make sure those periods are as painless as possible. Cashflow forecasting and ongoing monitoring are the best ways to stay on top of things.
Are you trading in the best structure for your situation? Choosing between a Company, Trust, Partnership or Sole Trader structure, or even a combination of them, can be complicated and the choice has real long term consequences.
The Personal Services rules could mean you’re treated much like an employee regardless of what structure you choose. Don’t get caught out!
Have you sorted out your banking and insurance arrangements? What about all the various ATO registrations?
How will you do the bookkeeping? There are many choices between cloud and desktop accounting products, and even the humble cashbook. There are advantages and disadvantages to each, but making the right choice at the start can be a big help.
You need to consider how you can claim various expenses as a tax deduction, including the special rules to claim your motor vehicle expenses.
Partnership and Sole Traders may need to consider if they can claim any excess loss against their other income.
Then there are your employer obligations to manage. Are there existing employee entitlements that are now your responsibility? Do you know about your FairWork and National Employment Standard obligations? Not to mention SGC Super, SuperStream and Workcover. Single Touch Payroll is now on the horizon as well. Our cost-effective Payroll Solutions will help you get up to speed.