Business Start-up Process

Thinking of Starting a business?

Awesome! How exciting is it to have a brilliant idea that you are ready to get out there into the world, earn some cash along the way and start living the life you want and deserve!

Here is a brief list of things you may or may not have thought about:

• Choose your business structure - Sole Trader/ Trust/Company/Partnership - for most Start-ups, being a Sole Trader will suffice for now.)

• Register for an ABN

• Register your Business name

• Register your domain name

• Register for GST/PAYG if applicable

• Website / Email address

• GST: If you think you will earn over $75,000 in turnover in your 1st year of operating, then you need to register for GST. You may also want to do this voluntarily for whatever reason.

• PAYG: If you intend on hiring staff, you will need to also register for PAYG which is the tax you deduct from their wage and pay to the ATO.

• Business Insurance - Definitely a good idea to get insurance.

• Workcover Insurance - if you are going to employ staff: https://www.worksafe.vic.gov.au/how-register-workcover-insurance

• Marketing: How will you market your business? There are many different avenues to think about Social Media: Facebook, Instagram, LinkedIn, etc

• Google my business page, Referrals, Networking or all of the above!

• Accounting System - Last but not least …What accounting system will you use?

  It’s a good idea to connect with a trusted advisor such as a Register BAS or Tax Agent who can walk you through the setup and training or do it all for you!

  The two most popular programs at the moment are of course Xero and Quickbooks.

• Add on Apps: There are so many out there! do your research! Think about what you really need and how it will integrate into your accounting system.

Contact me if you need any assistance along the way. I'm happy to help... that's what I am here for.