Setting up your own business is exciting, but can also be challenging if you're not prepared
If you're thinking of starting up your own business, our accounting for startups package builds a strong foundation that is important so you don't get caught up with ATO compliance and long hours at work. Cashflow is an essential component as is one of the biggest reasons why 90% of small businesses fail in the first 5 years due to lack of business planning when starting up.
We Can Help You With This:
Let Oyster Hub tax accountants show you step by step how to start a successful business from the ground up where we will advise you on what business structure suits your needs, how to manage BAS, GST & Tax lodgements, how to maintain your payroll for employees and how to use cloud accounting software that will automate your paperwork & shoebox receipts and all other accounting for startups requirements.
We can do this for you by:
Steps to get your Small Business off the ground
Setting up your own business is exciting, but can also be challenging if you are not prepared. This guide will take you through each step of starting a business and help you understand what lies in your journey ahead.
Book a Startup Business Brainstorming session
Startup Business Advice
- 1 Hour business brainstorming meeting face to face or via Zoom video conference calls
- Business structures suitable to you (sole trader, partnership, company or trust)
- What does the structure mean for your family and/or other income streams?
- Finance options available to start-up
- Determining whether GST is applicable and how the system works
- Advice on best practice record keeping using cloud accounting & bookkeeping automation
- Advice on your TAX, BAS & ATO reporting requirements
- Provide you with business plan worksheet for (cash flow projection and SWOT analysis)
- Give 30days FREE QuickBooks Online access to start with your online bookkeeping, payroll processing and records management.
- FREE 2 hours webinar on Quickbooks Online for beginners.
Startup Business FAQ
From Marketing, Compliance. Growth Startegy
The business structure you choose is very important in determining your level of success as it has a direct effect on things such as:
- Your level of control
- The amount of tax you need to pay
- Regulatory obligations
- Health and safety requirements in the workplace
- The level of personal liability you will incur
- Number of employees you procure
There are four structures on which you can build your business in Australia:
- Sole trader: This is when you register someone (usually, yourself) as the sole owner of the business. That means you’re responsible for all legal aspects of running the business, but you’re entitled to hire people to work for you.
- Company: This is a commercial business or entity that has a separate legal existence to its shareholders.
- Partnership: A Partnership is when more than one person and/or entities run a business together, but not in the form of a company.
- Trust: A Trust is an entity that is in possession of property, income, or any other assets for the benefit of a third party.
You must decide on the structure of your business before you register it, as each structure entails different steps to do so, however as your business grows you are able to alter the business structure.
You can’t legally start a business in Australia without you owning an ABN. This 11-digit number unique only to your business and acts as a government identifier for the business.
Once you’ve got an ABN, you’ll be able to:
- Register your business name
- Identify your business to other entities for things like ordering goods and services or sending invoices
- Claim taxes such as Goods and Services Tax (GST)
- Avail of credits for things like energy grants
It’s best to decide on your business name before you go about creating assets like your website URL, logo or any other designs. Otherwise, you’ll need to change everything in the event that your business name changes. If you do create a business logo, it’s worth considering if you need to patent it to protect yourself from copyright infringement.
You can only complete this step after you’ve secured your business name and ABN as it’s only possible to get a .com.au address if you’re a registered Australian business. The domain name you pick should be related to your business in some way and make it easy for prospective customers to find and recognize, which will help optimise your businesses results.
While you might have the perfect domain to go with a killer business name, you’ll still need to check that someone else hasn’t taken it already. Luckily, there are plenty of sites out there that can help you with that --> just for you we've provided one of them to give you a head start.
If you’re like the majority of new startups, cash flow will be your primary concern. You can have the best business plan in the world, but if you don’t have the money to keep the lights on while you’re getting your feet on the ground there is no point of your plan existing. With this, it’s important to know what resources are available to make the initial growth period a lot easier.
While there aren’t many government grants to help you start your business, there are plenty of options that are specific to each state.
Cloud-Based Software's are the new wave in technology for many businesses and in turn will be the right starting point for your business to leverage. Cloud-Based technologies will enable you to automate the fundamental processes in your business and give you more time and money to invest into the things that will grow your business.
