You don’t have the time to learn the ins and outs of business structures, finance, tax and accounting or even how to set up your books and not fall foul of the ATO. And there are many legal requirements, so you need take care to avoid making expensive mistakes.
Accountants Direct are the industry experts and can help get your business
structure set up correctly and aiming for profit from day one.
As Australia’s first specialist over-the-phone accountant, over time we’ve developed a unique system to allow the safe and convenient delivery of expert ‘live’ services to thousands of clients worldwide.
Starting a business can be a life changing experience and to many quite the challenge.
The task is usually broken up into 4 main phases.
1. Early Planning Phase. All new entrepreneurs should love their business and believe it will succeed. But your future customers need to think so too! Market research should be done before anything else and involves checking out your potential competitors and what makes them successful, understanding how you target and communicate to your market and other important considerations. This will form the basis of your business plan.
2. Pre-launch Phase. With research complete, it’s time to run some numbers – like your projected profit and loss and pricing strategy. A good accountant (like us!) will help you with this. You’ll also need to consider the optimal business structure from a tax and asset protection standpoint and sort out a business or entity registration with ASIC (link to structural advice page) .
3. Operation Phase. Apart from running your main business activity and doing marketing, you’ll need to get familiar with some accounting basics and set up your bookkeeping and BAS (if you are GST registered). You may struggle making a profit for a while and its likely you’ll need some financing to get you through the first year or two.
4. Profit Phase. So now that you are up and running let’s ensure you keep running. Profit First consulting (link to profit first page) will ‘bake in’ profit so you can survive and thrive. Accountant Direct has the people and the experience to help you stay on top of your game. Contact us today.