Do you have a business Plan? Before you begin your business adventure, it is advisable to have a business plan with Adelaide Accountants. To do so, you will need to have goals and objectives with deadlines. Breaking down your plan into sections will help you get started.
Here are some tips:
Business Plan: This aspect should detail the strategies you need to take to run your business. It also provides guidelines to whichever direction you undertake. Your business plan should cover every aspect of your business including:
- Operational plan
- Financial forecasts
- Management plan
It might also provide include the risk you are likely to face and the strategies for overcoming them. The main purpose of a business plan is to guide you throughout the journey of your business.Let your business plan be explicit as possible. You should review your plan as often as possible to ensure you are on track.
Marketing Strategy: As it implies, this plan details your strategy for advertising yourself, product, brand and your service to potential customers. The purpose is to enlarge your customer base and appeal to a wide audience.Your marketing plan should include the price of your products and the products the people need.
Think about this thought provoking questions:
What will your logo say about you in your absence?
What experience do you want your website users to have?
How do your digital, print and branded element work together as a system?
Financial strategy: Before establishing your business venture, you will need to have an action plan for funding. If your business takes off, where will you get the capital to fund the business? Some of the sources of funding include:
- Personal savings
- Loans from banks
- Borrowing from friends
Are you compliant?
Starting a business is a big task for anyone especially when you lack the experience. Some questions like where do you start and how to comply with regulations are necessary questions to be answered.
The pressure of making sure your business complies with laws could be overwhelming. Some aspects of the business are mandatory by law, and if you fail to meet the standard, you will encounter problems.
Experienced Adelaide accountants recommend that you think about the structure you want to operate under.
Are you a sole proprietor or into partnership? It’s important you determine how you want to structure your business as it determines how you will register your business.
Does the entity have a sole tax number?
Sole traders can apply for file tax number with ATO while those in partnership can apply through the Australian Business Register(ABR).
Does the entity have an Australian Business Number (ABN)?
You can apply for one through the Australian business number if you don’t have one
Do you need to be registered for GST?
If you expect a total income of more than $75,000 or more annually, then you must register for GST. You can register on your ABN application or through the ATO.
If you have registered for GST you will be required to lodge a Business activity statement either monthly, or even annually depending on your total income.
Will you be employing staff?
- If your business will be employing people you need to know that in Australia there are laws that govern your workers and how to pay tax. If you have people working for you, then you have to determine if they are employees or subcontractors
- Do you know how much you should pay your employees?
- Do you have workers compensation insurance?
- How are you going to make sure you give your employees the entitlement they deserve?
Adelaide accountants who wish to start a business can benefit from these tips.