Congratulations! So you have decided to start your very own business.
What's next?
Starting a business is exciting, though you can find yourself setting out into uncharted waters very quickly. This is where a qualified professional, like a business accountant is really handy.
There are four main business structures you can register with the Australian government:
Each business structure type has its own advantages, disadvantages and legal requirements. It is important to understand the differences when deciding which one is right for you.
If you are unsure which business structure is right for you, speak to an Assuris FIG business specialist.
There are a few key things you need to know before starting a business in Australia.
These steps serve as a general guide, to assist for a effortless start to your new business venture in Australia. Assuris FIG business accountants are here for you, when you need it most.
Start your business journey with us today.
Want to stand out from the crowd, then register your business name with the Australian Securities and Investment Commission (ASIC).
Business registration periods are 1 or 3 year terms.
This gives you the opportunity to legally use a unique business name to trade and open a business bank account in Australia.
As with everything else, your contact information needs to kept up to date.
It is FREE to register for an Australian Business Number, or ABN. When registering, you can also request tax registrations that are relevant for your business.
These form part of requirements to lodge a Business Activity Statement, or BAS.
Tax registrations include:
These registrations are not specific to sole traders, and are used in companies and the various trusts.
Forming a company or a trust is more complex, and has more associated costs including government fees.
Need help setting this up, contact Assuris Business Accountants.
As a business owner in Australia, it is important to market your business in order to attract customers and grow your company.
There are a number of ways to market your small business, and the most effective approach will vary depending on your industry, budget, and target audience.
Some common marketing techniques for businesses in Australia include online marketing, print and media advertising, public relations, and networking. It is important to select the right mix of marketing activities to suit your business objectives. Put in place measures to ensure that your marketing campaigns are delivering results.
One way to market your business is to create a website. Having a website for your business allows you to reach a larger audience and gives potential customers a way to learn more about your business. If you don't have a website, consider creating one.
Another way to market your small business is through social media. Social media platforms like Facebook, Twitter, and Instagram are a great way to connect with potential customers and promote your business. You can use social media to share news and updates about your business, and offer promotions.
If you are not sure where to start, there are plenty of resources available to help you plan and execute a successful marketing strategy for your small business.
Cloud Bazaar is an online marketing agency and a part of the Assuris Financial Independence Group.
Now that's business life, made easy!
A well-written business plan takes time and effort. It is an involving process and is a deep dive:
This is an amazing experience, the analysis performed on your strengths, weakness, opportunities and threats influence the next stages of your business journey.
It is often commented that poor planning is one of the main causes business fail in the first year.
Need help with creating a flexible and robust plan to operate your business, get in touch with Assuris FIG business accountants.
