Have you started your year off with some new year’s resolutions?
One of these might be to follow a passion you have, and turn it into a new business.
Have you ever thought of starting a business? The Australian Bureau of Statistics say there is over 2.5 million actively trading businesses in Australia. Phew! That is a lot. Camden Council have stats that say 1237 new businesses came to Camden LGA alone in 2023.
It’s an exciting journey, but where do you begin, and what things do you need to consider?
Here’s a checklist of some simple things to start with:
- Apply for an Australian Business Number (ABN):
- A crucial step in establishing your business’s identity for tax and other legal purposes. You can apply for an ABN yourself on the ABR site. This is the governing body over registrations.
- You can also get your accountant to do this for you.
- Choose a Business Structure:
- Decide how you’ll trade – whether as a sole trader, partnership, company, or trust. If you need any guidance in this, read our blog on structures here.
- Register Your Business Name:
- Tax File Number (TFN) and GST:
- Determine if you need a TFN (if you have chosen a structure separate from sole trader you may need a Tax file number) and whether your business needs to register for the Goods and Services Tax (GST). The GST threshold for business is $75,000 pa, so it’s wise to consider whether you should register straight away, or later as your business grows.
- Licences and Permits:
- Research and obtain any necessary licenses or permits required for your specific industry. Service NSW may assist with this, as they have a business Concierge service which can give advice to small business owners.
- Domain Name Registration:
- Decide if you want to establish an online presence by registering a domain name that aligns with your business.
- Trademarking and Intellectual Property (IP):
- Consider whether you need protect your brand and or ideas by exploring trademark and IP registration.
- Insurance Needs:
- Assess the type of insurance your business requires, such as liability or property insurance. Best way to do this is through an insurance broker, who is an expert in what small business needs.
- Record-Keeping System:
- Implement a record keeping system for keeping track of your business transactions and financial records. This may be as simple as a spreadsheet, or an online accounting program like Xero & Quickbooks.
- Explore Small Business Benefits:
- Check for eligibility for small business rebates or tax offsets that can lighten your financial load.
If this has left you feeling overwhelmed, don’t stress. There is help at hand.
Seek Professional Guidance:
- Business Connect Program:
- You may be able to access free business advice through the Business Connect program from Service NSW. They also host a range of online and in person workshops on small business topics throughout the year.
- Local Council Support:
- Your local council would also have some support to access from their Economic Development team. This is usually a small team who focus on business development and increase in their LGA. They often host networking events, workshops and promotions to increase interest in business.
- Accountant Consultation:
- Schedule a consultation with an accountant to discuss compliance options and address the specific needs of your new business. Start Fresh Accounting offers a free business consult for new clients, providing a valuable 30-40 minutes to explore your business aspirations.
Kickstart Your Business Journey in 2024 with Start Fresh Accounting.
This blog is brought to you by Amy Woodley, owner and founder of Start Fresh Accounting.