Help with Company Establishment and Business Start Up Canberra
Canberra is quite an entrepreneurial town with over 4,100 businesses setting up in 2015 and 2016. It also has the highest qualified workforce, which makes the high number of new business establishments no surprise. Opening your own Business Start Up Canberra is not a simple, overnight decision, and there are several factors to take into consideration. Many of which are tax, accounting and compliance issues, and you will need assistance from an accounting professional.
While there a high number of new business establishments created by highly qualified people, a significant number of businesses (3,415) ceased trading in 2015-16. Running a business is not a guaranteed income with around 50% of business failing in their first five years and approximately 30 per cent of businesses not even making it through the first two years.
A key element in a business start up Canberra to be successful is a good grounding from the outset with a good support network of business professionals.
Should I start my business and throw my job in?
Starting a business can take time and money. When you have a job (and sometimes a family) you don’t really have time. When you start a business, you may have time but not necessarily money. Before you make any decision, you need to understand how the market works so you don’t end with neither money nor time.
The best thing to do for any potential or new business owner is to have a well-developed business plan to work out the best way forward. This will help you to get an understanding of the market you are about to enter, and how your product compares both in terms of price points and in attributes. It will also help you with determining the cost of setting up a business and working out who will buy your product or service and why.
How do I finance my business?
Most funds come from personal savings, family and friends. Sometimes businesses are able to access getting venture capital or sell equity in return for a capital injection.
It is quite common for pre or new business owners to be still working full-time while they build their business up. So, if you are burning the candle at both ends, don’t worry because you are not alone.
What do I need to think about when setting up a business?
When setting up a business it is important to know what structure works best for you, what creates a tax effective structure and provides the necessary asset protection. A company is good for assets protection and tax planning, but is more expensive when compared to a sole trader.
There are a number of additional things to consider at the same time you set up your business. These include:
- Do I need to register for an Australian Business Number;
- Do I need to register for GST;
- Do I need to register a Business Name;
- What accounting software do I need?
- How should I invoice my clients/customers?
- How will my customers pay me?
These are all questions that your Accountant can help you to answer and manage. At MAS Tax Accountants, our Business Start Up Canberra Accountants can assist with your business set-up and provide reliable, accurate business tax and accounting solutions.
Learn more about our Canberra office, including the Tax, Accounting and Business services that we provide.
For more information or to make an appointment, please contact us below or call us on 1300 627 829
