Got a fantastic concept for a business? If your present job isn’t hacking it in terms of personal rewards or earnings, now might be the time to unleash the business owner in you and join the two million Aussies who run their own businesses.
Australians are an entrepreneurial lot. Over 2.17 million companies are actively trading throughout the nation, and chances are, you might have a bright idea for a lucrative money-making venture of your own.
Starting a company can be easy. Initially, you’ll require an ABN (Australian Service Number). This will cost you nothing and you can go online to Australian Service Register to apply. With an ABN in place, you can select to register your service for GST (Goods and Services Tax). You could ask for assistance from your friendly Chan & Naylor business accountant near you so we can complete the documentation for you.
Of course, that’s just the start. Running your own service can involve effort – and lots of it. However, the rewards are there. Especially if your small company goes on to end up being one of tomorrow’s industry leaders. And it is possible. Google was founded by Larry Page and Sergey Brin in their university dormitory space, and even Woolworths began as a bargain store in Sydney.
The important thing is, long-term success calls for more than an excellent product. Here are some tips to consider to successfully start your own business.
- Do your research
Know what the marketplace wants and make sure your product is competitively priced. You might believe your product is fantastic, however, there is very little point investing time and cash in a business if the need for your item simply isn’t there or if you are priced way above your competitors.
- Pull together a business strategy
A business strategy is a roadmap that discusses what your organisation is intending to attain and how it will reach its objectives. A business strategy doesn’t need to be complicated. Try to keep your business plan to four or five measurable objectives.
Need reliable business advice? We offer business development and business improvement strategies so you can achieve your business goals.
- Have a marketing strategy
You can’t sell a secret, so it pays to have a good marketing strategy in place to offer your service or product. Social media platforms such as Facebook or Instagram can be a helpful starting point if you can’t pay for a high-quality website just yet.
Networking is also key to a successful business. Get ready to pick up the phone, ring around, and go out and meet people.
- Save some cash for tax
When income starts to roll in, it’s really easy to feel cashed up. However, as a business owner, you are accountable for paying your own tax – which can be a typical stumbling block for small businesses.
While your business may provide you with an excellent income, you are required to have the discipline to frequently set aside money for tax including GST. Think about opening a different savings account to set aside some cash for taxes and other responsibilities to ensure you have the funds required when payment is due.
- Purchase the right technology
Staying on top of the numbers is important for any organisation, and there is an abundance of low expense cloud platforms and apps that will help you to understand how your company is tracking financially anywhere, anytime. Xero is a great example.
Xero allows you to efficiently manage your money from anywhere and at any time as long as you’re connected to the internet.
Here at Chan & Naylor, we use Xero to help you organise your books. We make sure your numbers are always up to date, accurate, and secure for your peace of mind. We can give you back your time by organising all your paperwork for you so you can focus on growing your business. Contact a Chan & Naylor business accountant near you here.
Aside from our comprehensive and holistic suite of business services, have a look at our other accounting and advisory services that we do to help you achieve greater success.
Chan & Naylor Group has nationwide offices in North Sydney, South West Sydney, Sydney, Pymble and Parramatta in New South Wales, Melbourne, Moonee Ponds and Hawthorn in Victoria, Brisbane and Capalaba in Queensland, and East Perth in Western Australia with business accountant teams that can assist you with growing your business as well as any other tax enquiry that you may have. Contact us today.