The 5 Things Every Business Start-Up Needs To Have Before They Launch

According to the ‘Doing Business Report’ produced by the World Bank, Australia was ranked the 4theasiest country in the world to start a business out of the 189 countries analysed. This is encouraging news for someone thinking of starting a business but we have identified 5 things you need to have before you launch your business.

Firstly, the right business structure is a key part of your business foundations. There are numerous options and before we recommend the most appropriate tax structure we always consider issues like asset protection, potential admission of new partners, the forecast level of profits, eligibility for discount capital gains tax concessions plus income tax considerations. As such, the final structure can often be some sort of compromise.

Secondly, the right accounting software is another brick in the business wall. We aim to minimize the cost of compliance and the wrong software can prove a financial disaster. We insist that you match your business needs with your level of accounting skill otherwise you can end up with computerised shoebox records. One size certainly doesn’t fit all with software so we support a range of software programs including Xero, MYOB, QuickBooks, Cashflow Manager and others.

The next item on the list is a business plan. This is your blueprint for the business and generally outlines your strengths, weaknesses, opportunities and threats. It documents your products and services, pricing strategy, analysis of your competitors, marketing plan and quantifies your projected financial outcomes. If you need to raise finance this is an essential tool.

Next, you need to have a marketing plan. You can have the best product in the world but without branding, a website, a social media strategy and a CRM system you are almost invisible to your target market. Too many start-ups focus on the product but you need to plan your marketing and distribution to bring the business to life.

The final key ingredient when starting a business is the right advice. This includes legal advice regarding agreements, contracts, leases and even your will. If you require finance for the business you might need advice regarding the structure of the loan while financing cars or equipment requires an understanding of the different tax implications of a lease and a chattel mortgage. The right advice also includes guidance on appropriate insurances plus all the various registrations, licences and permits.

To assist you we have also developed a number of practical tools and checklists to help you fast track your business success. These tools include the ‘Starting or Buying a Small Business Guide’ which is available from our offices and the ‘Start-Up Expense Checklist’ which you can download from our forms and resources section of our website.