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STARTING YOUR SMALL BUSINESS

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    STARTING YOUR SMALL BUSINESS

    By admin | Blog, Small Business | 0 comment | 3 September, 2015 |

    starting your small business

    Starting your small business

    – Starting a business is a big decision, and needs careful research and planning well before you start trading.

    Starting your small business – you need to decide what type of business you’re going to be operating and then design a structure to suit that business type.

    How do I get started?

    planMARKET RESEARCH

    When starting a business there are many things to think about, such as the type of business, competition and business viability. You will need to do some market research to find out if there is demand for the products or services you intend to supply.

    marketingDEVELOP A BUSINESS PLAN

    Once you have decided your business is a viable option, you need to develop a business plan. Your business plan will highlight everything you need to do to get started and will keep you focused and on track.

    business structureCHOOSING YOUR BUSINESS STRUCTURE

    There are four main business structures commonly used by businesses in Australia:

    1.  sole trader
    2. partnership
    3. company
    4. trust

    Optima Partners can show you how different structures will affect the way the Australian Tax Office will tax your business income.

    register your businessREGISTER YOUR BUSINESS

    There are many things you need to do before you can begin trading. You will need to register an Australian Business Number and a Tax File Number for your business entity or structure. Registration is a way of telling the Tax Office that your business has a particular tax obligation or entitlement. GST registration is required if your expected turnover is $75,000 or more. Once you have an ABN you can register your Business name with ASIC. In addition, you also need to do the simple things like opening a bank account.

    If you want to discuss any of the above, please contact your accountant at Optima Partners.

    Lumya Silwimba

     

     

     

    LUMYA SILWIMBA

    Accountant – OPTIMA PARTNERS

    lumya silwimba, small business

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    Optima Partners is an energetic and innovative accounting, taxation and business advisory firm with offices in Osborne Park, Guildford and Fremantle.

    To discover how we help businesses across Perth please drop us a line today.

    Tel: (08) 6267 2200

    Email: reception@optimapartners.com.au

    Osborne Park Office

    Suite 3, 128 Main Street,
    Osborne Park,
    WA 6017

    Office Hours:
    Weekdays 8:00am – 5:00pm

    Postal Address

    Locked Bag 5000,
    Osborne Park,
    WA 6917

    Guildford Office

    143 James Street,
    Guildford,
    WA 6055

    Office Hours:
    Weekdays 8:30am – 5:00pm

    Fremantle Office

    Level 1, 72 Marine Terrace,
    Fremantle,
    WA 6160

    Please call for appointment

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