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?

MARKET 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.

DEVELOP 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.

CHOOSING 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 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

Accountant – OPTIMA PARTNERS