how we can help

Summary of our ‘set up my business’ package

SECTION 1: ARE YOU READY FOR BUSINESS LIFE AND DO YOU TRULY WANT TO BE SELF EMPLOYED?

Before we even get ready to set up your business, let’s work out if you have the right attitude and ability to be in business. The purpose of this section of the program is to highlight to you what you need to be prepared for, there are no right or wrong answers, just be honest with yourself and the you’ll know if you’re truly ready for business life.

It’s one thing being good at selling something you make or a service you provide, but running a business on something you’re good at is much more than just that.

1. Preparing yourself as a business owner

Assess yourself and work out if you have what it takes to be a business owner.

  • Education and prior experience (in the business venture)

  • Understanding the many hat’s in business (ie Admin, Financial, Operational, Marketing and overall strategy)

  • What’s your Why? Why are you starting a business?

  • Time capacity

  • Financial capacity

2. Is your business idea ready for market?

You now understand that you’re the right fit for a life in business, let’s check to see if your business idea has legs. To analyse your business idea we consider the following questions:

  • Is there a need for your product or service?

  • Is there a desire for your product or service?

  • Who will buy the product or service? Ie who is your customer?

  • How hard will it be to develop your idea?

  • Is your idea financially viable?

  • How will you protect your idea?

  • Who are your competitors? Ie who is your direct competition?

3. Understanding the risk component of your business

Setting up your business can be exciting, it’s new, it’s fun and most importantly it’s yours. But setting up a business (especially a start up) will be hard work and the honey moon period won’t last forever, at some point reality is going to set in.

  • Understanding the failure rates of business and common reason’s business fails

    • Strategic Risk

    • Compliance Risk

    • Operational Risk

    • Financial Risk

    • Reputational Risk

  • Other external factors that should be considered

    • Dealing with natural disasters or pandemics

    • Not being able to run the business (for example due to health)

    • Technology and landscape disruption

4. Re-examine parts 1-3 above and conclude, Are you ready for business life and become self employed?

SECTION 2: MAKING CRUCIAL BUSINESS SETUP DECISIONS

1. Choosing the right business structure

Review the following structures:

  • Sole Trader

  • Partnership

  • Company

  • Trust

2. Tax and business compliance

Register or consider registering for

  • ABN

  • ACN

  • GST

    • consider monthly, quarterly and annual reporting

    • Cash vs Accrual method

  • Payroll and PAYG withholding

  • FBT

  • PAYG tax instalments

  • Payroll Tax

  • Fuel tax credits

  • Domain

  • Workers compensation

    ACCOUNTING SOFTWARE

  • Choosing the right accounting software

  • Choosing the right software apps to integrate with your accounting software

    LICENSE AND GENERAL LEGAL COMPLIANCE

  • Industry based licenses and permits

  • Choosing a business premise, including lease guidance

  • The importance of engagement letters and/or customer contracts p. Shareholder
    agreements and other legal documents

    OTHER CONSIDERATIONS

  • Insurance

  • Human Resources – if employing

3. Choosing a business name

  • Applying the marketing rules against your name

  • What to consider when choosing a business name

  • Making your business name all yours, legally!

4. Planning not to fail, by planning for success

  • Developing a business plan

  • Writing a marketing plan

  • Vital research and understand your stakeholders

  • Cash flow system (introduction to next program)

https://business.gov.au/Guide/Starting
https://business.gov.au/planning/new-businesses/preparing-yourself-for-business

Want to have a chat?






    happy clients talk

    “I have engaged Nathan from NGR Accounting as I needed more than just a compliance Accountant. I was after an Accountant that would engage with me and provide an advisory service, which Nathan has delivered on. He sorted out my tax issues which gave me peace of my mind, and freed up time to look at how to support me to build my business, which as added the most value to me. For clients that want peace of mind that their compliance and tax issues are dealt with and are after a more strategic relationship their Accountant, I have no hesitation in recommending Nathan.”

    Michael de Haan

    CARE TO GROW PTY LTD

    "Nathan has a high standard of credibility within the business community along with excellent customer service. Nathan has been my accountant since 2012. Personally, Nathan is approachable, sympathetic, and an admirable person. He is a true leader in his industry."

    Yvonne Fryatt

    AUSTBROKERS ABS

    "Nathan has acted as my business and family Accountant and Tax Agent, and I have found his knowledge and service to be exceptional. Nathan is of good fame and character, I would and have referred him onto numerous clients, friends and family members."

    Gillian Rendall

    THE SHIRE CONVEYANCER

    “As my trusted Accountant, I have found Nathan to be conscientious, honest and above all professional in our business relationship. Furthermore, he is a motivated accountant that strives to be the best at what he does. Both my wife and I have been extremely impressed by his technical and interpersonal abilities as an Accountant."

    Christian Lotter

    JADE PRIVATE WEALTH

    “Nathan Rigney and his team in NGR Accounting have been looking after my personal and business taxation and finances for over 3 years. His professionalism, service and dedication to me as a client is what keeps me coming back, and why I have no hesitation to recommend him. He and his team made it so easy to set up my company, and look after all my taxation needs, making it far easier for me to concentrate on growing my business rather than worrying about endless paperwork.”

    Veronica Tillmar

    AQUATICS SWIM ACADEMY

    “Simply put Nathan and team has ensured all my accounting and tax needs just happen. Seamless to work with and always anticipating what needs to be done. NGR executes with excellence.”

    David Standen

    CEO, DOLANS BAY MARINA

    want to
    talk?

    Get in touch and we can line up a discovery call with you to
    see if we’re a good fit and can help you with your business or
    venture. A phone call costs nothing and we’re here to help.

    YES THANKS!