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.
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?
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?
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
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
Review the following structures:
Register or consider registering for
consider monthly, quarterly and annual reporting
Cash vs Accrual method
Payroll and PAYG withholding
PAYG tax instalments
Fuel tax credits
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
Human Resources – if employing
Applying the marketing rules against your name
What to consider when choosing a business name
Making your business name all yours, legally!
Developing a business plan
Writing a marketing plan
Vital research and understand your stakeholders
Cash flow system (introduction to next program)
“I 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 mind. He freed up my time while looking at how to support me to build my business, which has 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 with their Accountant, I have no hesitation in recommending Nathan.”
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."
"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."
THE SHIRE CONVEYANCER
“Nathan and the team at NGR Accounting continue to pay a vital role in the growth of my business. Not only do they take care of the compliance aspect of tax, but are always on hand to offer strategic advice and another ‘set of eyes and ears’ when considering business decisions. They go above and beyond what is typically expected of a tax accountant. I have referred numerous clients to NGR Accounting, all of whom have been suitably impressed, without exception.”
“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.”
AQUATICA 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.”
CEO, DOLANS BAY MARINA