Thinking of starting a business in Australia? Starting a new business is both exciting and challenging. There is a huge amount of work and commitment that goes into starting your own business. That is why here at WDS Business Group we can work with you and guide you into establishing your business startup smoothly, efficiently and with all government legal requirements satisfied.
WDS Business Group will work with you and help you to get going with your new startup business. We will work out a pathway to quickly establish your business with all legal matters and help you get onto the market quickly to start selling your products and/or services.
There are many types of business structures to take into consideration before diving right in. That is why a business advisor can be of most beneficial to anyone who is planning on starting a business in Australia. Talk to us about your new business startup.
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Serious startup businesses should have a good plan ready before making a move into operating the business.
WDS Business Group can help you develop or expand your business idea and plan. A good business plan is like taking a solid step into starting up your new business.
We are able to help with setting up the documentation needed to get established in your industry.
Talk to us about your business plan and how we can implement the path for your business startup success.
A Brief Business Startup Checklist
Perhaps the business startup process is one where careful thought and planning needs to be put before operating your new business. You are in the right place if you need help in establishing your business. Our Starting your business check-list will provide the needed information to help guide you through some important steps.
When setting up your new business, the following check-list and the information provided here will be very useful:
Analyse your skills.
- The skills you have.
- The skills you don’t have but should need for the new startup business.
Identify your weaknesses.
- You’re not going to be great in everything you do in your new startup business and you may need to have a contractor or require learning and developing those new skills.
Take into consideration two things that matter the most and you will need to use them wisely:
- Your Time,
- & Your Money.
What do you want of your business startup?
- What are you looking for interms of financially?
- Is it a hobby?
- Is it meant to be a replacement for a full time job?
Every business startup has a name:
- Your business name needs to be checked against existing business names database in Australia and must not conflict with them.
- Our business startup expert accountant can check to see if the name you’re after is available for you to register.
- Check to see if the domain name is available in the .com.au tilde.
- You may also need to check social media profiles.
- You may also need to look into trademark as well to avoid an legal issues whilst operating your business.
Small Business Startup
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Business Structures & Types
Small businesses can startup as sole traders.
- As a sole trader the business is basically your name and running under your personal income.
- It is a great way to start out.
- If it grows then wit can be converted into a company to better deal with taxes and other business advantages.
A Company Type
- This is the most common business type.
- This type of startup offers some protection for you.
- As a director you have responsibilities of the company as to what you can or can’t do.
Trust Structure Type
- Great for asset protection.
- A bit more involved.
- It offers other advantages over a Company and Sole Trader type businesses.
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Other Business Requirements To Consider
- Need to get an ABN number.
- It is mandatory to have an ABN to operate any type of business in Australia.
- Must register your business name,
- or any trademark you have.
Domain Names & Social Media
- Register your domain name.
- Open up relevant social media accounts.
- These are like your shop fronts on the internet.
- Register for GST (If you earn more than a certain threshold you need to register for GST.)
- From the first day, document all your income and expenses for a headache free tax return.
This is probably one of the most important needs for a growing business. Professional tax accountants for business startups can save you a tonne of headaches down the road when it comes to sorting through your tax obligations.
- Professional tax accountants can save you money in the long term.
- They can get everything sorted out and provide a good perspective as to where your business stands or is going.
- Accountants are great with maintaining your accounts status and provide professional advice for the proper operation of your business.
Registration & Licences for your Business Startup
- Depending on the type of business structure you go with, you might need to register for and get your licence to operate your business.
- Permits and place of business for some businesses need to be checked by council before operating your business.
- Ensure and verify with our accountants that you are trading legally in Australia.
- Most businesses need business insurance.
- Depending on what you’re offering, you might look into products and liability insurance. We can help you determine what type of insurance best suits your business.
- You want to have that protection just in case you get sued for something that arises in the way you carried out your business.
- When it comes to accounts paper work you really need to have a good accounting software setup and structured in place to record all your business activities and transactions.
- Talk to us about the best accounting software to use for your business startup. We use and recommend Xero. Click here for more information about Xero.
- Accounting software helps with your books and reporting is so much easier whether it’s for tax purposes or analysing your business status.
- It basically keeps tab of all your income and expenses.
- This is a vital product to have, it will save you so much time and headache when it’s time to work out your tax return.
Make an appointment today for your new business startup.
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Starting a New Business in Australia
Starting a new business is a big job for some and for others it is easy when someone helps you through the procedures in getting established. There are so many processes and procedures need to be accomplished before you you can start to operate your business. That is why you would want professional accountants to guide you through setting up your new business startup.
Talk to us and let us help you in getting your business startup established fast. WDS Business Group are expert accountants and business advisors operating from East Brunswick, Melbourne and serving all businesses in Australia.
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From your first consultation with us, you can expect a friendly and professional two-way communication.
No matter where you are located in Australia, we can help you with all your accounting and taxation services.