August 18, 2023
It’s been a dream, an ambition, a burning passion – the idea of running your own business. There are approximately 2.5 million small businesses in Australia built by dreamers and doers who had an idea and made it a reality. Each year they collectively contribute more than $5 billion to Australia’s GDP. What’s stopping you from joining them?
As Australian Small Business and Family Enterprise Ombudsman Bruce Billson says, small business owners are an intrinsic part of daily life.
“We depend heavily on the small and family run businesses in our lives – whether it is your childcare operator, sporting coach, your dog groomer, GP, local accountant or your favourite winemaker or café owner who work every day to delight customers and energise enterprise.
“These are great people in plain sight, and we see them everywhere, every day,” he says. “We need to replenish and nurture the next generation of entrepreneurs, value self-employment and encourage and enable smaller enterprises and the livelihoods they make possible.”
If you want to be part of the next generation of entrepreneurs shaping Australia’s business landscape, while taking charge of your career and future, now could be the time to go for it. Here’s why.
It all starts with an ABN registration. Eleven simple digits that are your ticket to the business world. While they are an essential obligation in operating an enterprise in Australia, a registered ABN is also the starting line for the business you’ve dreamed of. ABN registration is quick, easy and you can get the process started by giving us a call or requesting a quote.
There are more than 500 business grants available across Australia at both State and Federal levels, so chances are that there’s a government incentive out there that can help you. From subsidies and rebates to funding and mentorship, the breadth of support available to new businesses is seemingly endless. While starting your own business can seem like a solitary pursuit at times, the reality is that you don’t have to go it alone – there is a whole ecosystem of support available to you.
Check out the Australian Government’s grants and program finder tool to search for funds that can help kick-start your business.
We live in an age when it’s possible to run a business from your phone. The explosion of tech-based platforms and apps give new business owners access to a suite of tools that can build a business, grow a brand and connect with customers worldwide. Meanwhile automation is streamlining previously repetitive and mundane tasks that can be handled with the click of a button – so while you grind on your new business, technology means the grunt work is handled for you.
It’s the less glamourous side of establishing a business, but crucial to your long term success. Having these elements in place from the outset will lay a solid foundation for your business, while saving you costly headaches down the track.
• Get your business structure right. It’s important to consider whether a sole trader, company, partnership or trust is the best option for your new venture. Each have their own benefits and limitations, particularly when it comes to tax and their ability to protect you as the business owner.
• Know your budget. You should always build a budget and a cash flow forecast for your new business that covers at least the first year. This will give you a good understanding of how much funding is required to invest in your new venture before it becomes profitable, and ensure you don’t run out of cash.
• Explore incentives. Be aware of the tax incentives that are available for investing in the capital assets you’ll need to buy for your business. These are always changing and it’s vital that you don’t miss out on claiming the maximum available.
A good accountant can help you will all of these fundamentals. Make sure you choose an accountant that charges a fixed fee for their services so that you have certainty about how much you are paying.
Ready to take the leap and start your business? We’re here to take it with you. Retinue can be your accounting partner on your business journey offering tax compliance, bookkeeping, payroll* and financial insights with 24/7 unlimited support, for a fixed monthly fee, all backed by our guarantee. Request a quote to get started.
*Retinue’s payroll service includes the processing of hours and wages rates provided by you. We do not determine award rates for your employees or provide advice on the correct employment status of your employees. It is your responsibility to ensure that your employees are paid correctly and we recommend obtaining advice from specialised employment relations experts.
*Retinue’s (ABN 66 658 618 449) payroll service includes the processing of hours and wages rates provided by you. We do not determine award rates for your employees or provide advice on the correct employment status of your employees. It is your responsibility to ensure that your employees are paid correctly and we recommend obtaining advice from specialised employment relations experts.
Protection is only provided for ATO investigations notified to us during the period which you are a client and relating to any tax returns or lodgements prepared by us. Fines includes any penalties and interest that may result from any errors made by us but does not include any additional tax liability that may result from an amended lodgement.
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