Starting a small business? Don’t become a statistic
There is something irresistible about starting a small business that has captured our collective imaginations, with small businesses making up 97% of all Australian businesses. But unfortunately, over half of these fail within the first three years. So how can you stop your business from becoming a statistic?
Regardless of what type of business you are planning – be it an online or home business, or a start-up with grand plans for expansion, it is easy for a fledging business to be swept up in the excitement of the early days, while neglecting some of the less compelling factors that are essential to success. We take a closer look at the essential financial and tax factors to get your business off the ground and keep it running.
The top reasons small businesses cease trading are due to under-capitalising, poor cash flow management, and failing to undertake adequate market research. Whilst there is a lot of helpful information online, nothing replaces getting expert advice on how all the facets of the business will interact – from financing, tax management, supply chain costs, and market fluctuations.
Before starting your business talk to us about the following:
- Running a financial health check
- Researching financing options
- Researching the best structure for your business
Once you have established the business we can help you with the following:
- Business planning and advice
- Business performance monitoring
- Cloud based systems for your business
- Taxes
- Capital costs
- Fees and other costs
- GST and funding sources
- and more
There are many other factors to consider when starting your own business as well. We can help you to build a sustainable enterprise by taking care of those, less exciting but critical elements, leaving you to focus on future plans.
