Starting a business is a bit like a game of chess, to succeed you need to make the right opening moves. Let’s look at five opening moves you need to address before you launch your new business.
Firstly, the right business structure is the corner stone of your business foundations. There are a number of options and before we recommend a business structure we always consider issues like asset protection, potential admission of new partners, the forecast level of profits and eligibility for small business capital gains tax concessions. As such, the business structure can often be a compromise between these issues.
Secondly, the right accounting software is critical and the wrong choice can prove a financial disaster. We aim to minimize your compliance costs and that means matching your business needs with your level of accounting skill. Failure to do so can lead to records that are nothing more than a computerised shoebox. When it comes to software, one size certainly doesn’t fit all and for that reason we support a range of software programs including Xero, MYOB, QuickBooks, Cashflow Manager and others.
Thirdly, you need a business plan that is your blueprint for the future direction of your business. It details your products and services, pricing strategy, analysis of your competitors and quantifies your projected financial results.
Fourthly, you need a marketing plan. You can have the best product in the world but without the right branding, a website, a social media strategy and a CRM system you are almost invisible to your target market. Too many start-ups focus on the product but you need to plan your marketing and distribution to bring the business to life.
Finally, to succeed you need to get the right professional advice from sources like a solicitor, accountant, insurance broker and mortgage broker.
Over the years we have assisted hundreds of clients through the business start-up phase and it has become a real niche area within our practice. If you’re looking to start a business contact us today and book in for a free consultation.