Building the Right Foundation for Your Start

Lots of planning, passion, risk, and research are involved in starting a business. The right opening move is very important for survival in the prevailing business environment.  You also need the help of experts to help you steer a profitable course through the treacherous waters of the business world.

The Very solid foundation is required for your business to last and is prosperous; the same way a house requires a solid foundation to last for long.  The right business structure needs to be built first. You need first to decide if you want to start the business as a company, in partnership with someone else or as a sole proprietor. Very important issues, like likely admission of new patterns in the business and your industry risk profile, need to be put into consideration. Furthermore, you need to also consider tax minimization and asset protection issues before deciding on the perfect business structure to adopt.  The relative importance of any of these important issues forms the basis for your business structure.

While building the foundation for your business, you also need to consider the place of accounting software, which can make the business operation run smoothly.  Various forms of accounting software are available out there today; some of them are Cashflow Manager, QuickBooks, MYOB, and Xero. Each of them has specific features that make them unique; their price tags and functionalities also differ, one from the other. Accounting software can be categorized into desktop programs and cloud-based solutions. Some professionals prefer the cloud based solutions due to their obvious advantages.  One of the important factors that determine the particular accounting software you adopt is your level of professionalism in handling the accounting software.  Having the right accounting skills will prevent the possibility of producing computerized shoe box records.

Aside from the factors mentioned above, it is also very important to consider the issue of insurances; this way, you can reduce the risks your business may encounter in the future.

While at the start-up phase of the business, it is very important to complete several business registrations to ensure your business is duly registered and that you are on the right side of the law.  Some of the registrations include Tax File Number, ABN and business name.  Furthermore, it is necessary to register a domain name for your online presence. Registration for GST is determined by your turnover. You may also have to register for PAYG if there are plans to employ staff. Other essential registrations are worker’s compensation insurance, withholding tax and staff superannuation.

Additionally, you should never forget about the importance of marketing to promote your business. Wrong marketing strategy can spell doom and gloom for your business, and it can also lead to the boom of the business if you do it right.  This is why you need to put together a lead generation, responsive website that will further the progress of the business.  You need the help of professionals to help build a website that will lead to progress in your SEO, email marketing, and lead generation.

Conclusively, you need to put together a winsome business plan for the business. Why do you need a business plan? For one, it will act as a very important document for obtaining financing for the business. It will help prove to the prospective financier that your business is viable.  The business plan should also contain your financial projection and your cash flow budget. Several templates for this are available, and some of them are:

  • Product Pricing Template
  • Fixed Costs Summary
  • Service Pricing Calculator
  • Charge Out Rate Calculator
  • Break Even Calculation Template
  • Profit And Loss Template
  • Cash Flow Template
  • Profit Improvement Calculator

If any of the processes involved in setting up your business is confusing to you, you can hook up with experts that can help out with the finance, insurance, structure, software or even registration aspects of the business.  Look for experts that had been around for a very long time since such long-standing experts can be trusted to do a good job.  Find out about the reputation of the professionals before you employ their services.  The professionals should be able to listen to you and proffer effective solution to your business start-up challenges.