Starting a Business in Brisbane
Posted 23 Apr '15
Posted 23 Apr '15
You don’t have to be great to start, but you have to start to be great – Zig Ziglar
Starting a business is an exciting yet daunting decision to make. In the beginning, the majority of business owners we speak with have a thousand and one things to achieve but limited resources to do so (the most topical of which is generally the moula!). The big question on their mind is “what should I focus on first?” We have put our heads together here at Empire HQ and have come up with the top 3 items a new start-up business should have in place.
The structure you choose for your business should fit like a new pair of shoes, a poor choice can be painful and prove very costly. Each structure whether a company, trust, partnership or sole trader has its advantages and disadvantages however by seeking the correct structure advice (from professionals like us!) before commencing will allow you to ensure items such as personal asset protection, taxation implications, costs of compliance and reporting requirements are taken care of.
One of the most important tools when starting out in business is a cash flow forecast. Staying closing to your business numbers especially in the early days is vital. A well-constructed forecast will tell you if your business has enough cash to stay alive and thrive through the critical start-up phase and how your cash position will flow throughout that first year. Once your business is established the cash flow projection can be entered into your accounting software and used as a great tool to compare budgeted vs actual results to keep you, as a business owner, accountable to your numbers.
Exploring the market and how your business fits into your industry space is equally as imperative as the numbers itself. Firstly, you need to understand your business brand, your products/service, your target market, competitors and what makes your business stand out from the rest. Knowing these things will help you to develop a marketing strategy that will give you and your business the direction it needs to thrive and reach your business goals.
Having these 3 tools in place will equip you with what you need to start your new business; you can then prioritise the 998 remaining items as needed!
If you are taking the leap into starting your own business, we can help you. For advice and support that will send you in the right direction, talk to us today 07 3124 0244
Team Effort – Luke, Beth & Kate
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