Start Me Up! by Tina Zawila

In the last few weeks I have had the pleasure of working with several new business owners – both start ups and those who are buying into established businesses.   These new entrepreneurs are full of passion, excitement and enthusiasm for their new venture.  However, what I respect the most is that they have all sought professional advice at the start of their business journey.

“Getting things right” from the start can mean the difference between success and failure.  There are a myriad of things to consider when starting a new business – premises, renovations, stock, equipment, finance, pricing, your target market, advertising, website, staff, and the list goes on.  That list though, didn’t include the legal, financial and taxation matters that must also be addressed, including:

• choosing the appropriate legal/taxation structure and getting it set up correctly,
• registering for a Tax File Number (TFN) and Australian Business Number (ABN),
• registering for GST, and
• setting up your record-keeping and accounting systems.

In the 2015 Federal Budget, one of the incentives for ‘start ups’ was to allow new businesses to immediately deduct certain capital costs incurred when starting up a business (which previously had to be deducted over 5 years).  So now you can also claim an immediate tax deduction for your investment in “getting things right”.

Your professional advisor can also help you with the ‘fun stuff’ – making sure you have a clear vision for your business, and a documented plan to achieve that vision.  He/she can help you identify the key drivers in your business and the key performance indicators that you can use to measure your success.  And most importantly, he/she can be your mentor, sounding board, and hold you accountable to do what you say you will do.

Just as in the lyrics of the infamous Rolling Stones song “Start Me Up” – “If you start me up I’ll never stop”, if these passionate new business owners are given the right advice and support from the start, there will be nothing stopping them from achieving their goals and dreams!

At Sothertons, this is what we love to do.  Call us on 4972 1300 to discuss your business journey.