Thinking of Starting a Business? Read our Guide

Guide to Starting a Business - Everything you Need to Know

Starting your own business is a very exciting time. But it can also be a bit of a rollercoaster if you're not fully prepared. So before you dive headfirst into the entrepreneurial world, there are important aspects to consider and tasks to action.

Having worked with many business here in the Hunter Valley and further afield, from concept through establishment, operation and beyond, the team at Balanced Beans recommend you do loads of research!

Your preparation should include engaging with mentors such as financial and business advisors, as well as industry specialists to gain insights and guidance specific to your unique situation.

The groundwork is a journey but well worthwhile to be certain that you are both ready to start a business, are aware of the risks, and are in the best position to ensure its viability.

To help you through this process, we’ve compiled a list of actions and recommendations to guide you on the path to business launch and help you establish a strong foundation for your business.

Are you Ready to Start a Business?

To help determine if you are indeed ready to embark on your journey we recommend the following.

Develop a diverse skill set through business events and training to complement your industry knowledge. Check out the Events and training finder to discover relevant opportunities.
Seek guidance from experienced entrepreneurs or professional advisors you are already connected with or use the Expertise and Advice finder.
Connect with your local industry association or chamber of commerce for additional support and resources.
Assess industry performance using the ATO’s small business benchmarks available on their website.
Estimate initial business expenses using a template for calculating start-up costs.
Conduct thorough financial research to determine the costs of starting and maintaining your business, as well as the possibility of securing grants or loans. Check out what’s available on grantfinder.
Recognise the significant time and lifestyle adjustments that come with owning a business, including long working hours and potential changes to personal schedules.

Make Key Decisions

If you get the green light then it’s time to take action!

Develop a detailed business plan to outline goals, strategies, and financial projections, using a template as a guide.
Anticipate potential risks and devise contingency plans to safeguard business sustainability. This link has good information as a starting point.
Formulate a marketing plan to define your strategy and identify effective marketing channels. Check out the guide here.
Access personalised support from the Service NSW Business Concierge service.
Choose an appropriate business structure, considering tax and legal implications and seeking professional advice as needed.
Determine your employment status —employee or contractor —before entering into any contracts.
Select a suitable business name that aligns with your desired brand image, ensuring it distinguishes you from competitors.
Register your business name with the Australian Securities and Investments Commission (ASIC) if necessary.
Obtain an Australian Business Number (ABN) to identify your business to the government and fulfill associated obligations, using the Business Registration Service for key registrations.
Familiarise yourself with necessary registrations, licenses, and permits based on your business structure, location, and industry. Tools like the Business registration – help me decide and the Australian Business Licence and Information Service (ABLIS) are handy.
Meet specific business obligations once your business is operational, including essential registrations and business insurance.
Register for Goods and Services Tax (GST), Pay As You Go (PAYG) withholding, and Fringe Benefits Tax (FBT) as needed.
Prepare for employer responsibilities if hiring workers, such as setting up Single Touch Payroll (STP), fulfilling superannuation obligations, Fringe Benefits Tax (FBT) and possibly registering for state and territory payroll tax.

Speak With a Registered Tax Professional

Speaking with a registered Tax Agent when starting a business is highly beneficial. A Tax Agent is a professional who specialises in financial reporting, including preparing and lodging BAS statements.

Tax Agents like Balanced Beans possess in-depth knowledge of tax laws and regulations, enabling us to accurately calculate and report GST, PAYG withholding, and other relevant taxes. Engaging our services can ensure your business complies with GST obligations and other reporting requirements.

We can guide you through the intricacies of financial record-keeping, assist in setting up appropriate accounting systems, and provide valuable advice on bookkeeping practices. We can also help you understand your obligations and timelines for BAS lodgement, minimising the risk of late lodgement penalties.

By working with a registered Tax Agent either here at Balanced Beans Accountants and Bookkeepers Newcastle you can have confidence in the accuracy and compliance of your financial records. Our expertise and ongoing support can save you time, reduce stress, and celar the path for you to focus on growing your business.

Are you Ready to Start a Business?

Balanced Beans is passionate about helping start-ups on all steps of their business journey.

Talk to Balanced Beans about how we can help and support you during this exciting time.

Servicing Newcastle, Lake Macquarie, Maitland & The Hunter Valley

(02) 4046 1000

Thinking of Starting a Business? Read our Guide

Guide to Starting a Business - Everything you Need to Know

Starting your own business is a very exciting time. But it can also be a bit of a rollercoaster if you're not fully prepared. So before you dive headfirst into the entrepreneurial world, there are important aspects to consider and tasks to action.

Are you Ready to Start a Business?

Make Key Decisions

Speak With a Registered Tax Professional

Are you Ready to Start a Business?

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