Starting or buying a business can be like a game of chess, to succeed you need to make the right opening moves. The business evaluation and establishment phases can be periods of great anxiety due to a combination of excitement, uncertainty and financial risk.
What you need is sound professional advice from qualified accounting and legal sources. Having assisted so many clients in this situation you know that you will benefit from our experience.
Start with the End in Mind …
There is a myriad of issues to consider when starting or buying a small business. These include the business structure, tax and GST registrations, record keeping, software options, legal issues and insurances. If you are employing staff there are additional considerations such as WorkCover, superannuation, PAYG and possibly FBT. You should always ‘start with the end in mind’ and look to take advantage of the potential future application of the discount capital gains tax concessions when assessing the most suitable business structure. Asset protection and succession planning are also factored into the tax structure equation.
The expression, “failing to prepare is preparing to fail” is both valuable advice and a warning for people intending to start a small business. Let us help you by sharing an exhaustive checklist of start up expenses, preparing a 12 month cash flow budget and projected Profit & Loss Statement for you and your new business.
We can even help you prepare some ‘what if’ financial scenarios to assess the viability of your business and plan any finance requirements, ensuring you have all the information you need to make the right choice.
Still not convinced that Tax Slayer is right for your business? We will provide you with a business plan template and a range of tools for no extra charge. Contact us to book a time.