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Boring? Clients are exciting. So is getting paid. And developing a product or service. No question Cheap New Orleans Saints Jersey , they are the most important steps to building a successful business. But there are also the boring steps that have to be taken to comply. Here they are:
1) Find a good Accountant
It is best to meet with the accountant to set up a business structure suitable to your plans and your personal circumstances. Accountants also provide help in registering with all necessary departments.
Also plan what the accountant will do and how you can best provide the input (e.g. bookkeeping) to keep costs down.
2) Set up the right Business Structure
Most small businesses start out as a sole trader, the simplest form of running a business. A partnership is also common possibility. A company or trust structure might be useful when large investments are involved and risk needs to be managed. Always get advice from a lawyer and accountant to get your structure right.
Check whether you are required to register a business name. In Australia, it is the Office of Fair Trading for your state who manages these registrations.
3) Apply for Licenses
Depending on your business Cheap New England Patriots Jersey , you might be required to get a registration or license from an industry-specific board.
Rules for business premises vary in every council, so check with your local council whether
your business premises need to be registered. Even if you work from home, a registration is sometimes necessary.
Another common license gives you the right to play music for your clients. In Australia the state governments provide an overview of what is necessary.
Your accountant will also let you know which business numbers you need to register for. In Australia Cheap Minnesota Vikings Jersey , you need a Tax File Number and possibly an Australian Business Number (ABN). If your turnover breaches certain threshholds, you need to charge GST. Before you do that, you need to register with the ATO. Your accountant will advice you on that.
4) Get a Business Bank Account from the Start
It is best to separate private and business expenses. Set up a business bank account and pay every business related expense from that account. Equally let your clients pay only into that account. This will greatly simplify your bookkeeping Cheap Miami Dolphins Jersey , further reducing costs and thus increasing your profit. Some banks offer a free debit card that is attached to a business bank account. It can be used like a credit card, but is deducted off your account immediately.
5) Bookkeeping for Professional Business Intelligence
A good bookkeeper keeps you on top of your expenses and cashflow. Many businesses feel that a bookkeeper needs to be paid to satisfy ATO requirements. Nowadays bookkeeping services offer much more. A streamlined online bookkeeping service like Jet Bookkeeping gives you the peace of mind to concentrate on your business, while having all important figures at your finger tips in your online dashboard. You’ll be able to see who owes you money. Who you need to pay. How your cashflow is tracking and whether the business is performing according to your business plan.
Jet Bookkeeping has plans for small businesses just starting out Cheap Los Angeles Rams Jersey , so that you can have the benefits of professional bookkeeping without paying large fees.
6) Insurance for the Things that Never Happen
There is usually an association for each type of business. Apart from keeping you up to date with what is happening, they often provide access to good value insurance.
Professional indemnity insurance covers the costs of any mistakes you make in your professional life. Public liability covers any accidents of your clients on your premises or property damage you are responsible for.
There are other insurances that might be useful depending on your circumstances.
Income protection insurance might be useful when you are earning a steady income and have ongoing expenses (e.g. mortgage, rent Cheap Los Angeles Chargers Jersey , children to feed, etc.) that are essential to be covered.
Life Insurance is useful if you have a family and a mortgage, so that they can continue their life even if you do not.
It is best to speak to a professional advisor about that Cheap Kansas City Chiefs Jersey , but make sure that you check with your Association for best prices.
7) Professional First Impression
This is the first step starting to get exciting: A website is cheap, flexible and adds credibility to what you do. It includes your own email address (e.g. yourname@yourwebsite.au). Before printing flyers or brochures you can test the impact of your communication on your website. This can save large costs. In my experience it is best to get a first website up and running without trying to get it perfect. It can be changed and developed so easily (with a free program like WordPress) that getting something out is far more important than getting it perfect.
Another cheap item that increases your professional standing are professionally printed business cards. They reflect greatly on your business. Think about ways to make your business cards active by inviting people to act on them.
You could also think about a professional phone number that you can keep no matter where you move. This is especially useful if you start spending money on print advertising that runs for a long time (e.g. Yellow Pages).
Run through this list as quickly as you can, so that you can start focusing on the important and exciting steps of getting your business going. And while it is essential that these steps are taken Cheap Jacksonville Jaguars Jersey , do not get stuck with them. The marketing and your clients are far more important.
Written by
Alexander Kohl, MBA – Jet Bookkeeping Australia www.jetbookkeeping.au
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