Registering as a sole trader is a great option for people wanting to start a small business. It’s the simplest and cheapest business structure to set up with very few obligations, unlike other business structures. Being a sole trader is perfect for someone who plans to manage and run a business by them self.
Do your research – before you do anything else, get moving on some serious market research – and don’t gloss over any negative findings or feedback.
Research your competitors as well as existing services or products that have similar concepts as you.
Establish who your target market is and whether or not the numbers add up to make your business viable. Are there enough target customers who can easily access your business – and where are they? How will you communicate to your customers?
If you need equipment or technical help, you’ll need to source suppliers and assess the terms, costs and practicalities of leases and services. Seek out referrals and make sure you make the best choice for your business that don’t require lengthy commitments
Create a business plan – Your business plan needs to explain what your business will do, the goals you have set, how it will reach them, how it will be funded and when you expect to make a profit from it.
Register for an ABN and if your business is going to earn over $75k, register for GST.
Understand your tax obligations and get advice and assistance from a tax accountant that will work with you to help your business succeed.
Call, PM or email Deb at Stellar Accounts for a no obligation chat about your business, and to obtain advice before setting up that new business.