So you’ve got a great idea and now you want to turn it into a reality. Before you start, there are a number of things you need to know that will help you achieve success and give you flexibility down the track.
1. Get an Accountant
The decisions you make when first registering your business are important and can have long term tax implications. For this reason it’s important to utilise the services of a good accountant right from the beginning. An accountant with expertise in small business can provide invaluable advice on how to structure your business tax effectively for the short and long term, saving you a lot of money and unnecessary complications down the track. They can also advise you on Superannuation (including Self Managed Super Funds) and your obligations if you employ staff.
2. Make sure you have the right Business Insurance
Business Insurance can be a complex area. As a business owner, it’s not only your physical assets you need to protect, but your livelihood. It’s often a good idea to use the expertise of a broker who can help you determine the best approach for your business and negotiate a better deal on your behalf. You also need to consider the claims process, as if you need to lodge a claim this can be time consuming and confusing. Look for a broker that offers an in-house claims service to make this process simpler.
3. Understand the basics around Workers Compensation
If you employ staff you need Workers Compensation Insurance. The amount of premium you pay will depend upon your Workcover classification, so it’s important to get it right to avoid overpaying and/or non-compliance. There are a number of advisory services that can help you with this and provide ongoing advice in this highly regulated and legislated area.
4. Consider how you will manage your HR requirements
Most small businesses don’t have the luxury of in-house HR practitioners to advise and provide support on HR matters such as recruitment, training, dispute resolutions and payroll. However these are things that can often weigh small businesses down if they are left to other staff to manage. Consider using a HR advisory and support service - whether it be the monthly payroll, ad-hoc recruitment, or just over-the-phone advice when required.
Understanding and implementing these fundamentals will get you off to a great start and place you in good stead for business success.