Starting A Small Business

Starting your own business can be exciting, but also overwhelming. With so many moving parts to manage, it's easy to miss important steps. At Dolman Bateman, we help you get it right from the start. Here's a comprehensive checklist to keep you on track:

1. Choose the Right Business Structure

Sole trader, partnership, trust, or company, each comes with different tax and legal implications. Speak to us about what suits your goals.

2. Register Your Business Name

Make sure your business name is available and registered with ASIC.

3. Apply for a Tax File Number (TFN)

If you’re starting a company or trust, you’ll need a separate TFN from your personal one.

4. Register for GST

Mandatory if turnover exceeds $75,000. We can handle your ABN and GST registrations.

5. Set Up an Accounting System

Xero, MYOB, or QuickBooks? Choosing the right system early will save time and reduce errors.

6. Understand Your Financial Statements

Learn how to read your profit & loss, balance sheet, and cashflow report. These are critical tools for business success.

7. Write a Business Plan

This roadmap helps with funding, forecasting, and strategic growth.

8. Define Your Unique Selling Proposition (USP)

Why should customers choose you? Nail your USP early.

9. Build Your Website and Marketing Plan

An online presence is essential. We can guide you on content, SEO, and ad strategies.

10. Insure Your Business

Public liability, professional indemnity, business interruption, know what coverage you need.

11. Know Your Business Model

Understand how you’ll make money and what your key revenue drivers are.

12. Set Prices Wisely

Understand the difference between price and value. Your clients will too.

13. Create a Marketing Plan

Include digital, local, referral, and social strategies to drive leads and conversions.

14. Manage Your Cashflow

Many businesses fail due to poor cashflow, not lack of profit. Monitor both short- and long-term flows.

15. Prepare to Employ Staff

Understand superannuation, payroll tax, awards, and Fair Work compliance.

16. Set Budgets

Track your actuals vs projections to stay in control and adapt quickly.

17. Identify Your Target Market

Who are your ideal customers? Get clear to avoid wasting time and money.

18. Understand Business Valuation

Learn what builds business value, from systems and IP to recurring revenue.

19. Have an Exit Strategy

Whether you're planning to sell, retire or scale, the earlier you prepare, the better.

20. Know Your Breakeven Point

Understanding when your business becomes profitable is essential for planning and pricing.

21. Build Repeatable Systems

Systems help you scale and maintain quality without burnout.

22. Calculate Lifetime Client Value

Retention is more cost-effective than acquisition. Know what each customer is worth over time.

Final Word

Every industry has businesses that thrive, and others that don’t survive. The difference is often planning, financial management, and getting the right advice.

Let Dolman Bateman guide your startup journey with expert accounting, advisory, and business strategy services.

Start strong. Stay profitable. Call us today.

Meeting with Gavin Bateman

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Disclaimer:

The information provided in this article is general in nature and does not constitute personal financial, legal or tax advice. While every effort has been made to ensure the accuracy of this content at the time of publication, tax laws and regulations may change, and individual circumstances vary. Dolman Bateman accepts no responsibility or liability for any loss or damage incurred as a result of acting on or relying upon any of the information contained herein. You should seek professional advice tailored to your specific situation before making any financial or tax decision.