If I continue to make payments under the agreements, will these expenses be tax deductible?
Starting A Small Business
For those looking to start their own business, it can be a daunting task to cover all the aspects that you need to consider.
Here is a quick list to help you on your way:
- What business structure to use – sole trader, partnership, trust, company.
- Registering your business name
- Obtaining a tax file number
- Registering for GST
- What accounting system to use
- Understanding financial statements
- Developing a business plan
- Creating a USP – Unique Selling Proposition
- Creating a website and developing an internet marketing plan
- Obtaining the right types of business insurance
- Understanding your business model and the main drivers for your business
- Determining the price of your products and the difference between price and value.
- Developing a marketing plan
- Understanding your cashflow – short-term and long term
- Employing staff and the associated legal requirements
- Setting budgets
- Identifying your target market
- Understanding the value of your business and how to maximise its value.
- Having an exit strategy
- Understanding your breakeven points
- Developing systems for your business
- Understanding the life-time value of your clients.
In all industries, there is companies that are making massive profits and those that are going broke, so get the right advice and guidence from our firm from the start.
