Starting on the right foot

At Omnia Business Solutions we work with many individuals who are looking to take the next step and start their own business. Whether it is a side-hustle or you are going to take on the world, it is important that you set yourself up correctly and then have the right tools to manage both your day-to-day operations and your finances. 

There are many complex and detailed steps in setting up the right business structure, so having a trusted advisor and someone who can help you in the long term is critical for success. To ensure longevity, it is important that your strategy takes into consideration the future, and setup today for tomorrow’s requirements. 

Setting up your business correctly from the beginning with the right advice, software, and bookkeeping support is crucial for several reasons:

  1. Legal Compliance: Properly setting up your business ensures compliance with all tax, statutory and formation legal requirements. This includes choosing the right business structure (e.g., sole-trader, partnership, private company), registering your business with the appropriate authorities, obtaining necessary permits and licenses, and adhering to tax regulations. Having the right compliance documentation allows for banking institution setup and any future lending requirements. Failing to comply with these conditions can result in legal penalties, financial consequences down the line and the inability to grow as per your strategy. 
  2. Financial Management: Effective bookkeeping and accounting practices are essential for tracking your business's finances accurately. By implementing the right software and bookkeeping support early on, you can establish organised financial records, track income and expenses, monitor cash flow, and prepare accurate financial statements. This enables better decision-making, facilitates budgeting and forecasting, and ensures transparency with stakeholders such as investors, lenders, and tax authorities. Outsourcing your bookkeeping gives you more time to work on your business and not be snowed under in keeping it compliant. 
  3. Tax Efficiency: Properly managing your finances from the outset can help optimise your tax strategy. With the right advice and support, you can take advantage of available deductions, credits, and incentives, minimizing your tax liability while remaining compliant with tax laws. Additionally, maintaining accurate records simplifies tax preparation, reducing the risk of errors and audits. Keeping on top of your lodgments could be a new business owners downfall, with departments such as Australian Taxation Office and Australian Securities & Investment Commission imposing penalties and interest for late lodgments or failure to lodge.
  4. Business Planning: Setting up your business correctly provides a solid foundation for long-term success and growth. By establishing clear goals, developing a comprehensive business plan, and implementing effective systems and processes early on, you can better position your business for sustainable growth. This includes setting realistic financial projections, identifying potential risks, and adapting your strategy as needed to capitalise on opportunities and overcome challenges.
  5. Professional Image: A well-structured business with organised finances and proper documentation projects a professional image to customers, suppliers, investors, and other stakeholders. This can enhance your credibility, instill trust, and differentiate your business from competitors. Moreover, it can attract potential partners, investors, and customers who are more likely to engage with a business that demonstrates professionalism and reliability.
  6. Networking & Training: consulting like minded business owners or getting advice from your trusted accountant / bookkeeper is a great way to start your business journey on the right foot. Joining networking communities or local business chambers allows you to grow your business with like minded business owners. Furthermore, signing up to training programs is a great way to learn those auxiliary skill sets that will help your business flourish. 

Overall, investing time and resources into setting up your business correctly from the beginning pays dividends in the long run by mitigating risks, maximising efficiency, and laying the groundwork for sustainable success. So surround yourself with like-minded business owners, have a chat to the team at Omnia Business Solutions and ensure your path to a successful business starts on the right foot.

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