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Starting a New Business in Perth

Exciting, daunting, time-consuming. No matter how you describe it, starting a new business can be one of the most complex, yet potentially rewarding things you’re likely to encounter in life. The idea of financial freedom, balanced with inherent financial risks, means that a solid plan, the right financial and business structures, and a comprehensive support team must all be in place to give your new venture the best chance of not only survival, but prosperity. If you want to know how to start a business in Perth, this is the guide for you.

1: Research

Part of the plan for your potential business should include research on the early work done by business owners in a similar field. This is a great way to avoid common mistakes and capitalise on opportunities that you may otherwise be unaware of. Some meaningful data can be obtained from a range of places, including local councils, the Australian Bureau of Statistics, and through internet research. McKinley Plowman can also assist with looking at industry benchmarks to help you get a better understanding of the environment you’re looking into. Having a good idea for a business and then understanding the opportunities that could come from it is the best place to start.

2: Business Plan

The foundation of any successful business is a comprehensive business plan which takes into consideration where you are right now, looks at where you want to be in the future, and guides the steps you need to take to bridge that gap. McKinley Plowman are proud to offer Business Planning services to help you get off on the right foot, and explain to you the ins and outs of owning and running a business. After all, our small beginnings have equipped us well to look after business starting up in Perth.

3: Business Structure

Once you’ve got a plan in place to outline what you want to achieve with your business, you must consider the different business structures that exist, and decide which is best suited to you. Different structures come with varying tax considerations, legal obligations and degrees of liability. Engaging with Business Structure professionals at McKinley Plowman will help you to make an informed decision that brings about the greatest outcome for your new business.

4: Finance

A common barrier to people starting their own business is the initial outlay required to get it off the ground. You may have a fantastic idea for a business, but not be able to make that dream a reality due to a lack of capital upfront. This is where finance comes in. Even a relatively small loan can be crucial in making the first steps as a business owner. Researching what type of loan you need, and what repayments you can realistically afford, are two good ways to start the process. MPM Finance takes the hard work out of getting finance to suit your needs, and ensures you get the best package in your circumstances.

5: Ongoing Compliance

Keeping on the right side of taxation law can be tricky to maintain, and is an aspect of business ownership that is often very daunting for those new to the experience. To make sure your business continuously meets all of its tax obligations, having knowledgeable and efficient accountants as part of your support network is crucial. At McKinley Plowman, we know the importance of informed and experienced accounting for a small business, and are always on hand to help you in that regard.

6: Maintaining a support network

Being a part of a supportive team like McKinley Plowman, you can be sure that all of your accounting, tax, wealth management, marketing, SMSF and finance needs can be met. Our client base is so vast and experienced that we have worked with someone from practically every industry you can imagine. Having access to all of these services in the one place means you’re never alone in starting and running your business, while our extensive experience and knowledge allows us to leverage the best outcomes for you. McKinley Plowman – Partners for Life.

Resources:

https://www.smallbusiness.wa.gov.au/business-advice/starting-your-business/8-steps-to-starting

written by:

Nigel Plowman

Prior to forming McKinley Plowman, Nigel specialised in management consulting and international accounting, enjoying success in Australia and in the United Kingdom. His extensive experience in management consulting, international accounting and innovative tax structures has been a major driver in the success of McKinley Plowman as well as the many businesses he has steered towards new levels. Nigel is dedicated to fast-tracking his client goals with cutting edge tax and business strategies. He is a member of the CPAs and the Taxation Institute of Australia and enjoys developing tax strategies that work well here and around the world.