Starting a business, whether buying an existing business or setting up a new business from scratch is an exciting process and the most important ingredient for a successful business is a passionate, motivated and committed business owner who can champion success. The harsh reality is that these factors alone are not enough and in today’s tough economic climate the steps you take before embarking on a new business venture are critical in determining the result of all your great ideas and talent.
The following are just a few of the things you need to consider before embarking on a new business venture – and at Patison Partners we are experts at facilitating this process:
* What are you buying?
* Check The Purchase Agreement
* Choosing the right Business Structure
* Registrations – ABN, GST, PAYG Withholding, Fringe Benefits Tax, Payroll Tax and business name.
* Record Keeping
* Insurance
* Financing Growth
* Employing Staff
* The Business Plan
* Talk about it. It’s always good to discuss your plans with those closest to you and your trusted advisors to ensure that all that excitement and enthusiasm has been channeled into a plan that does everything possible to guarantee success.
For further information contact Patison Partners, 3 Cook Drive, Pakenham, telephone 5941 3322.
