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Want to start a small business? Read this first

March 06, 2019 / William Holmes

YOU'VE long dreamed of starting your own small business, and the time is right. But there is a lot to contend with before you welcome your first customers.Here are some tips on making sure you're well prepared, so that when you launch your small business, you have the best chance at succeeding and growing.It's impossible to pin down your exact revenue and outgoings ahead of time, but a detailed business plan will allow you to plot major costs such as staff, stock, rent and electricity, and work out how much business you to need to do to be able to pay yourself a wage and prosper. Be realistic, otherwise you can find yourself inflating potential sales to meet costs.All business owners in Australia have to register before commencing any business activities. Speak to an accountant about your obligations regarding an Australian Business Number (ABN), a tax file number (TFN), collection of the GST and pay as you go withholding taxes. If you want exclusive rights to a business na...