In setting up a business, you should determine a reasonable salary and profit that you wish to earn from the investment. You also need to analyse the expertise that you will need to introduce to be able to run the business successfully.
You should survey the market you plan to serve to ascertain if the necessary sales figures required to produce the return you have determined are available.
If you’ve not already worked in this type of business, make arrangements to work for a reasonable period on either a paid or voluntary basis.
Will the business suit your lifestyle and the lifestyle of your family? This and many other questions are asked in the paper under the headings:
- Setting Up
- Consultation With Professional Accountant
- Purchasing A Business
- Registrations Required
- Accounting Work/Advice
- Other General Matters
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Paper 01.03 Business Set Up and Purchase.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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