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Starting a business
07 May 2013
We’ve summarised the key steps to consider and where to find more details for business planning, setting up your business, and banking solutions to support each stage of your business life cycle.
There's the marketing strategy, the industry analysis, the financials to be sorted. Where to start? A well researched and documented business plan is a crucial first step. It's like a roadmap giving you focus and a feel for how and where your business might grow.
It can help define your strategy and also assist with business funding. To help get you on your way, check out our business plan writing tips, get help with how to keep cash in your business and read this comprehensive Cash flow guide - view here.
You could also consider the one-day Business Planning short course at the Davidson Institute , which outlines how careful, early planning could significantly increase the potential value of your business.
Whatever business structure you choose - be it sole trader, partnership, trust or incorporated company - can have important ramifications on your taxation obligations, financial liability, business funding, and set up or running costs. So it's important to examine all options.
Other important steps when starting a business include registering a business name as well as applying for an ABN and tax file number for GST. Keeping your daily transactions separate in a transaction account and GST in an online savings account can help simplify your quarterly BAS (business activity statements) and earn you bonus interest too.
Once your planning is done and the business registered, there are 3 main things to consider:
1. How you’ll transact
Selecting the right bank account for your business is important. Our most popular account, Westpac Business One, is an easily accessible day-to-day transaction account with low fees.
2. How you’ll receive payments
We have a range of merchant services, including EFTPOS terminals as well as online and mobile payment solutions. Our most popular product is Mobile EFTPOS, a handheld mobile wireless EFTPOS terminal ideal for taking to customers.
Compare our EFTPOS services to see which one is right for you.
3. How you'll fund the business
Whether it be short term cash flow solutions such as overdrafts, business credit cards, or more structured business loans and equipment finance, we have a wide range of business lending solutions.
But what's best for your business? Let's discuss. Visit westpac.com.au or call us on 132 722 and together we can get your business up and running.