Investing time and focus into proper planning is the key to turning your dreams into reality. Operating a small business is not just about working for yourself or working from home, it’s also about having the necessary management skills, industry expertise, technical skills, finance and of course a long-term vision to grow and succeed.
Establishing a business is a significant decision that warrants thorough investigation and planning. You must determine what type of business you will be operating and design a structure that suits its nature, in addition to the billing, paying and record keeping systems required.
Furthermore, it is important to verify what your personalized tax and superannuation obligations will be and whether business registration is obligatory.