How to start a business in 2025: Free Guide (Part 2)

13 snips

Jan 4, 2025

Got a business idea? Perfect! Discover the essential steps to lay a solid groundwork, emphasizing the importance of cash flow management to avoid being part of the 60% of failures. Learn how to choose the right legal structure while dodging common pitfalls. Understand funding options and tax write-offs that could benefit your startup. Explore the dynamics of e-commerce compliance and the crucial role of meticulous planning. Finally, tackle brand building with effective marketing strategies to ensure your business not only starts but thrives!

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ADVICE

Proper Business Structure Setup

Set up your business structure correctly from the beginning.
Mistakes can lead to capital gains tax issues later.

INSIGHT

Common Business Failures

Cash flow issues and relationship breakdowns are common business failure causes.
Businesses often struggle with money management and internal conflicts.

ADVICE

Financial Literacy

Understand your finances, including cash flow, budgeting, and profit margins.
Financial literacy is crucial for business success.

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Okay, so you have a business idea? Great! Now it's time to build a solid foundation that can withstand the test of time.

In this episode, we dive deep into the essential elements of setting up your business for success in Australia. Managing cash flow is one of the top reasons over 60% of Australian businesses fail in their first 5 years.

Co-hosts Zara McGuffie and Jordan Kidis discuss the common pitfalls to avoid when choosing a business structure, the best funding options for early-stage businesses, and some of their own mistakes.

Topics covered today:

Choosing the right legal structure
ABNs, registrations, licenses and permits
How to manage cash flow and funding
Navigate supplier choices, inventory management, and order processing

Resources mentioned in this episode:

Business starter checklist:
ATO instant asset write-off
Small business support programs/grants
The ultimate cash flow spreadsheet
Xero and MYOB accounting software
Australian Consumer Law
Ask a question (select the Business podcast): https://bit.ly/R-quest
Inflection website: www.inflection.au

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DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg

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