It takes a lot of dedication and hard work, but starting your own business is a great way to fulfil your professional desires and try out new things. But without a safety net firmly in place, the experience of working alone can be daunting and at times overwhelming. There’s a lot to keep in mind and plenty of easy tips to make managing your own business as easy as 1-2-3! So, here are a few simple tips for running your own business…

Stay on top of your administrative requirements. Keep the official papers connected with your business in a safe location for easy access. You’ll also need to keep copies of your ABN application for your accountant and for the filing of your tax return. Setting up a business related email account will also ensure that your personal and business emails are kept separate.

Use quality instruments and don’t skimp on your home office. Always make sure you’re using good instruments for whatever craft you’ve chosen; it will make the job easier and help you get the most out of your time. It’ll also save on replacement fees and allow you to take jobs of varying sizes. Larger office supplies, such as printers, scanners and computers, are also worth investing in.

Hire a good accountant. It seems like obvious advice, but the careful and diligent administration of a business is best done by either an accountant or a professional business consultant. When it comes time for your tax return, it will also make the filing and rebate processes easier. Pick an accountant with whom you can communicate freely and someone who you feel understands your business structure.

Consider your business structure. Should you become a sole trader, or a partner in a business? Do you operate a discretionary trust, or should you start your own company? These are the big questions in small business, so make sure you acquaint yourself with all the legal rules on business structures. Be aware of their benefits and any potential hindrances to your income. It’s worth discussing this with a business professional or lawyer.

This article was brought to you by WA Insolvency Solutions, leaders in formal and corporate insolvency services.

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