The following outlines what you should consider when looking at the costs involved in starting your own business.
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Start-up costs are the one-off expenses required to set up your business. Different businesses will have different start-up costs, but they often include things like:
premises (purchase, fit out and connecting utilities)
materials and equipment
licencing and registration fees
logo design and website development
Step through this process to get an idea of how much it will cost to start your business.
Separate start-up costs from other costs
Break down all the costs from your business plan into:
one-off costs – establishment costs such as licence fees and insurance
equipment outlay – all necessary equipment to be used in the business over the next few years (for example,
assets such as equipment, tools)
working capital –the funds you'll need to cover your running costs during the initial set-up stage of your business (until you start to turn a profit)
The following lists are some of the most common start-up costs for many businesses. Whether they apply to you will depend on the nature of your business.
Keep in mind that some costs, such as insurance, can recur on a regular basis even if they're considered 'one-off'.
Click here to open a Guide to Business Start-Up Costs
Common start-up costs
Setting up your premises
Common costs relating to your business premises are:
fit-out, kitchen installation, bathroom construction and plumbing (gas and water)
Compliance needs
There are many licences that can come with starting a business, including:
business name registration fees
vehicle registration fees
licences – for example, a liquor licence or council permits for business signage and footpath trading
Food Handling Certificate, Responsible Service of Alcohol (RSA) Certificate
insurance – for example, public liability, contents, and WorkCover
Marketing expenses
It's important to factor some marketing into your plans so you can get customers to your business. Some things to consider are:
graphic design for logos and signage
opening marketing, including advertising
setting up an online presence (website design, web hosting fees, SSL certificate and registering a domain name)
Staff costs
Often businesses will need to employ staff from the beginning. If you need staff, you should consider:
recruitment costs including jobs ads and agency fees
wages and salaries
long service leave entitlements
equipment (phone, computer, printer)
uniforms
Professional service fees
You might need to employ professional services when setting up your business. Some fees to consider are:
legal fees
accounting - bookkeeper or accountant
financial adviser
banking costs or loan fees
internet and phone installation
Factor in your running costs
It's normal for new businesses to take time to make a profit. You can make this period less stressful by factoring a period of your running costs into your start-up.
Running costs can include:
wages
rent or lease
utilities
mobile phone and landline bills
internet access
buying stock
shipping and delivery charges
The 'Detailed profit' sheet here lists some common running costs.
Representing over 40 years of experience, Henry has built his professional relationship upon advising private clients on their financial and taxation affairs. Henry is a trusted advisor to a number of private enterprises and family business owners, providing financial and tax directions at the family and corporate levels. He ensures that tax and financial governance requirements are managed without fuss. Henry is proud to lead a team with a diverse skillset that manages the balance of a smaller firm but with a strong commercial and practical approach to business and taxation matters.
He has worked in insolvency, taxation, audit and general business services over a number of years and his personal passion is in the area of business planning, superannuation planning and estate planning especially in respect of intergenerational wealth transfer.
Kevin Lau - Principal
Kevin is a Chartered Accountant and a Principal at APNL.
With over a decade of experience, he brings broad taxation expertise to the firm in the areas of compliance accounting, business advisory and tax consulting for Small Medium Enterprises (SME’s).
Kevin takes pride in offering a personalised approach to his clients. Recognising the unique challenges each business faces, he provides tailored strategies to navigate the intricate tax landscape, fostering growth and ensuring compliance.
His clients have benefited from his broad taxation expertise and commercial acumen including those in manufacturing, hospitality, advertising, property, healthcare, professional services and a range of other industries.
Kevin has a keen interest in the superannuation industry, assisting clients with their retirement and estate planning needs.
In his spare time Kevin enjoys playing soccer, snowboarding, travelling and spending time with family and friends.
Advisory
At APNL, we take pride in our extensive advisory capabilities designed to cater to businesses of all types and sizes. Our expertise encompasses a diverse range of services, including assisting with business structure selection, offering restructuring guidance, and providing valuable risk advice. Whether you are embarking on a new venture, seeking to acquire, enhance, expand, or divest your business, you can rely on APNL to offer comprehensive and personalized assistance. Our client-centric approach ensures that we delve into the intricacies of each situation, offering tailored solutions to meet your unique needs.
Contact us today to discuss how we can work together: 03 9654 2022 or email us at info@apnl.com.au
Business & Corporate Structuring
Our Business & Corporate Structuring service is designed to cater specifically to your needs, whether you're launching a new venture, expanding operations, or planning for succession. Our expert advisors are committed to tailoring the perfect solution for you and your business.
With a focus on fostering a mentoring relationship, our firm provides unwavering support to help business owners make informed decisions. By working closely with our experienced Advisors, we gain valuable insights into your business and objectives, allowing us to address challenges as they arise and strategize for improved operations and financial outcomes.
Our approach revolves around the following key principles:
Defining Clear Personal and Business Goals: We work collaboratively to establish well-defined goals for both you and your business, ensuring alignment and clarity.
Planning and Implementation: Together, we chart a path to achieve these objectives, meticulously planning and implementing actions to drive success.
Mentorship and Ongoing Support: Our dedicated team establishes a nurturing mentoring relationship with you, providing continuous support through regular contact and guidance.
At APNL, we work with businesses at various stages of the business life cycle, including start-ups and established enterprises, whether large or small. Our comprehensive range of services includes:
Management Reporting & Analysis
Budgeting and Forecasting
Financial Analysis – Cost/Margins
Asset Structures
Bookkeeping Support
Business Appraisals
Due Diligence
Business Plan
Succession Planning/Business Sale
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Business Coaching
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Get in touch with us today and take the first step towards optimizing your business's potential.
Contact us today to discuss how we can work together: 03 9654 2022 or email us at info@apnl.com.au
Taxation
Most enterprises encounter shared challenges irrespective of their industry. We take pride in offering clients sound counsel and expert guidance to effectively manage cash flow and foster optimal business growth.
Our proficient team is well-equipped to assist you with a range of intricate tax matters, encompassing tax consolidation, business succession planning, and remuneration options, ensuring strict adherence to all compliance, legislative, and taxation requirements.
Our comprehensive array of services includes:
Financial Statement Preparation
Australian Taxation Office (ATO) Lodgment for individuals, partnerships, joint ventures, companies trust, and superannuation funds.
Australian Securities & Investments Commission (ASIC) requirements
Tax planning and problem solving
Bank covenant reporting
Three-way financial projections
Contact us today to discuss how we can work together: 03 9654 2022 or email us at info@apnl.com.au
Self-Managed Superannuation Funds
We have the expertise to assist you in determining whether an SMSF is suitable for your needs. Our comprehensive support spans from establishing your SMSF to handling its ongoing administration to ensure compliance.
Rest assured, we will keep you and your trustees informed about the ever-changing superannuation landscape, including rules and regulations.
Our services are proudly delivered locally and in-house, providing you with peace of mind regarding the privacy of your information and the quality of our service.
Our offered services include:
Administration and Compliance, encompassing:
Tax Returns
Preparation of Financial Statements
Facilitating Annual Independent Audits
Fund establishment and Trust Deed Updates
Pension Establishment
Tax and Strategic Advice
Contact us today to discuss how we can work together: 03 9654 2022 or email us at info@apnl.com.au
Tax Diary
General Calculators
Accounting Videos
Useful Links
Tax Deductions by job
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APNL Pty Ltd Chartered Accountants and Advisors ("APNL") understands that in globalising world, protection of your privacy and information is of the utmost importance. We are dedicated to protecting your personal information especially the collection, use and storage of information. At APNL, we understand the significance you place on information that identifies you ("your personal information"), and we are committed to assisting you in safeguarding it.
The Privacy Act 1988 (Cth) and the Australian Privacy Principles (APPs) form the cornerstone of the privacy protection policy that APNL Pty Ltd are statutorily bound and abide by steadfastly. This Privacy Policy outlines how we manage the information we collect about you when you provide personal information to us in person, by mail or email, or when you visit our website.
Collection of Personal Information
We will only collect personal information that you voluntarily provide to us or have given us prior consent. The ways we may collect personal information from you include, but are not limited to:
When you visit or use our website.
When you engage our services.
When you register for secure access to our website and log in to your account (if applicable).
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When you contact us or our associated entities by mail, email, or telephone.
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From third-party contractors or outsourcing service providers, such as law enforcement agencies and other government or regulatory bodies.
Please note that in some cases, providing certain personal information may be necessary for us to provide you with the requested services or information. If you choose not to provide us with specific personal information, it may hinder our ability to fulfill your requests.
Types of Personal Information We Collect
The personal information we may collect from you includes, but is not limited to:
Names, addresses, email addresses, and phone numbers.
Information from documents such as passports or driver's licenses.
Tax file numbers (TFNs) and other identification numbers, such as Medicare numbers.
Date of birth and gender.
Financial information.
Details of superannuation and insurance arrangements.
Sensitive information, with your consent, such as health information or membership details of professional or trade associations or political parties.
Bank account details, shareholdings, and investment details.
Educational qualifications, employment history, and salary.
Visa or work permit status.
Personal information about your spouse and dependents.
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APNL and our associated entities will use the personal information you provide for the purpose of providing the agreed-upon services, such as accounting or business advisory services. Additionally, we may use this information for internal business and management processes, monitoring and improving our website, keeping you informed about our services and company news, and fulfilling our legal obligations.
Prior to providing products or services to you APNL is obliged by law to collect, and verify, certain personal information from you. The statutes governing these requirements include:
The Financial Transactions Reports Act (1988) (Cth)
The Anti-Money Laundering and Counter Terrorism FinancingAct (2006) (Cth)
Taxation Administration Act 1997 (Vic)
Income Tax Assessment Act 1997 (Cth)
A New Tax System (Goods and Services Tax) Act 1999 (Cth)
The Corporations Act 2001 (Cth)
and other relevant financial services laws as applicable.
Direct Marketing
We may use your personal information for marketing purposes related to our services. If you do not wish to receive marketing material from us, you can unsubscribe by following the instructions provided in the communication or by contacting us directly.
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Security Procedures
APNL takes the security of your personal information seriously and implements reasonable measures to protect it from misuse, interference, loss, unauthorized access, modification, and disclosure. We regularly review our security procedures to ensure their effectiveness.
However, please be aware that transmitting data over the Internet is not entirely secure, and we cannot guarantee the security of information transmitted to us via electronic means such as via e-mail. Such transmissions are done at your own risk.
Data Breach Notification
In the event of an "eligible data breach" as defined by the Privacy Amendment (Notifiable Data Breaches) Act 2017 (Cth), we will notify affected individuals, including you, and the Australian Information Commissioner (OAIC) in accordance with the law. If you believe a data breach has occurred or have concerns about your privacy, please contact us as detailed below.
Access and Correction of Personal Information
You have the right to access the personal information we hold about you and to request corrections if you believe the information is inaccurate, incomplete, or outdated. To access or correct your personal information, please contact us at info@apnl.com.au. We will respond to your request within 2 business days.
Changes to Our Privacy Policy
This Privacy Policy represents our current practices and may be updated from time to time for various reasons. Any changes will be published on our website, and your continued use of our services and website signifies your acceptance of the updated Privacy Policy.
Complaints Resolution
APNL is committed to resolving privacy-related concerns fairly and responsibly. If you have any concerns about how we handle your personal information, please contact us using the details provided below. We will address your concerns through our complaints handling process and provide you with an outcome in a reasonable timeframe. If you remain dissatisfied with our response, you may refer your concerns to the Office of the Australian Information Commissioner.
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