Setting up your business in Sydney Parramatta
Parramatta is changing before everyone’s eyes as it becomes a metropolis worthy of being called the “city” as well. Areas like Parramatta are not staying idle anymore. The region has seen growth for the past periods giving businesses the opportunity to set up shop.
Here is a quick guide on who you need to talk to in order to successfully start and manage your business in Parramatta.
Talk to a local accountant in Parramatta
Setting up a business relies largely on your financial situation. It is the backbone of your operations. Talk to an accountant or tax expert about the best structure of your business for legal, tax and protection purposes.
An accountant or bookkeeper can also help you with the initial business compliance setup, including ABN, GST, BAS and PAYG.
New business owners can benefit from creating a partnership with their accountant so that their needs are better understood and they can be on the journey to help grow your business.
Never forget the pesky overhead. Office costs of office spaces, insurance, utilities along with labour can easily go up without warning especially around the Parramatta area. Make sure you set the right allowance for that. Calculate your expected cash flow or “burn rate.” This is often the single most crucial survival parameter for all starting businesses. Other considerations include taxes and other expenses.
Once your business becomes operational, you may need a good local bookkeeper to manage the day-to-day transactions of your business including setting up the right bookkeeping, accounting and payroll system.
Consult a financial planner and mortgage broker in Parramatta
The location of your business is another crucial point for setting up shop. Consult a mortgage broker in Parramatta to find out how you can afford your place especially if buying space is an essential need for your business. You may also need a mortgage broker to help fund any assets and equipment purchases as well as day-to-day business operations, perhaps via a business overdraft account to better manage cashflow gaps. Understand your options, borrowing capacity and what types of funds you would be eligible for.
It may also be helpful to talk to a financial planner in Parramatta when you set up your business so you can be sure your future business, financial and personal goals all line up. A financial planner can also help you set up income protection insurance which could be crucial for you as a business owner.
Protect your business with the right insurances
One of the most important aspects of business set-up is financial and risk protection- from Day 1. This is where a good insurance broker can help. You are always at risk regardless of your industry or business size. Check with an insurance broker about what insurances are essential for your type of business. Some coverage you may need include:
- Public Liability Insurance, pretty much mandatory for any business
- Workers Compensation Insurance, if you have employees
- Professional Indemnity Insurance, if you are giving advice
- Asset, vehicle, equipment and contents insurance
Our Parramatta business local directory can help!
If you are looking for the right business contacts to help set up and manage your business, our free Tradebusters Connect’s Parramatta local business directory can assist you. Here you will find our Top 3 Local Business Picks near you including accountants, mortgage brokers, financial brokers, insurance brokers and more, and they are ready to chat with you today.
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