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 ________________________ Rask Resources All services: https://bit.ly/R-services Financial Planning: https://bit.ly/R-plan Invest with us: https://bit.ly/R-invest Access Show Notes: https://bit.ly/R-notes Ask a question: https://bit.ly/R-quest 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 Learn more about your ad choices. Visit megaphone.fm/adchoices

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.

Transcript

Related