Always dream’t of owning your own business? 

Are you ready to take the leap of faith?

Embarking on a new business venture is both exciting and terrifying. You’ll finally be the boss and master of your own destiny, pursuing success in something that you’re truly passionate about. On the other hand, you now have a long list of things to do, before you even start doing the work you are passionate about…or making money.

Further, quite often, your eagerness to go out on your own is over-shadowed by a little fear regarding the uncertainty about the process and your security.

This is where Semmens & Co can help. When you know you’re ready to make the change but need advice on how to go about it and how to structure for success, we can help.

Starting a Business

Let’s start by saying, starting a business can be the most rewarding thing you will ever do, so long as you are in it for the right reasons and plan well.

As a startup owner, you may be surprised by the sheer amount of administrative work required to start and maintain a business, which will fall wholly on your shoulders.  However, we are here to help. A good quality Accountant can manage the corporate secretarial function for you, leaving you to work on your business.

So, where to start?

Structure for Success

At Semmens & Co. we will provide you with practical advice and guidance on how to structure for success.

How you structure your business is one of the key decisions you’ll make when starting a business. You will need to consider the advantages and disadvantages of the different business structures and work out which structure best suits you.  Your choice of structure will also depend on the size and type of business, your personal circumstances and how much you plan to grow the business.  Of course, you can change your business structure as your business grows or your circumstances change.

There are several business structures, the first four are the most widely used in Australia:

• Sole trader – an individual trading on their own.
• Partnership – a number of people or entities running a business together, but not as a company.
• Company – a legal entity separate from its owners.
• Trust – an entity that holds property or income for the benefit of others.
• Co-operative – member-owned business organisation with at least five members.
• Incorporated association – an entity usually established for recreational, cultural or charitable purposes.

If you’re unsure about starting a unique business, you may like to also consider franchising.

Your business structure can determine your:

• tax liabilities
• responsibilities as a business owner
• potential personal liability
• asset protection
• ongoing costs and the volume of required paperwork

How can an Accountant help?

Firstly, it is important to note that Semmens & Co is a family owned business. Secondly, we specialize in servicing businesses. Over many years, we have developed deep domain knowledge in how to run and operate a successful business, gained through years of experience dealing with businesses and Directors.  We aim to provide you with the security of knowing there will be a laser sharp focus on your financials from the start. 

Semmens & Co offers services that are built to help businesses function and, stay on top of their compliance and operational requirements. We can help you register your new business and also provide tax, compliance, corporate secretarial, software and software training, bookkeeping, payroll, management accounting and financial reporting services.  We can also provide you with hands on assistance in writing a Business Plan, a Marketing Plan and Cashflow Forecasting. We specialise in business advisory services, which is standard with every business engagement.

As a trusted business adviser and Accountant, Semmens & Co can provide you with important services that can mean the difference between success and failure:

1. Day-to-day guidance on how to run and operate a business
2. Industry insights
3. Business Advisory services
4. ASIC Administration and Corporate Secretarial
5. Tax compliance
6. Bookkeeping
7. Payroll
8. Financial Reporting
9. Management Accounting

Entrepreneur Kits

If you are seeking to start a business, Semmens & Co. can help with our Entrepreneurs Starter Kit.  These packages aim to get you going and ensure you can focus on doing what you do best, with our full support. We have two packages:

Entrepreneur Starter Kit

$5,000* (plus GST) package and includes the following:

1. Structure Assessment
   1. Assessment and selection of business structure (for example, incorporation of company or trust)
2. Business Set-Up
   1. Registration of a corporate entity or other
   2. ABN, TFN, GST and PAYG Withholding registration
   3. Business name registration
   4. Workcover registration
3. Software
   1. Xero file set-up
   2. Xero training
   3. Receipt Bank set-up
   4. Receipt Bank training

Entrepreneur Starter Kit including Annual Services

$16,000* (plus GST) package, includes the following:

1. Business Advisory – Structure Assessment
   1. Assessing and selection of business structure (for example, incorporation of company or trust)
2. Business Set-Up
   1. Business registration of a corporate entity
   2. ABN, TFN, GST and PAYG Withholding registration
   3. Business Name registration
   4. Workcover registration
3. Software
   1. Xero File Set-Up
   2. Xero Training
   3. Receipt Bank Set-Up
   4. Receipt Bank Training
   5. Set up of online payment process
4. Tax Compliance
   1. Business Activity Statements – Quarterly
   2. ASIC Annual Company Statement
   3. Annual Financial Statements and Tax Return
5. Correspondence and Query Package
   1. Queries and correspondence, capped at six hours per month
   2. Processing and monitoring of all business related ATO and ASIC correspondence

* Billing will be structured using a number of options including upfront payments and monthly fixed fee billing.

Additional Entrepreneur Services

Business Plan

$3,000* (plus GST), includes:

A business plan will help your business get off the ground safely. Angel investor and tech-company founder Tim Berry said, “You can probably cover everything you need to convey in 20 to 30 pages of text plus another 10 pages of appendices for monthly projections, management resumes and other details. If you’ve got a plan that’s more than 40 pages long, you’re probably not summarizing very well.” Semmens & Co will help you write your business plan. We will help you explore selecting a name, help you articulate the problem your business is trying to solve, explore your service or product, developing a business description, marketing strategies and competitor analysis. We will help you explore and plan for operations and how you will manage the business day-to-day, as well as helping you build a financial and cashflow forecast.**

This includes use of our Business Plan template to set realistic and measurable objectives, including budgets and action plans.

Cost and Cashflow Forecasting

$3,000* (plus GST), includes:

Semmens & Co will assist you with producing your cost and cashflow forecasts. Depending on the nature of your business, we will help you break down your costs into one-off costs (establishment costs such as license fees, insurance), cost of purchasing all necessary equipment to be used in the business over the next few years (for example, assets such as equipment, tools) and, working capital which is the money you need to set aside to cover the initial set-up stage of your business for running costs.  A financial statement template and cashflow forecasting template are imperative to determining the amount of financing you’ll need to get you started. **

Includes the use of our Cash Flow Forecasting and Financial Statements templates to set realistic cash flow, P&L and Balance Sheet forecasts, including budgets.

Marketing Plan

$3,000* (plus GST), includes:

Semmens & Co will assist you with producing your marketing plan.  Your Marketing Plan will ensure you are clear about your marketing objectives and how you’re going to achieve them. When you are ready to start your business, this document will act as a reference point in understanding your target audience and guide you through what you need to execute. The aim is to get the attention of your target audience and nurture that relationship over time. **

Includes the use of our Marketing Plan template to set realistic and measurable objectives, including budgets and action plans, as well as allocating responsibilities.

* 50% upon acceptance, 50% upon completion

** Work effort capped at 24 hours.

Starting your own business will be one of the most rewarding journey’s of your life.  Whether you succeed, or fail (and try again!), you can be certain that you will learn and grow.

If you have any questions or need advice and clarity specific to your situation, feel free to contact Semmens & Co on 03 8320 0320 for a free consultation