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Is your business growing in the right direction? It is natural to seek out bigger and better
things when you are trading or operating a business, and if you’re ready to make the shift
from sole-trader to small business owner, then you will need to make some changes. Some
of these changes pertain to your business structure while others relate to how your business
appears to the general public. At Burger Digital we are the people to talk to when you are
looking for a new website for your business. We have the experience, skill, and
understanding to craft you a brand new image for your new business venture.

We have created this short guide to help you make the move from sole-trader to small
business owner. When you are ready to get a new website, make sure you get in
touch with us on 1300 029 916 or online. We’ll shout the burgers!

 

Why should you make the move?

You might be perfectly happy as a sole-trader but are keen to grow your business. If this is
the case, you might have no option but to level up. This is because in many cases you will
require investors to grow your business, but many investors will be reluctant to invest in a
sole-trader. In addition to this, there are different tax rates which concern companies versus
individuals. Some of these tax conditions may be advantageous, and some might be more
arduous — but if you are looking to shift to a business structure, then they’re par for the
course.

 

 Key differences between a sole-trader and a business

You will find a range of differences in your business structures, most notably between:

  • Bookkeeping and taxation requirements
  • Ongoing operating costs of your business
  • Liability for debts
  • How your income is assessed compared to your business income
  • Employment regulations
  • How much control you have over your business

One of the key advantages of running a business as opposed to operating as a sole trader is
that your assets are going to be protected against potential business losses. That is if your
business goes into debt and your creditors are chasing you for money they cannot come for
your personal assets. As a sole trader, you can be liable for debts with your personal assets,
so things like your car or your house.

 

Making the shift to operating as a small business: what do you need to do?

There’s a range of things you will need to do when making the shift to a business structure,
such as:

  • applying for a company name through ASIC
  •  applying for a business ABN
  • applying for GST and PAYG; and
  • ensuring that you are appropriately set up for this new structure.

These are the changes you will need to make within your business in terms of structure – for
which you will likely need to consult an accountant and a lawyer to ensure you make the
change correctly. But when it comes to rebranding your business — that’s where we can
help.

 

Put your best foot forward with your new business

If you want to be taken seriously as a business in the crowded marketplace that we operate
in, then you will need to look and act the part. A key part of your success as you make this
new foray into business ownership will come from how you are perceived. If you come
across as unprofessional, then it’s unlikely that investors and new business will take you
seriously. You simply must put your best foot forward and make sure that your first
impression is great, because people do remember, and it’s important to get it right the first
time. You can ensure that your transition into business ownership is primed for success:

  • Invest in a quality brand and website. This is how people are going to remember
    you, and it’s important that you take the time to get it right.
  • Spend time crafting a marketing plan and then roll it out ensuring that you are
    getting your name out there.
  • Hire people who are passionate about what you stand for and reward them
    appropriately, so they stick around.
  • Don’t worry too much about your physical office space, for now, you simply
    want somewhere that serves your purpose — whether that is a co-working space or a
    small office.
  • Spend time crafting your business culture and work out what is going to make
    you different from your competition — because this will make you stand out.

This is just the tip of the iceberg of course, and there is so much you will need to get done as
you move into business ownership. We are here to help you make that transition and can
assist with web design that makes a splash.

 

When you’re ready to get a new website, make sure you get in touch with us on 1300
029 916 or online. We’ll shout the burgers!