New Business Budgeting - CapitalQ

New Business Budgeting

Most know the importance of a budget before venturing into a new business enterprise.

But the problem is if you don’t have real experience running a business, or even if you feel you do, if you don’t have hands-on experience with the financial side of things in a business like the one you are about to enter, it is very easy to miss things.

A budget is a decision tool. It helps you decide –

  • How much capital you need to get started
  • How much working capital you will need to fund the business on an ongoing basis
  • How much you can afford to pay your staff
  • What your product or service pricing needs to be
  • Your break-even point
  • How long you can stay afloat if things aren’t working as well as you hope

So it is vital you cover every possible expense and outgoing and don’t miss a thing.

Because if you don’t get it right, then your decisions will be flawed before you even start.

Of course, we all know a budget is our best prediction of the future, so it rarely if ever will be 100% accurate. But you must do the best you can, and keep it conservative with room to move.

The most common expenses we see new business owners miss include –

  • Variable Outgoings on your Business Premises
  • Managing Agent Fees on your Business Premises Lease
  • Full Award Wage Entitlements
  • Payroll Tax
  • Fringe Benefits Tax
  • Workers Compensation Insurance
  • Income Tax (especially in the second year of operation)

But the biggest one consistently missed is …

  • Sufficient Advertising and Marketing to actually get customers or clients to your door!

More about Accounting & Tax

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What our customers say

Logo for Igor Pavic
I am very happy to be able to write this testimonial for Duncan Melbin, Abhishek Puri and the Team at CapitalQ Chartered Accountants.

When the opportunity arose for me to step up and become a Director of Office Solutions IT, and to take an ownership interest, Duncan and Abhi were the ones I turned to for advice regarding my obligations, my ownership structure, tax minimisation and management of my business interests moving forward.

They have also assisted me with my property investing and development activities.

They always return my calls promptly, are always available when I need to see them and their straight forward advice is always spot on.

Igor Pavic

Director, Office Solutions I.T.

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