Always start with the end in mind, because winging it rarely works out.
Going into business is exciting, especially when it’s driven by passion and ambition. But let’s be real, it can make you break a sweat as you wonder if it’ll all work out and when the next dollar will land in your own account.
In the middle of this, you’ll need to make big strategic decisions: How will I structure my business? How will I run things day-to-day? Get it wrong and your business may fall short. Plus, you might be exposed to unnecessary risk.
By getting clear on why you’re starting your business and your goals – at work and in life – we can help you set things up right and build a rock-solid base. That means everything from reviewing your finances to guiding you on the smartest setup and best practices.
We don’t just handle the numbers. We support you in setting up your business with smart proactive planning, sharp thinking, no-BS advice and clear next steps.
Ensuring you pick the right business structure to reduce risk and maximise the rewards.
Helping you minimise that tax bill and plan better so you can meet your obligations.
Don’t fail to plan, plan to win. We’ll work together to understand your business, value and customers.
Recommending the best tools and software to simplify your processes and save time.
Advising you on costs, cash flow, borrowing options and your financial structure to get the best results.
Understanding your net wealth and giving a clear picture of your business viability and potential profits.
Why are you going into business?
What do you want to achieve?
What’s your financial capacity?
Why are you going into business?
What do you want to achieve?
What’s your financial capacity?
We’ve supported hundreds of clients as they set up and established their businesses - but don’t just take our word for it.
Our experts bring specialist expertise, local knowledge and networks, genuine care – and a little banter – to your table. You get a core team – director, manager, accountant and client service coordinator – all keeping you and your new business on track.
See how we’ve supported business owners like you through the set-up stage – and the fantastic results they’ve achieved.
“From day one, Maxim has been there for us. We started with just an idea and no clue where to begin, and they guided us every step of the way. They helped us set up the business, put the right structures in place, and plan for challenges we hadn’t even thought of.
Over six and a half years, we’ve grown to nearly 50 people, and Maxim’s advice has been a big part of that growth. They’re not just accountants, they’re partners. Their guidance and connections in Newcastle have opened doors, introduced us to great people, and helped our business thrive.”
Byrne Tran & Dane Crawford
Co-Founders
Every business is unique, but we hear the same questions over and over at this stage. Here are some that come up often, with our answers.
It really depends on your situation, since everyone’s circumstances are a bit different. To work out the best approach, we look at three main things:
Asset protection – How to keep your personal assets safe
Tax minimisation – How to reduce the impact of tax
Exit strategy – What happens when you sell or wrap things up
Once we get to know you and your business, we can give advice that’s tailored just for you – not just for most businesses.
If you’re running a business, lodging a tax return is a must. What you lodge and how much you pay depends on your profits and the type of business structure you have.
Whatever your obligations, you need to lodge and pay on time. If you don’t have money in the bank to cover it, you could be in trouble! Our advice? Plan for your potential taxable profit and set money aside throughout the year, ideally in a separate account, so you’re never caught off guard. As your business advisers, we can help you do just that.
You’ve got a few ways to take money out of your business. If you’re actively working in it, the most common approach is to draw a wage, basically like paying yourself as an employee. Make sure your business is correctly registered and has an Australian Business Number (ABN) to keep everything above board.
If your business is set up as a company – a separate legal entity – you can also receive shareholder dividends from the after-tax profits.
For sole traders or partnerships, you usually take drawings from the profits. In this case, it’s really important to understand the tax side of things, so you don’t get any nasty surprises.
We’ll help you figure out what works best for you, keep things simple, and make sure it actually fits your business and your life.
As a general rule, you usually finance an asset, such as vehicles or equipment, for roughly the length of time you plan to use it. So, if you’re buying a van and expect to get four years out of it, a four-year finance plan usually makes sense.
This kind of financing is typically set up through a lease or a short-term loan, keeping things simple and predictable.
We can help you figure out the best approach for your business, guide you through the options, and make sure the plan to spend money works with your cash flow and goals.
There are a few options out there, but we generally recommend Xero. It’s user-friendly, cloud-based, and designed to grow with your business. It handles invoicing, tracks expenses, manages payroll, and gives you clear reports without needing a degree in accounting. Plus, because it’s cloud-based, you and your advisor can access the same information in real time, making planning, forecasting and problem-solving way easier.
We can help you get set up, make sure it’s tailored to your business, and show you the shortcuts and tips that save you time and headaches.
Starting a business is exciting, but it can also feel a bit scary. We get it! Going solo (or with partners) is a big step, and it’s normal to ask yourself if you’re making the right move.
The best way to figure it out? Take a step back and look at the bigger picture: Do you know your market? Who are your target customers? What’s your marketing plan? Are your finances in order? Do you have a clear plan for cash flow, growth, and risks?
We work with you to break all that down. We help you see what’s realistic, highlight potential pitfalls, and map out the opportunities, so you can move forward with confidence. We make sure you’re running your business, not the other way around.
Starting a business can feel like there’s a lot to juggle. Here are some practical tips to help you set things up on the right foot:
Get your finances organised early – Separate personal and business bank accounts from day one.
Plan for taxes and profits – Set aside money regularly so you’re prepared, not panicked, at year’s end.
Keep an eye on cash flow – Even a short weekly check-in helps you spot issues before they become problems.
Set clear goals from the start – Knowing what success looks like helps you make smarter decisions.
Talk to your team and advisors early – Short check-ins now save bigger headaches later.
We work with you from day one to get your business set up right. We help you make sense of the numbers, plan ahead and build a foundation that works, so you can focus on growing a successful business with confidence.
Life can be unpredictable, and it’s important to make sure your family and your team are protected when you have your own business. The right insurance – covering death, total and permanent disablement, or a serious trauma event – can provide funds to keep your business running or even give someone the option to buy your share.
It can feel complicated, but that’s where we come in. We work with you to create a plan that fits your personal circumstances and your wishes, so you know everyone’s looked after and your business has a safety net in the face of unexpected events.
Check out our latest blogs. They’ll help you stay informed, tackle challenges and get clarity during this set-up stage.
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