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The Internet has changed the way we do business and communicate with our customers. Some retailers no longer require a bricks and mortar presence because their website provides a digital 'shopfront' for online business owners. Online sales continue to grow and traditional business models are threatened by internet businesses including online marketers, e-Bay and e-commerce businesses.
The barriers to entry into an online business are minimal and the cost to establish and operate an online store are a fraction of the traditional retail shop. All you need is a computer, an internet connection and a website complete with e-commerce functionality and you are ready to launch. Of course, the internet provides a level playing field for retailers so once you have a web page you can effectively compete with the big players in your industry and almost any business can reach a global market, quickly and economically irrespective of their size.
As the internet continues to evolve, mobile technology and social media continue to grow and these two innovations have changed the way people use the Internet. Social media has given people a new way to communicate while mobile technology has made the internet more accessible. These channels including blogging are cheap and let you market to existing customers and potential new customers without leaving your home.
Here at Nexus Accounting we recognise the fact that the internet is the first place most consumers go for information on products and services. We live on the internet ourselves and have invested heavily in our own website. Social media is an important part of our marketing artillery and we also recognise the importance of YouTube as a search engine. Most importantly, we understand the mechanics of an online business and 'walk the marketing talk'.
STARTING AN ONLINE BUSINESS
We have built a reputation as business start-up specialists. If you are looking to start an online business there are numerous issues to consider including tax registrations, insurances, finance, business structures and marketing. We can assist you in all of these areas plus provide advice on HR matters, payroll and the preparation of a business plan.
Over the last few years our team of accountants have helped numerous online retailers get their business off to a flying start. We offer you experience, technical tax knowledge and most importantly, an intimate understanding of the online industry.
Starting a business is a bit like building a house and you need solid foundations. In a business sense these include the right taxation structure, accounting software, insurances, a marketing plan, website and social media channels. Your choice of business structure is critical and there are a number of different options including a company, sole trader, partnership or trust. When selecting a business structure, asset protection is a key consideration as well as your family situation, forecast level of profit and your future plans to admit new business partners and your eligibility for discount capital gains tax concessions.
Your choice of accounting software is another brick in your foundation wall. The wrong choice can be catastrophic and poor financial records are one of the biggest causes of business failure in this country. Up to date, accurate financial records let you make informed business decisions.Your software program needs to match your business needs with your level of accounting skill because too many business owners use sophisticated double entry accounting programs and produce nothing but 'computerised shoebox' records. One of our priorities is to help you cut the cost of compliance which in some cases includes training you to use the software. We support a number of programs and have a strong preference for cloud based solutions like Xero.
To build a house you also need the right tools and when 'constructing' your business we have developed a number of tools including a start-up expense checklist that brakes your costs down into a number of categories. These figures then slot into a cash flow budget template that let us produce a forecast of your first year's trading results. If you need a vehicle in your business we can assist you with finance by chattel mortgage or lease through one of our affiliate partners. Not only that, you can access fleet pricing on your new car, ute or light commercial van that could save you thousands of dollars.
Pricing is absolutely vital to the success of your business and we can help you do some price modelling so you know your break even point and understand the financial implications of price increases from your suppliers.
MARKETING YOUR BUSINESS
For small business owners, your marketing can be the difference between gloom, doom and boom.
Most small businesses rely on their reputation and referrals to grow their business and while these ingredients remain important, as an
online business your marketing focus needs to standout online. Your website is the first touch point with a potential new customer and as
you know, you only get one chance to make a good first impression.
One of our biggest points of difference compared to other accounting firms is our marketing expertise. We can assist you with your branding (business name, logo and slogan), your online brochures and help you harness the power of social media to win more referrals. Over the past few years we have worked with dozens of clients to help them create affordable, quality lead generation websites that are responsive to smart phones and tablets. We can provide advice and guidance with your website content including video production and if your website lacks calls to action or lead magnets we'll help you build them. In addition, we'll introduce you to strategies like re-marketing and search engine optimization to drive more traffic to your website.
If you aren’t using some of these marketing techniques your business probably won't reach its full profit potential.
The marketing process begins with your branding and we have worked through the process with dozens of clients over the years and using some
online resources we can help you build a modern brand that resonates with your target market. We can even help you develop your stationery
at a fraction of the cost of engaging a graphic artist or marketing consultant.
Our role includes helping you understand the Four Ways to Grow A Business and in the process, identify the key profit drivers in your business. We can talk you through various profit improvement strategies and even quantify the profit improvement potential in your business. Our role is to make sure you don't leave any profit on the table.
The team of online business specialists at Nexus Accounting offer you a full range of accounting, taxation and business coaching services including:
- Start-Up Business Advice for Online Businesses
- Advice regarding Your Website and e-Commerce facilities
- Marketing Audit including the establishment or evaluation of your branding, website and social media strategies
- Advice and Assistance with Website Development, Content and SEO
- Spreadsheets and Tools including a Start Up Expense Checklist, Business Plan Template, Cash Flow Budget, Letterhead and Business Card
- Advice and Establishment of Your Business Structure
- Tax Registrations including your ABN, TFN, GST, WorkCover etc.
- Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
- Cloud Based Accounting Software Selection and Training (Bookkeeping, Invoicing, Payroll etc.)
- Preparation of Finance Applications for the Bank
- Preparation and Analysis of Financial Statements
- Bookkeeping and Payroll Services
- Tax Planning Strategies
- Wealth Creation Strategies and Financial Planning Services
- Advice & Assistance with Pricing
- Advice regarding Claiming Motor Vehicle Costs
- Advice regarding Employee Relations and Workplace Laws
- Business & Risk Insurances
- Business Succession Planning
We are so much more than just tax accountants. We are ‘business and profit builders’ who offer you practical marketing advice and proven financial solutions. We genuinely care about your business success and online businesses are a niche area within our accounting practice. Contact us today and let's get your online business off to a flying start or take your existing business to a new level.
If you're a committed and ambitious business owner looking to accelerate your business success we invite you to book a FREE, one hour introductory consultation to discuss your business needs. You can expect practical business, tax, marketing and financial advice designed to help you build your business and grow your wealth. To book a time, contact us today or complete your details in the box at the top of this page.