Finances and expenses
You must have enough money to start your business. If your business is undercapitalised, it may not survive. You will need enough money in reserve to keep operating until you begin to break even or turn a profit.
Estimate your expenses
Your accountant can help you to prepare a cash flow projection for the first year of your business's operation. This should include the amount you need to start-up and operate plus a contingency fund. You should also consider budgeting your personal finances at this time to ensure you can live comfortably while you build your business.
You may have additional expenses for licences, permits, approvals or regulations. Visit the Australian Business Licence and Information Service (ABLIS) to check what applies to your business.
You can fund your business through debt finance (borrowing money that you pay back with interest within agreed time frames) or equity finance (investing your own or someone else's money in your business).
Learn more about funding your business.
Grants and financial help
Your business may be eligible for financial assistance from the Queensland, Australian or local government. A wide range of support programs are available to help new and established businesses grow and succeed.
Read how to find grants and business support.
Manage your cash flow
Accurate and up-to-date financial records will help you manage your cash flow. By regularly reviewing your business's performance, you and your accountant can address financial problems immediately.
It is useful to know how other businesses are faring. Benchmark your business to get an idea of the running costs of similar-sized businesses in the same industry.
Ask your business adviser or accountant to help you estimate your expenses and prepare a cash flow projection.