Financing your idea
Before going into business and leaving your current job, it’s important to consider taking a future proof approach by ensuring you have enough personal savings to get by, until you begin making a profit. Read about start-up grants and subsidies.
Contact an ANZ Small Business Specialist
An ANZ Small Business Specialist can conduct an A-Z Review® to fully understand your personal and business banking needs. They will then offer a customised banking solution to help you achieve your business goals.
- Managing your cash flow
- Applying for a business loan
- Consolidating your banking
- Streamlining your accounts
What to bring to your ANZ Small Business Specialist meeting
- If you haven’t started your business yet, bring your business plan and cash flow forecast to use as discussion points.
- If you have started then the more information you can provide about your business the better, such as last financial statements.
Every business will have difference circumstances and therefore requirements. The best thing would be to talk to someone early. Find out more about how ANZ Small Business Specialists can help you create the business you really want.
Find an accountant
To help you set up your business and understand your tax obligations it’s a good idea to employ the services of an accountant early. If you don’t know a local accountant, ask for a referral from a fellow small business owner. Find out why an accountant is necessary for your business.
Develop a pricing strategy
The way you price tells customers a lot about the quality of your products or services, which is why it’s important to have a pricing strategy in place. For example, if you’re going to set up a guided hiking business will you price exclusively for the luxury travel market or target backpackers in a lower price range? Get some tips on reviewing your pricing strategy.
Set up your financial record keeping system
Keeping records is a necessary part of doing business so ensure you’re well organised to keep track of your business’ finances. If managing finances is not one of your strong points/strengths, consider bringing a bookkeeper on board even part time. Accounting software, an invoicing system and cash flow tracking can help. Learn about the records you need to keep and how asset registers actually work.
Set up your banking:
Apply for merchant facilities
You will need the right merchant services to help you accept credit and debit card payments quickly. For example, if you’re beginning your own plumbing firm, you’ll ideally want to be able to take card payments when you’re at job sites. Check out ANZ’s merchant services and talk to an ANZ Small Business Specialist for advice.
Apply for an Internet payment system
Business has been revolutionised with the advent of 24/7 online payments. Depending on your business, you may want to accept payments online as much as you can. It means the cash hits your account faster. For example, if you plan to sell coffee and coffee products exclusively from your website, you’ll have to set up an online payment system. See ANZ’s Internet payment solutions and speak with an ANZ Small Business Specialist for advice. Read more about accepting payments securely online.
Set up Internet banking
You’ll be able to boost your productivity and streamline your accounting process by making use of Internet banking for business. Find out more about ANZ Internet Banking.