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Launching an Ecommerce Businesses? Here are 3 Key Benefits of Trusting Sleek with Your Company Registration

 

Starting a new e-commerce venture is not just an exciting journey, it’s a digital adventure with vast potential. One of the foundational steps in this journey is registering your business, a task that can significantly benefit from professional assistance.

However, in the fast-paced world of e-commerce, steering clear of common pitfalls is crucial for long-term success and growth. Whether you’re setting up your online store for the first time or you’re a seasoned expert, here are key mistakes to avoid and strategies to overcome them.

This article will outline why professional services are invaluable in this process and the benefits you can expect to yield by trusting a specialist.

Outline

  1. Professionals can help guide you on finding the right company structure
  2. It’s quicker than doing it yourself
  3. Gives you peace of mind you’re compliant from day one
  4. Steps to get your ecommerce business on track from day one

1. Professionals can help guide you on finding the right company structure 

One of the critical decisions when starting a business in Australia is selecting the proper business structure. Your chosen structure impacts various aspects, including taxation, liability, and governance. The options for business structures in Australia typically include sole trader, partnership, company, and trust.

Even if you’ve done extensive research and believe you’ve identified the ideal structure for your business, seeking guidance from a professional can be immensely beneficial. These experts can offer valuable insights and ensure you fully understand your chosen structure’s legal obligations and implications. With their help, you can make an informed decision, boosting your confidence in your business setup.

E-commerce entrepreneurs can often rush into a business structure without considering the unique needs of online retail. Choosing the wrong structure can lead to unnecessary tax burdens and limit your growth potential. But neglecting your research, or not weighing up the pros and cons of the different business structures and jumping into becoming a sole trader without considering a company or trust early on can be a costly mistake.

Why does getting your structure right matter?

  1. It costs time and money to change business structures
    Moving from a sole trader to a different business structure can be time-consuming and costly. You’ll usually need to get a new ABN, and in some cases, you can’t easily transfer from one structure to another but instead will have to dissolve the current business before starting a new one.
  2. You can end up paying more tax than you need to
    When you’re set up in the wrong structure, you’re limited in your ability to make tax-efficient choices that save you money.
  3. It can negatively affect the maturity of the business:
    If you’re hoping for outside investment (and even if you aren’t), launching to market without the correct structure can have several negative effects. You may be open to greater legal risk, and investors may see you as financially immature without a clear understanding of business governance.

The bottom line: 

You will benefit from guidance or a sense-check you’ve made the right decision from a professional before registering your business.  Setting your own business up right from the beginning puts you in a more robust position. Your governance and decision-making processes will be fair and legal, and it sends a stronger message to the market, which is more favourable to potential investors.

“The structure that’s right for you depends on the nature of the business and tax benefits. There are several things to consider. For example, if you’ll be considered an employee, your stake in the business, how much involvement you’ll have, personal liability and other sources of taxable income are just some areas you should discuss with a professional before committing to a business structure.”

2. It’s quicker than doing it yourself 

Time is arguably a business owner’s most valuable resource—as the saying goes, “time is money.” According to a report by Starling Bank, 25% of small business owners’ time is spent on financial administration tasks. Even if it seems relatively simple, registering your business can be time-consuming, especially if you are unfamiliar with the intricacies of ASIC.

By engaging the services of a professional, you can save precious time. Because they register businesses daily, they can expedite the process and get everything done faster than doing it yourself. They’ll also provide you with all the information you’ll need along the way, and you can benefit from asking questions at any time—not something you can do if you’re managing the process on your own.

With more time, you can focus on growing your business, whether engaging with potential customers, creating and implementing marketing strategies, or developing your products.

With professionals handling your registration, e-commerce founders can concentrate on creating a user-friendly website and developing effective digital marketing campaigns.

The bottom line:

You may benefit from having an experienced expert register your business to improve the speed and efficacy of the process! A professional can ensure you get it right from the start.

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3. Gives you peace of mind you’re compliant from day one 

Compliance with legal regulations is the most important thing to consider when starting a business in Australia. Failing to meet the requirements can lead to severe consequences, including financial penalties, fees and legal issues.

Professionals deeply understand the legal obligations and compliance regulations, which means they’ll ensure your business adheres to them from day one. Getting peace of mind and confidence that you are starting your entrepreneurial journey right is invaluable and leaves you free to focus on getting your business off the ground.

When you meet all your compliance obligations properly and on time, you’re avoiding late fees, back taxes and only paying what’s required. You get peace of mind knowing you’re operating compliantly and legally, and your business will be looked at favourably by any potential investors, making it easier to attract funding.

 

E-commerce businesses face unique compliance challenges, especially in managing online transactions from overseas buyers, data security and tax compliance. Non-compliance can lead to hefty fines and damage customer trust. From PCI DSS (Payment Card Industry Data Security Standard) compliance for secure payments to GDPR for customer data protection, e-commerce businesses must adhere to a variety of regulations.

The bottom line:

For e-commerce entrepreneurs, registering a business is more than a legal formality. It’s about laying a robust foundation for a digital enterprise. Professional services offer the expertise, speed, and compliance assurance crucial for success in the online marketplace.

Steps to get your ecommerce business on track from day one

  1. Choose the right business structure and get help setting it up correctly. 

  2. Understand your legal and compliance requirements. Sleek can help you set up your business accounting to be compliant from the beginning. 

  3. Choose an accounting service that meets your needs and offers flexibility to scale with you as you grow. 

  4. Prioritise outsourcing services that deliver complex or key skills you lack and reduce financial risk for your business. 

The e-commerce landscape demands a nuanced approach to company and financial management. By choosing the right business structure, staying compliant with digital regulations, seeking expert accounting assistance, and embracing strategic outsourcing, you can place your e-commerce business on a path to financial health and growth.

Join the thousands of owners who’ve used Sleek to register their business

Enlisting the services of professionals to register your business means you can benefit from their knowledge, skills and experience. You’ll save time and gain confidence you’re starting on the right foot.

Sleek works with thousands of business owners helping them with their registration, business accounting and compliance needs.

Sleek specialises in supporting e-commerce businesses, understanding the intricacies of business registration and bookkeeping. Our team is equipped to guide you through every step, ensuring that your e-commerce business is set up for success from day one.

If you’re ready, use the contact form below and let us help get your business on the road to success!

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Disclaimer: The information on this website is intended for general informational purposes only and may not be specifically relevant to everyone’s personal situation. It should not be considered financial advice or a substitute for professional tax or accounting advice. Each individual’s circumstances are unique, and laws can vary. For tailored advice, please consult a qualified professional. Contact Sleek for further information on how we can help you.

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Our refund policy:

We care about you – within 30 days from your purchase, if you’re unhappy with our services, we’ll refund our fee. Email or call us, and we’ll process the refund within five working days.

What it doesn’t cover:

We will not be able to refund Government fees once the application has been submitted, nor any third-party processing fees.

When it applies:

We cannot guarantee any specific legal outcomes when you use our services. For instance, a company registration might be filed correctly but still get rejected by the Company Registry for reasons beyond our control. We can only refund our fees for issues we are directly responsible for. In the case that you purchase a service and later change your mind, we can’t issue a refund.

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