Financial planning is a broad term. If you’re not sure what you might research and plan in this ID, here’s some questions to get started:
- Is my business idea viable?
- What are my start-up and ongoing operating budgets?
- What taxes apply to me? (e.g. income, sales, fringe benefits, capital gains, payroll, land, stamp duty)
- What are my financial goals and some strategies to reach them?
- Will I use digital tools and accounting, time-tracking, or payroll software?
- Will I rely on a bookkeeper or accountant, or do as much as I can myself?
- What kind of bank account/s do I need?
- How will I deal with cash? (e.g. currency conversions, cash floats, petty cash, cash books)
- Do I need help protecting profits? (e.g. diversifying investments to reduce risk)