Starting A Small Business
Starting or buying abusiness necessitates risk, research, passion and planning. Just like a game of chess, to succeedyou need to make the right opening moves.
The harsh reality is thatenthusiasm, money, talent or a great idea is not enough to guarantee success inbusiness.
The business evaluation andestablishment phases can be periods of great anxiety due to a combination ofexcitement, uncertainty and financial risk. Make no mistake, the risks are real as the latest figures fromthe Australian Bureau of Statistics suggest that 42% of new businesses won't bearound in 3 years time. Even though franchising is considered to be the mostsuccessful form of small business, a 2008 study indicates:
- Only 81% of franchisees are profitable
- 58% of franchisees generate a profit of less than $50,000 per annum
- 3% of franchisees generate a loss of more than $50,000
The small business journeycan be both challenging and rewarding and we are here to guide and support you. Having previously assisted so many clients in your situation we would like youto benefit from our experience and help you make the right opening moves. Toooften people starting a business simply end up creating a ‘job' that deniesthem the freedom and flexibility they set out to achieve.
Successful businesses haveclear objectives, produce quality products or services, understand theirmarket, manage their money properly and are good employers. They also keepquality records and have a close relationship with their accountant. Whenestablishing your business it's important to seek sound professional advicefrom qualified accounting and legal sources. Our clients enjoy a ‘business coach' relationship and wework on your business to develop strategies, systems and processes to ensureyour marketing generates a better return and repeat business. We use tools andtechniques to monitor sales, productivity and make your financials moremeaningful.
Your business success isimportant to us because Small Business is Our Passion.
To help our clients we haveproduced a booklet that contains valuable information about starting abusiness. It covers a number of topics including
- Choice of Business Structure
- Tax and Business Registrations
- Buying a Business or Franchise
- Record Keeping Requirements
- Accounting Software Options
- Business Insurances
- Employer Obligations
- Legal Issues
- Permits & Registrations
- Claiming Motor Vehicle Expenses
- Preparing a Business Plan
- Preparing a Cash Flow Budget
- Vehicle & Equipment Finance Options
Full copies of thebooklet are available from our office.
|IMPORTANT DISCLAIMER: This article is published as a guide to clients and for their private information. This article does not constitute advice. Clients should not act solely on the basis of the material contained in this article. Items herein are general comments only and do not convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of these areas.|