Yes. Especially if you don’t win. Entering an award is great, the work and self reflection alone not counting benchmarking yourself against others will really inspire you to improve.
I am a woman who wants to operate from my own home or in an isolated commercial premises…Are there any special steps I should take, like security, if I'm operating alone? We have a simple checklist of steps you can take to simplify operating from home.
Bring it in to us - we'll give you a free second opinion. The first opinion is obviously yours.
See us first then we'll head you to Customs and the Importing sector with some background info. We can also recommend some freight forwarders and agents. Ali Baba is a good website to source willing exporters overseas.
I'm looking at a business idea. What do I have to do to start?
Attend a Tax Basics seminar immediately. Speak to the Australian Tax Office (ATO). I don't understand what my tax position is now I'm in business for myself? Contact us and talk to your accountant. There is some good basic tax information on the Small Business Website www.business.gov.au.
Are you in a declining market? Are your margins too slim? What is your forecast net profit? Perhaps you need to look closely at your overheads.
My business is just marking time, I seem to be getting nowhere despite long hours of hard work. What can I do? Take a break. Stop, think about why you started in the first place. Dust off your Business Plan, or if you don't have one, come in and we'll show you how to build one. The market has probably changed and you need to build a new Marketing Plan.
What is the best business to get into? Easy, the one that gives you the most reward in whatever form you want. If you are unsure but know that you do want to start or buy a business…hasten slowly. Seek help in selecting a suitable enterprise. Basing your selection on proposed profits is risky. Picking winners is impossible when so much depends on you.
Setting up the right structure This depends on the type of business, its market and likely liabilities. The options are:
Each has distinct benefits so it is best to consult your Solicitor and Accountant first. If you don't have one now or need a new one, we can provide you with some local contacts.
Yes ! We have a sample partnership agreement that you can use to draft your own. The consequences of not having a formal partnership agreement when you enter into a business can be catastrophic for both you and your partner.
Do I need a different Partnership Agreement... if my business partner is no relation to me? Yes. We have a sample partnership agreement that you can use to draft your own.
Flying solo is a great website for all your HBB needs. Running a business from or at home can be great or it can be a chore.
No. About 35% of our clients are starting up, we do more work with businesses that are expanding, putting on staff or diversifying. Some BECs were originally designed to help create new enterprises (hence the name) and many used to deliver the New Enterprise Incentive scheme (NEIS). We now offer a huge array of programs and products to businesses at every stage in the Business Cycle, not just start ups.
Make an appointment to see us, so that we can help you get a good price for it.
If you haven't already done so read 'A Guide to Buying a Business' available from us, and SBDC in the city. Obtain all the records available and make an appointment. If you haven't made an offer on the business and the seller is not using an agent, you can use our Agreement to Purchase a Business (as a going concern).
In the first case there are literally hundreds of thousands of great business books that you can read,. The internet search is a good start. Google or Yahoo or whatever your topic and look for the treasures. Most will be past the first few pages so don’t quit too soon. My rule is generally only read books recommended by a trusted advisor because there is some expensive rubbish out there. We have a recommended reading list on our website.
My rule is generally go for a recent edition. Australian if possible, unless it is a timeless classic.
Sometimes your really important records don't seem to make sense. This is because the system of record keeping is structured to assist you to calculate Tax. Look at your records again. Ask yourself what you really need to know about the business and if the compliance records don't show you, then establish a system that does. Things like an operational log of significant events can be really useful when you wonder why the trading dropped off. A useful database of clients is essential. A running breakeven point is critical. How much does it cost to 'open the doors'?
I know nothing about bookkeeping, but I do know that I have to keep books. What should I do? You can see us for cashflow managers, call the Australian Taxation Office (they are actually quite helpful…now) or you can do a course on bookkeeping. We can provide a $200 voucher and a list of bookkeeping trainers, who either run classes or come to you. The Australian Taxation Office also runs training sessions for new businesses.
I could give you an answer, but if attrition really was as horrendous as some would have you believe, then no one would start or maybe only the gamblers would risk it. There is risk in every facet of life, business is no different to these other facets. There is no risk-free business. Statistics can be manipulated to make any case. Sometimes people quote the failure rates to stop people undertaking businesses that they really shouldn't start. Good idea, but it can scare the wits out of others who take this to mean that they will fail.
Probably more than you think. There are always unforeseen expense overruns. Make allowance for growth. There will be more money 'floating' in the business. This means working capital will need to increase. Under-borrowing is not cool. Banks take a very dim view of people asking for more. It spooks them. They think that perhaps you have under estimated costs and over estimated income.
Four Cs Cashflow in the business - you'll need to prove your figures. Capacity to repay the loan. Character of the owner/s, do you pay your debts off pronto? Collateral or security on the loan. Cash is the best security followed by Real Property in most bank's view. Remember your value of your asset and the banks may be different. Banks are not valuing your property at the "what you can get for it" price, they value it at the "what can we get for it if we sell it now (Fire sale) price". Banks are not really in the business of risk. They want a sound return on their money and a return to their shareholders.
Good question. Taxpayers generally like to fund services, not companies and businesses that are profit based. Government is also not particularly good at picking winners in business (who is?) so instead of direct cash grants and capital injections, governments support business with services and some support (dollar for dollar funding).
Are there any grants to help me start up my business?Not in WA. If you are unemployed then you may be eligible for the New Enterprise Incentive Scheme. Did you know that most Australian businesses start with less than $5,000 capital? The critical resource for most new business is information, not money! That's where we work. Contact us now for an appointment and we'll guide you on the right path to business success.
The same way you pick a partner, carefully. Use other trusted colleague's advice. Try them first before you commit to anything. Don't be afraid to get several practitioners to answer your questions about just what service they are able to offer you and at what price. Don't rely solely on Institutes and Societies and Associations to make the recommendations for you, remember that ultimately these bodies are working for their members, not you. Get a list from them by all means but remember not all practitioners will necessarily belong to their industry group.
My family keep making suggestions but I want to do it my way?Families are fraught with danger. If the family member or friend is qualified to give advice then you’d be silly to ignore it. Listening to their advice, thanking them for it then proceeding on your own path is a good alternative.
Assuming that your market still exists, you need to reassess your margins. You may be undercharging or be offering the wrong product or service.
Some ideas are: Ask them to use your services in quieter periods. Give them a benefit to either delaying their use of your service or ask them if they really need your service today or 'Would Thursday be more convenient?'.
Many Tradesmen work hard then look for clients, then work in a constant cycle of work/look for work/work. When was the last time you looked through your invoice records and gave your old clients a ring? They may either need more work done or know someone who does.
Lawn mowing? No. Home maintenance and time saving for the customer. Hairdressing? No. Making customers look and feel good. Clothing retail? No. Making customers look and feel good.
We are told what certain businesses are called, but the generic name is not necessarily what that business does. My accountant probably calls himself an accountant, but to me he is in the business of keeping me out of gaol and saving me the hassles of learning the Tax Act and Accounting theory and practice. Good hairdressers are also practising therapists. Just ask them what they talk to customers.
Wrong. A business name registration really only locates that business' office for the State/Federal Government. To prevent anyone using your name you need Intellectual Property (IP) protection in the form of a Trademark. This will protect it nationally and internationally if you wish.
