Starting up a business is risky. The crucial gap most people miss is getting UNDERSTANDABLE INFORMATION that can help you make the right choices for you when you start your business; and the information that can help you to UNDERSTAND THE ADVICE that you receive when setting up.
“Professionals” often skim over what is really important information for you to understand. I was once guilty of doing this in an effort to save my clients money. These days I am conscious of how much ‘not understanding’ could cost you. It could cost you your home, your assets, your family.
This part of our site will:
- Give you some basic grounding
- Help you make active informed choices
- Encourage you to question
- Help you understand the advice you get so that you can make the right decisions for you and your circumstances.
When starting up a business you have to deal with everything that your business does and you also have to deal with all the legal and regulatory requirements around it.
Some of the decisions might be:
- What structure am I going to use – sole trader, partnership, company, trust or what?
- What are the benefits of the different structures? Which one is best going to protect everything else I own – my family, my home?
- How much is it going to cost me to run the business, the structure. Is it going to save me tax or cost me lots more to maintain?
- How am I going to track and record everything, like my bookkeeping records?
- If I sign any documents (e.g. a lease or supplier arrangement) that include a guarantee, what does that really mean?
- I need finance for my business? How do I get it, how do I increase my chances of success – of getting it over the line?
- What is my market – who am I selling to? How do I need to position and present myself and my product or service? Who are my competitors and are they really?
- What is the key to my business success?
- What do I really want to achieve? My goals, specifically for the business and personal?
- What’s my timeline to achieve my goals?
- Do I have a plan / do I need a plan?
Understand the basics. Don’t risk your livelihood or your home on advice from professionals or friends without understanding it clearly yourself.
Did you know…
That if you have a trust it doesn’t go through your will? The assets of the trust are not owned by you; they may be controlled by you, but you do not own them. This means that you can’t leave them to anyone. A trust is one of the best structures, but if you don’t get everything in place you (or your family) could be heading for a disaster.
Did you know…
That you can make more money doing less? If you get your positioning right and focus on the things that matter in the business then you can achieve this outcome. Working ON your business is as important as working IN your business.