Why did you go into business?29.11.2021
So often, the answer is I had to, or I didn’t have a choice.
Typically, when asking a tradie why he started his own business, it was because when he finished his apprenticeship, he had to get an ABN to keep working. So many people have lost their job and had to go back as contractors.
A hobby can turn into a business, or a simple idea at a market just grew –and running a market stall (metaphorically or real) became the business.
So many people are accidental businesspeople, who are often happy to be doing what they love to do, and “fell into” being in business, but now are burdened with the compliance, the paperwork and endless regulations coming at them from state and Federal governments.
At Your Business Angels, we encourage people to get into business.
We see every day great successes, we see businesses struggling turnaround, and we see our clients achieve their business and personal goals because they run a great business. These days few jobs can pay a person enough money to take care of the needs of a family or give enough to achieve some of the goals we all have.
There is a lot to be considered.
What structure do you trade under? “My accountant said I should stay a sole trader” is just not good enough. You could be risking your family home with the business, so knowledge and structure choices are essential.
How do you record the business accounts? The online software is burdensome for many and doesn’t tell the business owner anything, significantly if they are not updated. The data and accounting are the evidence of the business, and there is so much to learn and gain if you are taught what it all means.
If you are in business, your relationship with professionals should not simply be “here is your BAS pay it, here is your tax returns, pay it – see you next time”.
The issues of accounting, structure, and management of the business are often overlooked because it looks too complicated, you instead get on with working for your clients, serving the next person in and staying with the core of what you do.
But that also brings problems, growing tax debt, finding it hard to meet those quarterly payments, constantly struggling with cash flow and not knowing why – while all the time you realise you have a great business, clients who love you and new opportunities coming along.
At Your Business Angels, we complete your accounts, BAS and tax returns for a fixed fee – so let’s get that out of the way.
We give you a compliance plan that makes payment easy and helps with the cash flow; we look at your structure and will do something about it if we can reduce your tax and help you put hard-earned money aside’s for the same fee.
For the same fee, we look at the accounts and see if we can increase the profit, even with the current work you have and advise on marketing and driving your business forward. We discuss growth, problems with employing people, and we will keep the taxman off your back.
While you may have started as an accidental business person, it doesn’t mean you should not be highly successful and create an excellent income for your efforts. You only must call Your Business Angels for a free consultation of your next step could be. Phone 1300 982559