Starting a Business

Problem 1: A Worthwhile Venture

Before starting a business, you absolutely must go hard at asking yourself: Is this going to be a worthwhile venture?

Thoroughly critique the idea/plan.

Mitigate the chance of painful failure.

Problem 2: Raising Capital

How are you going to fund the business? What, if any, equity are you going to give away? What additional liabilities and risks are you going to take on? Will you have sufficient cash to survive and thrive?

Bootstrap, Government grant, Bank loan and/or Angel investment.

The dollars you need to get started, survive and then thrive.

Problem 3: Accessing Grants & Special Tax Concessions

Valuable grants and special tax concessions are usually limited based on specific criteria, including the structure of the business.

Awareness, self-assessment and professional help.

Flawless access to R&D Tax Offset, ESIC status, Government grant, etc.

Problem 4: Setup for Future Tax Success

Tax is generally unavoidable, but the amount of tax you pay in the future will be heavily influenced by decisions made now.

Setup tax planning.

Bare minimum tax.

Problem 5: Assets & Liability Protection

Operating a business increases exposures to extra liabilities and requires safeguarding of existing and new wealth as best as possible.

Basic asset protection + optionally advanced protection.

At least the bare minimum wealth protection you should have.

Problem 6: Going into Business with Others

Whether you’re going into business with family or friends, it’s important to recognise that business life and the stresses it brings will give rise to new and sometimes challenging issues.

Clearly defined and understood intent with proactive dispute resolution agreement.

Mitigate the potential of messy and costly future disputes.

Problem 7: Setup Accurate Accounting from the Beginning

We cannot stress enough how vital it is to setup an accurate accounting system from the beginning.

Startup bookkeeping.

Clean financial information from the beginning as opposed to a costly, uninformative mess.

Problem 8: Employing People

Employment, tax and superannuation laws impose a heavy burden on employers and you must give this responsibility the attention and care it requires.

Skillful and pragmatic support with implementing employment basics.

Legally compliant employment arrangements.

Problem 9: Business Ownership Education

There is no one who knows everything about business. From the moment you start your business, you’ll need to continually upskill to meet the challenges. Don’t start from scratch; tap into the knowledge and learnings of others.

Sprints, blended learning, community insights and coaching.

The best leader you can become, as quickly as you can get there.

Are you ready to start your business?

Take the spam-free* Starting a Business Diagnostic.

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