Their is something great about owning your own business and being your own boss, but before getting into business its important that you know what your getting into. Some business have high labour content, some have high turnover low margins, are you reselling product or providing a service, using your capital assets to produce income or delivering electronic services?. Each of these types of business offer differing levels of growth and differing levels of administration and overhead. The big questions is are they profitable and do the numbers look reasonable - do the figures stack up?
Transitioning from employee to business owner has a steep learning curve. Safeguarding your personal assets should be paramount (don't put your house on the line). So how should you structure your purchase or start trading? setup a company, use a trust, setup a partnership or a sole trader?
At Evolution Accountants we aim to expose you to your options, structure your business, review the numbers and provide you with a strategy and ongoing support so your not going it alone in your business adventure. The first step is to organise a structured business meeting, we provide these in our Brisbane offices and via phone/skype for interstate clients. We even offer after hours appointments.
if you are preparing to buy a business or ready to start from ground zero either way this will requires some planning, lots of patience and doing your research. Buying the wrong business can cost you more than time and money it can also effect your personal relationships, future wealth potential, health and lifestyle. Get a trained eye to give you some advice. We can help you spot the lemon.
We encourage business owners to look longer term and build a business asset that one day will be sellable.... the most important and most overlooked item of business is the quality of your book work and having a tax strategy. We can assist to monitor your key performance indicators, profit, historical trends, systems/procedures, longevity of staff, suppliers, customers, branding & lots more.
Contact us today... Evolution Accountants "We know business!"
- part of the Astro accounting group - Solar powered, paperless & plastic free
