Here are just some areas to get your started.Our website has many business resources and tools to help you; www.weareaccountable.com.au

ANALYSE YOUR BUSINESS IDEA

Ask yourself these questions:

• What product/service will you provide?

• Pricing strategy?

• Is your idea viable?

• How will you protect your ideas?

• Is there a market for your product/service?

• What skills do you need?

• Who are your competitors?

• What difference will you bring to the market?

• Is there growth potential?

• Do you have the financial capacity to start a business?

• Is there any government assistance/grants to help run your business?

ANALYSE YOURSELF

• Why are you starting a business?

• What are your business and personal goals?

• What are your skills?

• What income do you need to generate?

• How many hours do you think you will work?

• How much would your wages be ifyou worked for somebody instead and how many hours would this be?

• What are the advantages and disadvantages of starting your own business?

BUSINESS PLAN

You will need to have a business plan. There is a lot involved in these from, structure to staffing, products/services, future goals, marketing & finance just to name a few. Our website has many resources to help you with this. As well as a great tool called “How to develop an operational business plan”. It talks you through it step by step and once finished you will be able to print it off. www.weareaccountable.com.au

CASH FLOW

Prepare a two year cash flow analysis, to capture start-up costs, direct business costs, plus owners’ wages and finance repayments, that is regularly reviewed. This will help with analysing gross profit margins & break even targets.

MANAGEMENT & REVIEW

• How will you manage the business?

• What information will be recorded?

• How will you review financial results?

• How often will this occur?

• How will you split your time to working ‘in’ the business and working ‘on’ the business?

• How often will owners have business review meetings?

GOING INTO BUSINESS WITH FAMILY OR FRIENDS

You need to consider financially who is going to contribute how much into the business?

• Is this to be repaid?

• What is the ownership split?

• When making decisions, who has a vote?

• What are each person’s roles and responsibilities?

• How many hours is each person expected to do?

• What pay rate is each person going to receive?

• How much annual leave is expected from each other?

• How long do you want to stay in business together?

• What happens if someone wants to get out?

• Is there adequate insurance cover if a tragic circumstance occurs to someone?

Make sure you write up an initial agreement and sign off on it, and any further agreements or changes that you agree on, should also be noted and signed off.

NEW BUSINESS QUESTIONNAIREAre you thinking about going into business? Here are a few things you need to consider

Disclaimer: This information has been prepared as information for clients of Account(able) Accountants only. While every effort has been made to ensure that the information contained in this information is free from error and/or omissions, no responsibility can be accepted by Account(able) Accountants. Clients should not act solely on the basis of the material contained in this Information Sheet, due to changes that can occur in legislation and their personal circumstances. Items herein are general comments only and do not constitute or convey advice per se. We recommend that you seek our formal advice before acting in any of the areas.This information sheet is issued as a helpful guide to Account(able) Accountants’ clients for their private information, and not be made available to any person without our prior approval.

Call 5366 1000 to make an appointment today E: mail@weareaccountable.com.au www.weareaccountable.com.au

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