Get Up and Grow : 2012 old
Starting your own business? 8 Starting your own business is an exciting yet challenging time. And experience shows careful planning and ongoing management are essential for your business to succeed in the early years. Unfortunately many a worthwhile business has failed at this stage due to lack of direction or failure to keep appropriate records. Here are some tips to make sure your business isn’t one of them: Talk to a financial adviser to make sure your personal finances are in shape – A business can take several years until it starts earning you an income, and many businesses close down because their owners can no longer keep running it out of pocket. So before starting your business, consider seeing a financial adviser to review your personal finances. Keep accurate and precise records and seek professional help – Keep note of all incoming and outgoing expenses and be aware of all your tax obligations. Running the tax and legal affairs for your own business can be quite tricky so ask a financial adviser to put you in touch with a trusted alliance partner such as an accountant or lawyer to discuss your obligations. Protecting your business – Workers compensation is mandatory throughout Australia and it’s essential to cover your business assets against things like public liability, fire, burglary and professional indemnity. Talk to your adviser about the different options available such as business expense cover, key person insurance and income insurance. Click here to download a fact sheet about business expenses insurance.