Are you ready to take your business to the next level?
You need to learn the strategic fundamentals to develop a successful and sustainable business. By laying solid foundations from the beginning, you will ensure that your business can grow and give you and your family the financial future you deserve.
You've probably heard the expression, ‘You should work on your business and not in your business’ or ‘If you are a slave to your business, you have a glorified job’. While some of these phrases have some truth to them in certain contexts, the fact is, most of us love the work we do or at least certain parts of it. Also, if we did not work, what would we do after 18 months of lounging about and doing all the fun things. The fact is, work gives us interaction with others, it allows us to learn and keeps us on the ball most of the time. In order for a business to provide you with all the things you want, you need to set it up and nurture it like you would a garden.
Based on our experience of personally working with small business for over 30 years, it is critical that you have a solid foundation for your business. Now if you were going to add another level to your home, you would make damn sure that your foundations were solid- right? The same applies when you are wanting to grow your business or take it to another level. If you add another level on weak foundations, it will crumble.
The foundations of your business is your ‘business spine’ and that consists of;
10 Hats Structure
Cash Flow budget
We offer FREE small business workshops focusing on growing your business. If you would like to find out more information, simply click on the link below.
Business setups and structures have an impact on who can make important decisions, tax advantages and disadvantages, how profits and losses are shared, legal obligations and costs. For every business the three most important business structures are sole trader, partnership and company. The structure identifies your operation as a trading business.
Knowing the difference between these structures and choosing what's best for your business can put you in the most favorable tax and legal position.
Three most popular business structures
Sole Trader - A sole trader is a simple business structure that give you, the owner, all the decision making power. You can also hire staff if you want to. Business losses can be written off your PAYG tax from another job.
Partnership - A partnership is formed when two or more people (up to 20) go into business together. Partnerships can either be general or limited.
Company - A company has members (shareholders) who own the company, and directors who run it. However, if you're an independent contractor you can set up a 'one person company' with a sole director and member. Companies can also be listed as public companies, meaning the public can buy shares to invest in the company.