So you have started a business - now what ?

Perhaps you have been an employee - since forever - and you have decided to move to the 'dark side'?

Buckle up - get ready - we might experience some turbulence !

Ideally starting a small business should be easy - right ? You have a brilliant idea, you see a gap in the marketplace and you GO for it!

Well good on you .....I don't want to dampen your enthusiasm but there are a couple of things you should consider...

1. Entity, structure, legalities - choose the correct base model then add the accessories.

Do you have an ABN ?
Will you need to be GST registered?
What permits or laws will you need to comply to ?

It's no secret that bookkeepers and accountants deal with a multitude of these laws and implement structure and planning around this area of business. Compliance is a large part of their work.

There may also be some specific industry guidelines - seek advice and be clear on what is required.

2. Software, back of house, admin - fill up the car with premium fuel

Gone are the days when you signed a lease - opened a shop front and employed someone to 'be' in the shop. This of course is still a valid business model but times have changed. Businesses can exist solely online - no premises required!

Bookkeepers and accountants know software and systems like the back of their hand. They navigate it daily.
If you need point of sale software - you are no longer restricted to an eftpos machine - there are many other options out there.

The Accounting software you choose is the Engine room of your business yet it drives so much more. If you choose it well, it will open doors, grow with you and allow expansion to help your business thrive.

3. Do what you do best - sometimes you need to hire a driver

A successful business owner knows when to jump in and take control and when to call in the experts.
Delegate and automate.
Choose smart software and tools that take the heavy lifting out of compliance.
Consult industry experts when needed.
Let them quote you fixed fee services to do what they are good at while you get on with what you are good at.

Most of all take time to breathe - both in and out.

Establish a balance between your work, your passion and yourself.
Learn to say 'no' when it is not the right fit for you but most of all congratulate yourself on have the sheer guts to take the leap into self employment.

Well done you !!