If you are one of the many Australians who want to buy or start a business, congratulate yourself and wear the label “entrepreneur” with pride. Many have gone before you and succeeded brilliantly, some are comfortable, not wealthy, but not too shabby, and unfortunately, some just don’t make it. We are a nation of entrepreneurs, and in comparison to other Western countries, people here are much more likely to “have a go” at their own business.
A quick search through the internet unearths the travel agent who saw an opportunity to provide personalised service at corporate level and now runs her own multi-million dollar agency. Another find is the young entrepreneur who found a niche in the schoolies market and turns over millions hosting tropical island parties for schoolies week. But if all it takes is one good idea, why do so many people fail?
What do Successful People do That is Different?
When the first rush of excitement at a brilliant idea has subsided, successful people do things that, while not guaranteeing success, give them a much better chance at surviving those first years when new businesses are most vulnerable. None of these things are earth shattering; mostly they are just plain common sense and start with a visit to an experienced accountant.
The absolute best sunshine coast accountant to consult for business start-up advice is Charter Partners, an established accounting firm servicing Bundaberg, Gympie, the Sunshine Coast, Brisbane’s northern suburbs, the Mary Valley and the Fraser Coast. Their clients operate in a range of industries including farming and agriculture, manufacturing, services, the health industry and others. The firm is able to provide advice across a broad spectrum of business concerns and requirements and is always ready to assist a start-up business.
The Charter Partners’ philosophy is that “our clients require experience and expect results, and anything less is unacceptable to you and us”. They are able to put first-time business people on the right track from the beginning, making sure they have considered the essential issues that provide the foundation for a long-lasting business. One of their first questions would be about the business structure and how it will operate – as a sole trader, a partnership, a franchise or a company.
Start with the Right Business Structure
Getting the structure right at the outset saves thousands of dollars in legal fees further down the track. For example, as the business grows, it may be more beneficial to trade as a company. If it started as a partnership without a written partnership agreement, and there is a dispute, there will be legal and financial issues to resolve. By getting advice on this at the start, the owners can concentrate on running their business.
Charter Partners would ask their new client if they had conducted market research and established if their idea was feasible, if they had identified their target market, if there were direct competitors and where their start-up capital was coming from. They would look at the skills required to run the business to establish if these needs would be met by the owners or if they would be hiring specialist staff to assist them. The issue of intellectual property would be another topic, and how the business planned to protect that item.
If this all seems too exhausting, then perhaps starting up a business is not for you. It requires energy, enthusiasm, a willingness to seek and accept advice, money, some business acumen, hard work, a “never-say-die” attitude and, some say, a touch of insanity. Take a look at www.charterpartners.com.au for more information, check out the testimonials, look at the type of service and advice you will get, and if you are still keen, give them a call. You could be the next new millionaire on the BRW Rich 200 list.