Scared of taking that step towards starting your own business and have no idea if you can do it, or where to go? Why not take that leap of faith and launch into business ownership? In this article, Carbon’s Bookkeeping & CFO Services Partner Gail Rogerson shares business advice that will help you work smarter and prepare you for success when starting your business.
These tips will help you consider how to work smarter, not harder. In your own business, this is absolutely essential when your time equals money.
The mindset of the business owner: coaching and lifestyle
Get a coach! Find someone you trust who has been where you want to go and ask them to mentor you.
Whether you get a coach, consultant or mentor, they will give you a different perspective on your business. An accountant can also provide invaluable advice which goes beyond the numbers. An accountant may also be running their own firm, so will be able to share their experience not only from a financial perspective but from that of a business owner. Choose your accountant wisely.
The attitude of employees vs. skillsets
When your business is experiencing growth and it becomes time to employ team members, consider the importance of both skillset and attitude. Remember that we can teach skills, however, attitude is something that is inherent in the personality and having someone who has the right “culture fit” for your business is essential.
You heard it before – fail to plan and plan to fail! There are many business plan templates on the internet, find them and use them as they help to create a structured thought process. It’s also crucial to engage with an accountant in the early stages. An accountant will give you a heap of advice from business structure to tax planning. An accountant who can share their experience beyond the numbers with you will be invaluable for your own business journey.
Call in the experts
What is your speciality and what is your business focus? Do you have the knowledge, expertise and time to do things like bookkeeping, marketing, and business administration, and more importantly, can you do these accurately? The answer is most likely to be no, so reach out to the experts so you can spend your time and energy on what you went into business to do.
Cash flow and financial woes
Make sure you have plans in place to manage compliance with the taxation authorities and to meet all your obligations. If you do this upfront, it will take away all the stress in the end. Every business will experience quieter times throughout the year, so consider a short-term business loan to keep you in the green during those times.
Business is fun and exciting. It allows us to explore our creative spirit and leave a legacy. Don’t be scared to ask a question, find a coach, or register for more help. You do not have to be alone in your business quest. There are plenty of people around you who can support you throughout your business journey. Reach out if you’d like to chat further – we’ve got a team of experts on hand, from accountants and bookkeepers to finance brokers, insurance brokers, and financial planners.