Starting a Business in the New Financial Year?
Are you looking to start a business in the new Financial Year?
If you are, then that’s great, however there many things to consider before going into business.
I am sure it is great walking in to tell the boss “That’s it, I am done! I am starting my own business!” but before you go and give that letter to the boss to tell you are off, make sure you consider whether going into business is right for you. Being in business isn’t for everyone. In fact, it doesn’t just need to be right for you, it needs to be the right decision for your family as well.
Before going into business it is certainly worthwhile having these conversations with your family and getting them on board before taking that leap of faith and a good way to start is by putting together a business plan.
As the old saying goes, if you fail to plan, you plan to fail! By doing a business plan, you can then work through:
Now: What is your current situation, personally and financially.
Where: What is your vision for your business? Do you have a competitive edge? What do you hope to achieve by going out into business?
Why: What is your Why? Whether that is to build and grow a successful business to sell or pass on to the family, or whether you are simply looking at a business that is in an industry that you love! No matter what it is, we all have our WHY!
Action: What do you hope to achieve in your business? What is the one year, three year or five year plan? Does it fit or is it in line with your personal goals?
Timing: Have you put time frames on when you would like to achieve particular goals? Can you hold yourself accountable for these goals?
If you are looking to start a business and you have a plan in mind, feel free to contact Andrew Harper, Director and Founder of HBT Advisory Pty Ltd to discuss your business and work through preparing a business plan.
Most people starting their own business will start with a cheap, no fuss business structure to ‘dip their toe in the water’ to start their business.
24 July 2018