The idea is there, you have the knowledge and supreme passion for wanting to take your idea to market. Infact, all your friends and trusted loved ones are telling you to “start your own business”. So you work up the courage and decide to take on the challenge knowing full well all the statistics are backed against you to succeed. Your passion overrides logic and you proclaim that you will be different, your business will be different, it will succeed. Fantastic. Allow us to assist you in making it succeed.
A recent post from Business Victoria had an interesting article called “Get the Business basics right”. Adam Ferrante started the Rose St Artist’s Market and discusses the challenges of starting a business along with some advice around things to be aware prior to opening.
Adam’s key piece of advice as a business owner: 'Make sure you set up systems, particularly financial systems, in the early stages of operating your business. It’s not worth getting caught out.' He goes on to say in the article when asked if he would have done anything differently, 'The only thing I would have done differently is that I would have had my systems set up better from the beginning and I would have got a lot more accounting help in the early stages. My dad used to say to me ‘everyone needs a good lawyer’, but I think these days everyone needs a good accountant.'
In the initial stages of starting your business, doing your research and setting your budget, you need to allow a portion of those start up costs to set up your business structure and systems correctly. From a tax and compliance perspective, yes it’s a must, but more importantly its about protection, the right structure (in the obviously unlikely event, because you will succeed!) set in place. Another interesting article may help you in finding the right business advisor for you.
Second to that, consider how you will actually run your business because if you are spending your entire time dealing with customers, marketing, filling orders etc, you want a system to manage it all that you don’t have to worry about, a system that will almost do the work for you because its all live (through the wonderful WWW!), is linked, integrated and talks with each other, minimising your administration time.
HTA Advisory will work closely with you to develop plans to meet your specific goals and objectives, creating outcomes by design to allow you to make informed decisions that help you grow your business from the start. Now with HTA Business Systems, we assist in allowing you to have control over your business by simplifying and tailoring your technology and processes.
If you’re considering starting your own business, take stock from the advice of other business owners and contact your trusted advisor, like us, today.