With so many decisions to make from moment to moment it’s a bit like being at Grand Central Station and looking for the right train to hop aboard. How do you make sure you hop onto the right one from the start? Before your business has its first growth spurt, make sure you’ve got the right structures in place.
Looking for a lawyer? This directory might help: https://lawpath.com.au/lawyer-directory
This firm has put together some pros and cons for each business structure to get you thinking: http://www.distinctbusinesssolutions.com.au/business-plan/pros-cons-different-business-structures-australia/
The Business dot Gov website has got some great articles on different options for funding your business and how to go about them: https://business.gov.au/finance/seeking-finance
TRANSCRIPT
Louise: There are so many decisions to make from moment to moment when you’re running your own business. It’s a bit like being a Grand Central Station and looking for the right train to hop aboard, but how do you make sure you hop onto the right one? … I’m Louise Poole
Andy: And I’m Andy Le Roy, and we’re giving you the insights that elevate you as the expert in your field
Elevating Experts!
Louise: In the beginning, there was the spark of an idea
Andy: And before too long, that idea took form
Louise: It grew legs and started to walk
Andy: Then it seemed to develop a mind of its own
Louise: So before this glorious new beast runs off into the sunset with stars in its eyes, we need to think about what it’s going to need.
Andy: I thought we were using the train analogy
Louise: (sigh) OK, driver, choose a platform
Andy: Not a bad start. We all want to get somewhere with what we’re doing, so it’s important to think about our destination and the stops along the way.
Louise: It’s really handy to think about what experienced you’re looking for, and how much time you’re prepared to stay there.
Andy: Ordinarily we’d start out with plan, Plan, PLAN!
Louise: But this time we’re going to look through the tour guide and see what excites us the most.
Andy: Structure is vital. Without the right foundations, your business might outgrow it’s structure really quickly, or take what feels like an eternity to get there.
Louise: Before you jump right on in and register your business, have a think about the different structures available and the implications of each type.
Andy: Operating as a sole trader or partnership are completely legitimate ways to operate your business, but how will this impact on your growth plans?
Louise: If you’re signing contracts with customers and decide to change to a company structure instead, what will be the impact, aside from immediate costs, of novating those contracts?
Andy: That sounds like a fancy term, Louise
Louise: It does, I’ve been chatting to lawyers, and one of them told me about the risks involved with novating contracts, which is just a legal term for updating a contract between your client and your business in its new form
Andy: The things to think about here are not only the cost of drawing up new contracts, but whether the suggestion of new contract will prompt your client to negotiate different terms to what was in place
Louise: Another thing to think about is how you’re going to fund your business
Andy: Cash flow is really important for obvious reasons, so how will you get the money flowing in the first twelve months of trade? Will you boot-strap the fun...
Looking for a lawyer? This directory might help: https://lawpath.com.au/lawyer-directory
This firm has put together some pros and cons for each business structure to get you thinking: http://www.distinctbusinesssolutions.com.au/business-plan/pros-cons-different-business-structures-australia/
The Business dot Gov website has got some great articles on different options for funding your business and how to go about them: https://business.gov.au/finance/seeking-finance
TRANSCRIPT
Louise: There are so many decisions to make from moment to moment when you’re running your own business. It’s a bit like being a Grand Central Station and looking for the right train to hop aboard, but how do you make sure you hop onto the right one? … I’m Louise Poole
Andy: And I’m Andy Le Roy, and we’re giving you the insights that elevate you as the expert in your field
Elevating Experts!
Louise: In the beginning, there was the spark of an idea
Andy: And before too long, that idea took form
Louise: It grew legs and started to walk
Andy: Then it seemed to develop a mind of its own
Louise: So before this glorious new beast runs off into the sunset with stars in its eyes, we need to think about what it’s going to need.
Andy: I thought we were using the train analogy
Louise: (sigh) OK, driver, choose a platform
Andy: Not a bad start. We all want to get somewhere with what we’re doing, so it’s important to think about our destination and the stops along the way.
Louise: It’s really handy to think about what experienced you’re looking for, and how much time you’re prepared to stay there.
Andy: Ordinarily we’d start out with plan, Plan, PLAN!
Louise: But this time we’re going to look through the tour guide and see what excites us the most.
Andy: Structure is vital. Without the right foundations, your business might outgrow it’s structure really quickly, or take what feels like an eternity to get there.
Louise: Before you jump right on in and register your business, have a think about the different structures available and the implications of each type.
Andy: Operating as a sole trader or partnership are completely legitimate ways to operate your business, but how will this impact on your growth plans?
Louise: If you’re signing contracts with customers and decide to change to a company structure instead, what will be the impact, aside from immediate costs, of novating those contracts?
Andy: That sounds like a fancy term, Louise
Louise: It does, I’ve been chatting to lawyers, and one of them told me about the risks involved with novating contracts, which is just a legal term for updating a contract between your client and your business in its new form
Andy: The things to think about here are not only the cost of drawing up new contracts, but whether the suggestion of new contract will prompt your client to negotiate different terms to what was in place
Louise: Another thing to think about is how you’re going to fund your business
Andy: Cash flow is really important for obvious reasons, so how will you get the money flowing in the first twelve months of trade? Will you boot-strap the fun...
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