Starting a new business? Looking for new business advice in Raymond Terrace? When it comes to starting a new business, relax with the knowledge that you're in CL Financial's excellent hands. Our team of financial professionals will give you great new business advice and talk you through things to be considered. Visit CL Financial in Newcastle.
There’s a great deal to consider if you’re setting up a new business, so when it comes to getting your affairs in order, CL Financial is the ideal choice for professional financial services. Our expert team will talk you through all the key things you need to know, offering practical and impartial advice on every aspect of the process.
The first step is to create a business plan, which will present your business idea in full and give a realistic outline of your services, along with anticipated set-up costs and profit and loss projections. We can help you with this, and once completed, you’ll have a professional business document that can then be used, as necessary, to seek funding support for your company.
There are many other factors to consider when starting a new business. These include:
Most small business owners experience high levels of stress when setting up a new business, but with a trusted team on board to help you out, you can minimise this. At CL Financial, we’re here to help with tricky issues such as tax returns and more.
It’s important to choose the right location from the outset and not get tied down by a rental agreement. We can advise you in this area.
Any new business requires a personal investment of both time and money, so it’s important to be aware of this if you want to be a success.
Your home or security could be at risk should the business fail, or the business may have lost value if you decide to sell it on, so it pays to weigh up the risk at every stage. To safeguard against risk, business insurance is a sensible idea from the outset, and we can discuss this with you.
It’s important that you expect to earn a low income in the first five years of business and to prepare for this. Most of what you earn will go back into the business to help it grow, and we can give advice on how best to manage your finances during this time.
If you employ staff, you need to be aware of the need to invest in their training, as well as protecting your business with regards to Occupational Health and Safety (OHS) issues and Workers Compensation issues. You must also have resources in place to factor in annual leave, sick leave, staff misbehaviour and incompetence.
You are required to be at home in your business. Most businesses will not run without the owner so you need to be aware that you should be hands-on. Your business is your home.
You’ll need to evaluate your business regularly to calculate your return on investment – the sales or fees you have generated and the profit made represents the value of your business.
You need to be willing to change your lifestyle in a big way as now it is likely that you will be working 10 to 12 hours per day, 6 to 7 days a week.
If you sell your business or its assets in the future, you should be aware that it will take some time to liquidate (you may even have to reduce your selling price). Family life will change and so will your finances, as you can no longer rely on a regular pay cheque.
It’s important to consider all of these factors when setting up any new business, but if you come to CL Financial, we can help you navigate through it with ease.