Mentors
Latest
Federal budget 2013: Little to celebrate for start-ups in Swan’s farewell budget
Last night Labor handed down its latest (and quite possibly last) federal budget. Here’s a look at some of the highlights and lowlights it contains for start-ups.
Will I get in trouble for paying my taxes late?
The ATO are very strict towards collecting their debts and enforcing late payments and lodgements. In saying this, they are not monsters and deal with each situation case by case.
How do I work out what my best business concept is?
There is no substitute for doing your homework before you decide to pursue a business opportunity.
What happens if I lose my main client?
Because it's easier to lose a client than it is to lose a job, you should start looking for more customers.
How do I beat the post-Christmas cashflow crunch?
Unless you’re in the toy industry, you should prepare for the Christmas cashflow crunch by planning your expenses early.
How do I cut the overheads in my new office space?
Your fit-out, furniture, signage costs and rent are just the beginning of your office expenses. However, you can limit them by following one simple rule.
Can I claim business expenses for my fledgling start-up on my regular job tax form?
If you’re planning to offset your business losses against your regular income, the ATO have some very strict rules that you must follow.
How well should I know someone before going into business with them?
Would you marry someone, move in together and join bank accounts without really knowing them? If you wouldn’t do it with a life partner, why do it with a business partner?
How do you keep the taxman at bay if you run a cash business?
The ATO looks for businesses operating outside sector averages. If you order $100,000 worth of goods and only record $10,000 in sales, expect the taxman to ask questions.
Should I put together multiple versions of my business plan?
Writing one business plan is a big enough task within itself – there is no need for two.
Can I claim the GST back without registering for a BAS?
The threshold for GST registration is $75,000. If your business earns less than this threshold, there are some critical things you must be aware of.
Are there any ways to ensure that tax time isn’t a complete headache for me?
Tax time will be a lot easier if you follow this simple organisational trick.
How can I ensure my sales can support a large capital investment?
It is always vital to do your research, forecast your cashflow and test your assumptions before you invest.
How much time should I spend on tax and other regulations?
The set-up stage will require you to spend a lot of time to making sure you have everything in order. After that, get a good accountant.
Should I give my mentor a stake in my start-up?
If your mentor's advice has boosted your start-up, then you should definitely consider offering them an equity share.
I'm struggling to get money from the bank or an investor. Now what?
Unfortunately, the finance market is very tight. As one business banker recently told me, it is like they have turned the tap off.
How should I fund my start-up?
The real question here is how much will an investor give you towards your business?
How long should I leave it before chasing a new customer for late payment?
One thing you need to become a master at is debtor management. Here's how to chase tardy customers.
How should I go about hiring a part-time bookkeeper?
Finding someone you can trust and rely on to handle your books is not a decision you should make lightly.
How do you put together a growth forecast?
Estimating future growth is one of the hardest exercises for a new business owner to grasp.
