Talking Cents

The steps to discuss with your small business accountant when considering to buy a new business

If you've decided that being an employee is no longer for you and that you have your heart set on being your own boss there are many issues to consider before handing in your notice. Here's just a few to consider.

• Carefully consider your reasons and evaluate if they really stack up. Get a mentor who will give you an honest second opinion as well.

• Can you survive for one year with no income from the business, it may take even longer for cash flow to stabilise at sufficient levels.

• How will you finance the business? Cash flow will be tight so the less capital outlay you have at the beginning the better.

• Consider leasing/renting equipment as much as possible to ease cash flow considerations

• Do you have a staff management plan? Dealing its staff can be one of the more stressful aspects of running a business.

• Social media planning/marketing must be part of your overall business plan. If it isn't, you are just giving your competitors a head start.

Hopefully this list has prompted you to carefully consider the reasons and responsibilities to ensure your new venture is a success.

For more information contact us, your small business accounting specialists in Surry Hills. Also as xero accountants we can hlp make your accounting needs easier for you to deal with.