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What Do I Need To Learn Before Starting A Small Business?
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You may be great at what you do, but do you know how to successfully run a small business? This is where many business owners struggle. They have the knowledge or expertise to deliver an excellent product or service, but they fall short on the business side of things.
As a result, success rates for new small businesses are daunting, making it important to understand the basics including how to choose a business entity, who your customer base is, what insurance you need, and suggested bookkeeping procedures.
A Few Things You Need To Learn Before Starting A Business
How To Choose A Business Entity
There are four main business types in Australia: a company, sole trader, partnership, and trust. Each of these structures comes with different advantages and disadvantages for financial and tax reporting purposes. A sole trader setup is often what many small business owners lean towards because of the simplicity and low costs. The income or loss will be reported on the individual return.
On the other hand, a company, partnership, and trust are more complex business structures that file a separate business return. If you have more than one member or are looking for added liability protection, you may want to consider another entity type.
Who Your Customer Base Is
Another important aspect to learn as a business owner is your customer base. Who will your primary customers be? If you don’t know the answer to that question, you will need to complete extensive research on the customer demand for your product. This is important to implement effective advertising campaigns that contribute to business growth.
What Insurance You Might Need
Before you start your business, you will need to obtain the proper insurance coverage. Some professionals need professional indemnity insurance along with public liability. Understanding the different providers and coverage options can be done by using our instant quote generator, where you can get an estimate on market-leading insurance in seconds! Simply enter your occupation and expected revenue to get started!
Bookkeeping Procedures To Implement
One of the areas that will take time to learn is bookkeeping. Bookkeeping involves recording income and expenses, tracking financial reports, and managing cash flow. Despite providing a quality product or service, if you don’t have the proper bookkeeping controls in place, you will see stagnant growth and lower business financial health.
Implementing a software program is a great first starting point when it comes to your bookkeeping. Odds are you won’t have the funds to hire an in-house bookkeeper upfront. Search around for different software programs that include the features you are looking for and take a few hours to learn the basics.
Summary
Learning the basics of running your small business is essential to promote business growth and generate success. One of the factors discussed was your insurance. Small business owners often neglect to obtain the proper coverage, which brings about issues when lawsuits arise or a job site asks for proof of insurance. For more information on selecting the right policy packages for your needs, reach out to a team member today.
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