email us
(03) 9497 5885 Starting a small business is no easy feat. Whether it be a local café in Heidelberg or a mobile gardening business, there are a plethora of things you have to put in place and check off before launching. One of the more crucial angles when it comes to starting a small business is the financial side. So much depends on the finances and you’ll want to make sure you have a solid accountant behind you to help ensure everything’s in order. But the finances are not the only thing that’ll keep your business afloat, so here are 6 things that’ll help you out when you start up a small business.
1. Is it worth starting?
This may seem obvious, but a lot of people get so excited when they come up with an idea that they simply dive into things without fleshing them out. Not only do you need an idea for a business that will make a profit, but you need to make sure the other factors will all point to making you a profit as well.
Let’s use a café for example. You’ll want to make sure yours stands out from the horde of other café’s around, whether that means your design aesthetic is unique, or your prices are different, or you have unusual – yet sought after – items on the menu, you need something to separate yourself from the rest.
Location is another thing you need to factor in. Café’s near public transport points are a good idea as you’ll receive a stream of customers who use the transport stops each morning. Do you have any competitors nearby? What are they doing and how can you compete with it? It’s not just simply about having a good idea, but if it is really worth starting up in the first place.
2. Evaluate your own skillset
In this day and age, you can hire anyone to do virtually anything for you – at a price. To save money you should sit down and write a list of things that need to be done for your business. Then write a list of skills you’re good at and match them up with what you need doing. If you can do most of it yourself then that’ll save you a great deal of money that you can direct elsewhere in the business.
3. Know what services you need
In the last step, you wrote a list of the things you’ll need to start your business and decided which things you’ll be able to do on your own. Now it’s time to look at what you won’t be able to do and enlist the help of professionals. Using the café example again, maybe the building you’ll be purchasing isn’t in the physical condition it needs to be in, then you’ll need some tradesmen to come in and fix-up the space for you.
A very common one is hiring an accountant and/or bookkeeper. You may have some experience in the field of numbers and think you can do it yourself, and you may be right, but if you’re starting up a business on your own then you’ve already got enough on your plate and hiring a Heidelberg accountant and/or bookkeeper will help with alleviating the stress and workload.
4. Finances
You could have the most perfect idea for a business in the world and still have it fail if your finances are not in order. It can be easy to forget about little things here and there, but you need to record every little bit of money that comes in and out of your business when it begins. To make things easier you should hire an accountant to help you plan out your financial plan for your upcoming business. There will probably be some things they advise you on that you would never have even though of prior.
5. The modern age
Times are changing and you should make sure your new business is part of the modern age. Social media is the best – and easiest – platform when it comes to marketing your business. It’s cheap, it’s easy and it’s visual. People prefer to see the result of what your business does rather than read about it, so posting pictures with inviting captions on a regular basis is a sure way to attract their attention. It’s also a great way to keep your customers up-to-date with any news or new deals your business is offering.
Hire an Accountant in Heidelberg
Silverdale Consulting Group has over 40 years of hands-on experience and knowledge when it comes to small business’ as well as a range of other accounting services.
If you have any questions or would like to set-up an appointment with an accountant in the Heidelberg area then please give us a call on (03) 9497 5885 or contact us through our website here.