What Do I Need to Know When Going Into Business – Knowledge Sharing Series

What Do I Need to Know When Going Into Business?

Going Into Business

Everyone seems to have their own ideas about what going into business looks like. For most it is the beginning of the self-employed journey and taking on something they are passionate about. It is however standard practice for our most successful clients to go through this process with each new business venture they take on.

There are a vast number of things to think about when going into business such as business planning, financial planning, internal structure, total addressable market and more.

This short blog post will be addressing some key things to think about when going into business before you think about any of the above. One thing we have found is often overlooked by those starting up a business is not considering the effect of the new business venture on your present and future personal or existing business situation.

What sorts of existing things do I need to think about when going into business?

The sorts of questions we urge people to ask of themselves here are:

1.       Do I have an existing business? If so, how might my new business venture affect this?

2.       Do I have existing family or relationship complexities?

3.       What stage in life am I in, and how would that effect my decisions in structuring a new business venture?

This list of questions is in no way exhaustive, but it should get you thinking along the right wavelengths. You might be asking yourself now “why do any of these things matter to my new plumbing/café/property/etc business”.

The answer can be complex, but simply put you want to manage the risks you are subjecting yourself to. What effect will the risks of the new venture have on an existing business venture, relationship, or existing ownership of other investments such as shares or property? Taking this wider view of your situation and goals is key to ensuring you don’t lose money or put yourself into more risk than you wish to.

How Can We Help You with This?

We work with you on educating you around some key risks, we then review your situation to see what you might be putting at risk. You are then in an informed position to go into business with your new venture. As we stated above, this might be your first business venture, or you might be seeing how a new business venture fits into your existing environment.

The sorts of things we will address with you include asset protection, whether you have a will, a review of your structure, a look at what security your bank has over your assets, whether you are getting the best out your financing, and a general financial health check-up.

Our considered approach leads to lots of surprises from people who were sure they had this all under control. We are always pleased these things are found while they are still fixable!

Do you want to understand the risks you could be taking on in going into business?

Do you want to understand how a new business venture might affect your existing business empire?

Do you want to understand if you are getting the most out of your already established business structure?

Simply contact us today and find out how we might be able to help you.