Entrepreneurs are more than just business owners. They are visionaries and risk takers. They have a passion and insatiable drive to develop a business, taking on risk in the hope of financial gain. They are often the people that disrupt an industry and provide change and new and innovative products to the market.
We may have just faced yet another leadership change and cabinet reshuffle. But our political musical chairs hasn’t seemed to affect our ability to be an appealing investment prospect. With record low interest rates and stable unemployment we are a country with a lot going for it.
Australia is an economy that has proven it is resilient, adaptable and safe. As the world’s 13th largest economy it has a AAA rating by all three global rating agencies and is forecast to have an average annual read GDP growth of 2.9 per cent over the next five years.
Whether you need motivation to transform your idea into a functioning business or you just need a little boost when you’re down, it’s always good to seek wisdom from bright and successful minds who have experienced it all before.
Recently, I heard one successful entrepreneur say “If you don’t want to work ON YOUR startup for at least 10 years, don’t startup at all”. This was meaningful to me because, as a business owner myself with more than 25 years experience in entrepreneurship I can easily relate with that sentiment.
If you are looking to operate your foreign owned business in Australia there are a few things you need to consider. Making sure that you get some of the key components right from the beginning can save you a lot of headaches and costs later on down the track. Here are some of the key things we think you need to consider before commencing your operations:
Your relationship with your accountant should be a long term, trusting relationship. They should have a good understanding of you and your business in order to assist and advise you in the best possible ways. Not all accountants are the same, and it is therefore important that you choose an accountant that is right for you and your startup. Here are our tips on things to consider when choosing an accountant.
The startup economy is booming in Australia. Driven by innovation it is tipped that by 2033 startups will play a huge role in our economy by contributing as much as $109bn or 4% of GDP and 540,000 jobs.
With this increase in numbers, the failure rate of startups is likely to soar. A report by the International Business Times in May 2017, suggested the failure rate was 50%. One of the reason for this was due to Capital Issues. So can you ensure your startup doesn't fail due to financial reasons?
Finances are always an issue with startups. In fact, good habits can often mean the difference between a start up that thrives and one that fails. So how do you give your start up the best chance at survival? Here are our top 7 tips for creating strong financial habits:
Starting a new business can be overwhelming, there is so much to do and not all of it is within your skill set or interests. We find many new business owners struggle with getting a system in place for their accounting and this can cause big headaches down the track. So we have put together a list of areas that you need to put in place early to ensure that your finances run smoothly. #startup #startupadvisor
Starting a business can be costly. Most of the time there are significant set up costs before you have even started generating an income. So how can you claim costs when you don’t have an income to offset it?
As a general rule capital costs such as the purchase of a business is not claimable, however, the costs associated with maintaining and running a business are tax deductible.
Introduced almost two years ago, the angel investor tax incentive scheme hasn’t quite lived up to expectations. The $100 million dollar scheme was part of the governments $1 billion National Innovation and Science Agenda that they released at the end of 2015.