at Knowledgebank IQ | 04 April 2014 |

Starting your own business

Deciding to become your own boss can be a scary step to take but through careful planning and receiving the right advice your new business can have every chance of success.

At first, it can be a little overwhelming – so many things to do, and so many people vying for your time. However, getting started on the road to financial security can be made a lot easier by consulting a financial planner.

Logistically, it may seem like there’s a legislative and taxation minefield that you suddenly need to negotiate. Some of the questions you may be asking yourself might be:

  • What considerations need to be made when planning to start a small business?

  • How will you continue to fund your superannuation now that there is no employer making contributions on your behalf?

  • How will you fund the business set-up if you have a limited cash-flow?

  • What sort of insurance will your business need?

  • What are my obligations if taking on employees?

  • What happens to my business if I die or become disabled?

  • How will you maximise your earning and minimise your taxes?
     

How Can a Financial Planner Help?

A financial planner can help you to determine the financial requirements for your business, freeing up your time to do what you set out to do – run your own business.
 

How we can help business owners:

  • Advise on the financial planning aspects of your business.

  • Review and recommend specialised insurances that are needed to protect yourself, your business and your employees.

  • Provide advice on your superannuation requirements for both yourself and your employees

  • Help investing your business profits.

  • Provide advice around succession planning and buy/sell arrangements for partnerships.

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