If you have been reading the news, a wave starting in the USA will soon hit our shores, the wave called The Great Resignation. Millions of people worldwide voluntarily call time out on their jobs, a hangover from the pandemic. Many are downsizing their careers for a fuller work-life balance or choosing to work for themselves instead.
Are you riding the wave? Have you resolved to start a small business this year? Here are a few considerations to assist in your transition.
Managing Cash Flow
There are start-up costs and operating expenses to consider when starting a new business. Before researching small business loans, grants and other financing options, map out the associated costs required.
As you build up a stable client base, you may be working longer hours, taking on tasks outside your expertise, whilst receiving inconsistent revenue. Understanding the sums is a building block to a thriving business.
A Business Identity
Designating an appropriate business entity for your small business is critical for tax and liability purposes. Your business entity can impact your personal liability, tax and control of your assets.
The most common business entity structures are:
The little details
It is your responsibility as a business owner to limit risk and keep up the smooth running of the business. All the legal intricacies in setting up and running a business that suits you today and supports you in its growth tomorrow are best done with a commercial lawyer's assistance. A commercial law firm will provide small business legal advice as well as creating sound contracts to benefit and protect you and more.
TY Lawyers is a commercial law firm located at the heart of Chatswood. We have assisted many small business owners in turning their dreams into reality.