Thinking About Starting a Business? by James Huy Vuong

Written by James Huy Vuong, Thinking About Starting a Business? 

Starting a small business is one of those huge, life-altering events. Thus, before getting started, take a careful consideration of the following:

Is business right for you?

You may have a great idea but if you want your business to be successful, you need to diligently work for it. And it’s expected to have its ups and downs and surprises. Yet on the positive side, if you’re the right person for it, starting your own business can be the most exciting and satisfying experience of your life.

According to the Australian Bureau of Statistics, many new businesses fail within their first five years of operation. Thus, if you are planning to start your own business, you should have good management skills to direct and supervise your business.

Market research

Do you have solid and not vague knowledge of your business idea? Is it viable? Consider if there is a real need for your product or service. Think about who your potential customers and competitors are.

Doing initial market research can help you determine the feasibility of your business idea. On the other hand, ongoing market research will help you be updated on all aspects that may affect your business success such as industry changes, latest trends, and economic circumstances.

Sufficient funds

Compute the initial start-up costs that you need. Budgeting and financial planning are important aspects of your business. Your financial plans are reflected in your budget. You should note, however, that you should have enough cash for some months of operation as the business will not be immediately profitable.

Seek assistance

Before getting started, you should seek advice from your accountant, solicitor, and financial planner. Maybe you are thinking that it is costly to ask for advice from these professionals yet consider this: how much more would you lose in the future if you will not seek assistance today?

Getting started with your own business is a thrilling vision to see and getting it right from the start is a key to success. 

ACTION ITEMS
  1. Set appointments and ask expert from your accountant, financial planner, and solicitor. Speak also with other business owners and ask them about their ideas.
  2. Write down and ask all questions that you can possibly ask to ensure you have adequate knowledge before launching your business.

About the Author

James Huy Vuong the Founder of Your Accounting Partners, a Brisbane based Business support agency. Specialising in providing bookkeeping, accounting, tax and compliance, business valuation and business sales services to local small business owners.

His passion for business was evident very early on at the start of his career in accounting. He embarked on an unconventional path away from the traditional position with one of the big 4 accounting firms like most aspiring young graduate in his field. He decided instead through the lure a more diverse role, more pay and a much cooler title to work with Australia largest telco as a Business Specialist. He entered the world of business management and ownership in the hospitality industry for the invaluable hands-on experience one could not get just by reading textbooks, understanding debits and credits and passing exams. Huy has also spent a good part of a decade in the financial services industry owning and managing his family business which has lead him to start Your Accounting Partners. Your Accounting Partners sets out to help time-poor, frustrated business owners do better business by partnering with business owners on their ownership journey and making it together. Your Accounting Partners specialises in hospitality, service-base & professional services businesses. His mission is to help business owners use their business to give back to the family what it takes out. When it comes to business we say “You focus on what you do best, partnering with us and we’ll take care of the rest”.

Email us at hello@youraccountingpartners.com.au or call 07 3668 0646 for all your accounting needs.

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