006. Are You Ready to Start a Business?

02/23/20 • 34 min

Welcome to Small Business All Figured Out.

Before you invest considerable time, effort and money on a business idea, you first need to find a way to evaluate yourself and your proposed business idea.

In this episode, we help you determine if you’re ready to start a business and how to test the viability of your business idea. We talk you through how to undertake this analysis using the Small Business All Figured Out Pre-Business Plan Framework.

In this episode, we cover off on:
The personal considerations of starting a business; to help you work out if starting a business will be the right decision for you which includes:

Be clear about your ‘why’
Comparing your character traits to those required of a small business owner
Understanding if you have what it takes to endure the running a business - from a physical, emotional and financial perspective; and
Business skills - do you have the necessary skills to run a business or are you prepared to learn them?

The feasibility of your business idea using the 4 Step Evaluation Tool, to determine if your business idea has a genuine chance at success, which includes:

Evaluation of the business idea
The market
Your competition
The environment in which you’ll operate your business

This analysis will really help you to identify whether you and your business idea have the potential to succeed.

You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

Welcome to Small Business All Figured Out.

Before you invest considerable time, effort and money on a business idea, you first need to find a way to evaluate yourself and your proposed business idea.

In this episode, we cover off on:
The personal considerations of starting a business; to help you work out if starting a business will be the right decision for you which includes:

Be clear about your ‘why’
Comparing your character traits to those required of a small business owner
Understanding if you have what it takes to endure the running a business - from a physical, emotional and financial perspective; and
Business skills - do you have the necessary skills to run a business or are you prepared to learn them?

The feasibility of your business idea using the 4 Step Evaluation Tool, to determine if your business idea has a genuine chance at success, which includes:

Evaluation of the business idea
The market
Your competition
The environment in which you’ll operate your business

This analysis will really help you to identify whether you and your business idea have the potential to succeed.

You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

Previous Episode

005. Tax Bite: Things You Can't Claim On Tax

Welcome to Small Business All Figured Out - The Tax Bite Edition.
These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.
Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.

In this episode, we’re talking about all the things that you just can’t claim as a tax deduction in your tax return. There are a lot of misconceptions and misinformation out there as to what is - and what is not - tax-deductible.
In this Tax Bite, we talk about:

The 3 Golden Rules for claiming a tax deduction;
17 of the most common tax deduction myths and misunderstandings that are actually not allowable tax deductions at all, except in very special cases;
The documentation you must have to survive an ATO audit;

You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:
platinumaccounting.com.au

Next Episode

007. Tax Bite: What is Negative Gearing and How Does It Work?

Welcome to Small Business All Figured Out - The Tax Bite Edition.

These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.

Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.

In this episode, we’re talking about Negative Gearing. We will help you to understand what it is and how it works.

In this Tax Bite, we talk about:

What the term ‘Gearing’ means and the 3 types of Gearing - Negative, Positive and Neutral
Explain how Negative Gearing of a rental property works and how it saves you tax
Is it better to Negatively Gear or Positively Gear an investment property;
What Depreciation is and how it’s calculated
How you can access the cash flow benefits of negative gearing during the year instead of waiting until tax time

You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:

platinumaccounting.com.au

If you would like a Rental Property Checklist to help you get ready for tax time, you can download a copy at https://www.platinumaccounting.com.au/forms/