Small business management?

**wysper** · 11th February 2013, 17:11

Originally Posted by ducatilover

I have a mate in that business and many others whom are capable of helping there

The other couple of things I would look into are business mentor and networking.

Sounds all buzz-wordy, but have heard some good things about both. Worth looking into. I think the mentoring is free for a couple of years. Course might not go well if you get a crap mentor!

**Gremlin** · 11th February 2013, 17:12

Originally Posted by ducatilover

Have a few mates working for themselves in various areas and they all agree with this, my father is self employed and works silly hours. He's doing well though

Good for him. Obviously, on the plus side, you put the effort in, you get the rewards out. Not like working for someone, and you get the fixed wage (or comission if you're on one). I've met a few building industry contractors, and several were multi millionaires, but you wouldn't know when they pitched up in singlets and stubbies

Again, they worked bloody hard to get to where they are.

**ducatilover** · 11th February 2013, 17:21

Originally Posted by wysper

The other couple of things I would look into are business mentor and networking.

Sounds all buzz-wordy, but have heard some good things about both. Worth looking into. I think the mentoring is free for a couple of years. Course might not go well if you get a crap mentor!

I'll certainly look in to this, thanks

Originally Posted by Gremlin

Good for him. Obviously, on the plus side, you put the effort in, you get the rewards out. Not like working for someone, and you get the fixed wage (or comission if you're on one). I've met a few building industry contractors, and several were multi millionaires, but you wouldn't know when they pitched up in singlets and stubbies

Again, they worked bloody hard to get to where they are.

I have an uncle and several mates who have mate it big by starting off doing the hard work, obviously one must be rather on to it to get that far.

**unstuck** · 11th February 2013, 17:25

Mentoring is a great idea. IMO.

**Mom** · 11th February 2013, 17:26

Originally Posted by ducatilover

Any tips, not written in green would be appreciated, cheers

Do you have a business plan? That is probably one of the most important tools a small business needs. It is a living document, that guides you to make good, solid and informed decisions.

Are you any good at budgetting? You will need to make a cashflow predicition to help you manage your finances. It will also highlight any areas where you might be running tight for funds so you can actually PLAN for them.

Are you aware of how income tax is paid as a business? Be aware taht you get one years grace and then have to pay almost 2 years worth the next year, many small businesses have failed in the 2nd year as a result of that one little issue alone.

Do you have a good accountant?

I could go on...

Whistle out if I can help.

**ducatilover** · 11th February 2013, 17:31

Originally Posted by Mom

Do you have a business plan? That is probably one of the most important tools a small business needs. It is a living document, that guides you to make good, solid and informed decisions. .

Working on this, I'll be getting some help with it, being such a n00b and all. I do know what I want from this and where I will be aiming to be.

Originally Posted by Mom

Are you any good at budgetting? You will need to make a cashflow predicition to help you manage your finances. It will also highlight any areas where you might be running tight for funds so you can actually PLAN for them.

Err... nope, but I can learn

Originally Posted by Mom

Are you aware of how income tax is paid as a business? Be aware taht you get one years grace and then have to pay almost 2 years worth the next year, many small businesses have failed in the 2nd year as a result of that one little issue alone.

Nope, no idea at all (yet)

Originally Posted by Mom

Do you have a good accountant?

I could go on...

Whistle out if I can help.

Accountant? Not yet, but I'll get one

Thanks Mom

**Mom** · 11th February 2013, 18:10

Originally Posted by ducatilover

Working on this, I'll be getting some help with it, being such a n00b and all. I do know what I want from this and where I will be aiming to be.

Err... nope, but I can learn

Nope, no idea at all (yet)

Accountant? Not yet, but I'll get one

Thanks Mom

Business plan is actually hard work and very important. First, think of your mission statement. What you actually want your business to be. Be BOLD! "Bobs Burgers are the BEST BURGERS this side of the black stump"

Now you need to justify the hows, whys, wheres and what have yous, to ensure that Bobs Burgers really WILL be.

How do you propose to be the best?

Do an indepth S.W.O.T. analysis.

Strengths, what are they? How can you improve on them? How can you promote them? What makes you different?

Weaknesses, we all have them, be honest. How can you mitigate them?

Opportunities, must be boundless, explore them, only one is the burger business, offer better delivery/customer service. Think, think, think.

Threats, yepper, lets look at the negatives here. Think of anything that might stop you, put your business at risk. Now you really have to think about how you will cope with/deal with/avoid/mitigate.

*Hint - some of these overlap.

Be honest.

What is this going to cost? Will you need to employ staff? What is involved if you do employ staff? How are yu going to manage if no one turns up for work and you have 2 bazillion burgers on order?

You get the picture eh?

Mom

**Akzle** · 11th February 2013, 18:25

re: business plan
there is a template for one from business.govt.nz, or used to be. you will need to complete this if you're applying for a MSD start up grant (more free money from the govt)
a business template for selling crack will be about 10 pages long.
include graphs, desk jockeys love graphs.

if you can't convince them, then baffle them with bullshit. use big words particular to your industry

(ie pump jockey is a "fuel transfer technician", chippy is "building systems assembly engineer")

**ducatilover** · 11th February 2013, 18:35

Originally Posted by Mom

Business plan is actually hard work and very important. First, think of your mission statement. What you actually want your business to be. Be BOLD! "Bobs Burgers are the BEST BURGERS this side of the black stump"

Now you need to justify the hows, whys, wheres and what have yous, to ensure that Bobs Burgers really WILL be.

How do you propose to be the best?

Do an indepth S.W.O.T. analysis.

Strengths, what are they? How can you improve on them? How can you promote them? What makes you different?

Weaknesses, we all have them, be honest. How can you mitigate them?

Opportunities, must be boundless, explore them, only one is the burger business, offer better delivery/customer service. Think, think, think.

Threats, yepper, lets look at the negatives here. Think of anything that might stop you, put your business at risk. Now you really have to think about how you will cope with/deal with/avoid/mitigate.

*Hint - some of these overlap.

Be honest.

What is this going to cost? Will you need to employ staff? What is involved if you do employ staff? How are yu going to manage if no one turns up for work and you have 2 bazillion burgers on order?

You get the picture eh?

Mom

Originally Posted by Akzle

re: business plan
there is a template for one from business.govt.nz, or used to be. you will need to complete this if you're applying for a MSD start up grant (more free money from the govt)
a business template for selling crack will be about 10 pages long.
include graphs, desk jockeys love graphs.

if you can't convince them, then baffle them with bullshit. use big words particular to your industry

(ie pump jockey is a "fuel transfer technician", chippy is "building systems assembly engineer")

Thanks guys, will find me a template and go from there!

**bogan** · 11th February 2013, 18:37

Originally Posted by ducatilover

Thanks guys, will find me a template and go from there!

Business Model Canvas is one we were taught to use, seems to be one of the easier ones to pick up.

**ducatilover** · 11th February 2013, 18:53

Originally Posted by bogan

Business Model Canvas is one we were taught to use, seems to be one of the easier ones to pick up.

Cheers bro

**Ocean1** · 11th February 2013, 19:12

Originally Posted by Mom

Are you aware of how income tax is paid as a business? Be aware taht you get one years grace and then have to pay almost 2 years worth the next year, many small businesses have failed in the 2nd year as a result of that one little issue alone.

Yeah, it's a funny way to encourage new enterprise, eh?

You can add provisional tax and ACC levies to that wee new business killer welcome. Make sure you've got about half of your first years total gross income stashed away ready to pay these at typically 18 months in.

Oh, I see you've said you're not going to spend much on capital equipment, but be aware anyway that even though you might have spent, say $10k on a polishing widget you've still got to pay tax on that $10k, even though you don't have it any more. You do get to claim depreciation on the asset, possibly amounting to a couple of hundred for that first year.

Get an accountant. I told mine that I'd pay him to do my annual return but I'd be doing one also. If he managed to save me more than he invoiced me for I'd keep him on for another year. That was 25 years ago.

**ducatilover** · 11th February 2013, 19:35

Originally Posted by Ocean1

Yeah, it's a funny way to encourage new enterprise, eh?

You can add provisional tax and ACC levies to that wee new business killer welcome. Make sure you've got about half of your first years total gross income stashed away ready to pay these at typically 18 months in.

Oh, I see you've said you're not going to spend much on capital equipment, but be aware anyway that even though you might have spent, say $10k on a polishing widget you've still got to pay tax on that $10k, even though you don't have it any more. You do get to claim depreciation on the asset, possibly amounting to a couple of hundred for that first year.

Get an accountant. I told mine that I'd pay him to do my annual return but I'd be doing one also. If he managed to save me more than he invoiced me for I'd keep him on for another year. That was 25 years ago.

Thanks for that mate

**Mom** · 11th February 2013, 19:39

Originally Posted by Ocean1

Yeah, it's a funny way to encourage new enterprise, eh?

Get an accountant. I told mine that I'd pay him to do my annual return but I'd be doing one also. If he managed to save me more than he invoiced me for I'd keep him on for another year. That was 25 years ago.

Yepper, and one of the biggest reasons new businesses fail.

Always one of the first things I suggest might be worth looking into (in my non informed, non paid(I dont have insurance)ways), take it or leave it, (I dont have a clue) ways, (take my advice at your own peril) ways.

A good accountant is worth his/her weight in gold. That one I will stand by!