Are you mainlining caffeine to keep it all going in your small business?
Maybe on International Coffee Day you are starting to think about how you can cut down to a more sensible 3 cups per day?
Starting a business turns out to be harder than many people think, delivery of the product or service might be what you are passionate about, but then there are all the other things that have to be done – its all the hats that need a head under them, and those heads all drink coffee!
Legal hat – is your product or service safe? Do you need a licence to deliver your product/service like electricians do? Are you stepping on a competitors toes? Are they squishing yours?
HR hat – what kind of people and skills do you need to hire to fill the gaps in your skills and available time? Are they employees? You’ll need to work out what the fair work requirements are (there are lots) and then make sure you stay on the right side, otherwise you might need to put on the PR & legal hats like some of the big players in Australia.
Who/what is a contractor? Can I just hire contractors to make my life easier? Maybe, maybe not. There is a big difference between the two – and it ain’t the name you use. Paying your resources as contractors when they really should be employees can be a pretty big and expensive mistake that might just take you out.
Can you do the sourcing and interviewing yourself or do you need to outsource the whole HR department?
Accounting hats. Have you got your business structure right? An accountant can help you setup the best structure for your new business, be it sole trader, partnership, company, trust etc. What is a business expense and what is not claimable? What kinds of tax will you need to pay?
What are your record keeping and reporting requirements? Do you need to register for GST? How often do you need to report (& pay)? What is a tax invoice? When do you need to issue one? When do you need to request & keep one (before) you make a payment? Bookkeepers love this stuff, get some help in the early days so you know what is required of you. Bookkeepers also need licences – make sure you speak to a BAS agent for assistance.
Marketing hat. You’ve got a great product/service – how do let everyone know about it? How do you get infront of your ideal customer? Hang on, who is your ideal customer?
Admin hat – how do you keep everything running smoothly? Who will answer the phone? Do the emails that keep hitting your inbox need replies? Is snail mail still a thing?
Sun hat – got one for your day off?
There are a lot of things to stay on top of as a small business owner, ask your friends & colleagues for referrals to experts, don’t rely on advice down at the pub – they’re not licenced!
Perhaps a local small business coffee club could help you and provide you with a sympathetic ear (maybe just order a cup of chamomile tea?)
Or get in contact us with us, we’ve been running our small business since 1997 – we’ve tried on a lot of hats. And we prefer to drink chocolate tea!
