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Be prepared to chuck it in

Being realistic about the prospects of success is essential. It is better to walk away from a business with your marriage intact and some home equity left. Before starting, we recommend that you work out your breakeven point and how much capital you are prepared to lose in developing the business.If the business is losing money, be aware of your obligations as a director and as an employer. ASIC and the ATO take a dim view of business owners who cannot pay their debts to employees and the public generally. If the business looks like it is in difficulty, seek professional advice at the earliest opportunity. This may allow you to protect your personal assets and terminate the business while leaving open options for the future.Closure of a business may not be the end. You may be able to sell your idea and let someone else develop it, or put your idea on hold and wait for the right time. The important thing is to bite the bullet and act early. Not only are you incurring costs by keeping the business open, you are potentially losing salary income that you could otherwise be earning.Business Guide – Top 10 tips for a new business

Matthew Stokes's Articles

Could your business survive without you?

Being realistic about the prospects of success is essential. It is better to walk away from a business with your marriage intact and some home equity left. Before starting, we recommend that you work out your breakeven point and how much capital you are prepared to lose in developing the business.If the business is losing […]

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Put aside funds for tax

Being realistic about the prospects of success is essential. It is better to walk away from a business with your marriage intact and some home equity left. Before starting, we recommend that you work out your breakeven point and how much capital you are prepared to lose in developing the business.If the business is losing […]

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Be prepared to chuck it in

Being realistic about the prospects of success is essential. It is better to walk away from a business with your marriage intact and some home equity left. Before starting, we recommend that you work out your breakeven point and how much capital you are prepared to lose in developing the business.If the business is losing […]

Read more

Don’t give up your day job

Being realistic about the prospects of success is essential. It is better to walk away from a business with your marriage intact and some home equity left. Before starting, we recommend that you work out your breakeven point and how much capital you are prepared to lose in developing the business.If the business is losing […]

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Keep records and understand what they mean

Being realistic about the prospects of success is essential. It is better to walk away from a business with your marriage intact and some home equity left. Before starting, we recommend that you work out your breakeven point and how much capital you are prepared to lose in developing the business.If the business is losing […]

Read more