An important but challenging part of running a small business is working out how to price your products or services. There are no hard and fast rules, but there are some helpful guidelines. Cover your costs At the very least, you want to be able to cover your costs. Calculate… read more →
Customer service should be at the top of the list of priorities for every business. Unfortunately, it is often neglected. Once you realise how customer satisfaction affects your business, you will want to adopt some of the methods below to help keep your customers coming back. Consider the following statistics… read more →
All business owners have certain rights and responsibilities regarding health and safety in the workplace. Whether or not you employ staff, it’s your responsibility to ensure that your business does not create any health and safety hazards for your customers and the general public. Understanding the (WHS) laws relevant to… read more →
As a business owner, you should be aware of the terms and conditions of employment that apply to your employees. These terms and conditions can be easily set out in employment contracts for your staff. Terms of an employment contract Written contracts of employment can include wages and conditions for… read more →
Success in today’s business climate sometimes requires you to push aside your passion for your business and spend time sorting out your finances – not a pleasant thought! But did you realise that a major part of managing your finances can be taken care of using one very simple tool… read more →
It goes without saying that a business needs cash flow to keep operating. If too many customers forget, delay or refuse to pay, your business could end up in serious trouble! No matter what sort of business you run, chances are you’ll run into chasing outstanding debts. Sometimes, this customer… read more →
It is important to consider the advantages and disadvantages of the various business structures available, and to choose the best structure to suit your circumstances. Factors to consider include set-up and ongoing costs, tax implications, asset protection and legal requirements. The four main structures are: Sole trader The owner is… read more →
A franchise business is a great way to own your own business with the benefit of support and security from a larger business network. What is a franchise? Franchising is a business relationship in which you (the franchisee) pay the owner of a business (the franchisor) for the right to… read more →
When buying a business, check to ensure it has a well-developed market for its products or services. ADVANTAGES Licences and permits The business should have the appropriate licences, permits and registrations. Check and find out which ones can be transferred to you. Check the business records, plans and operations, and… read more →
Start-up costs refer to the total cash amount needed to get your business up and running. List everything that you will need to pay for up front prior to launching your business. These can be separated into the following six main categories: Capital costs Capital costs include lease of premises,… read more →
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