Common Mistakes

You are skilled at what you do, or you spot a gap in the market that you know you can exploit and make money from, so you set up your own business. Many businesses that fail do so because they fail to put into place the right business practices when they initially set up.

We do not want to stomp on your enthusiasm, but you do need to be aware that business is hard and some of the most common mistakes are;

Not planning for tax

This is the one main area that people new to business fall foul of. There are all sorts of taxes that you need to plan for. You might think that if you buy something for $1 dollar and sell it for $2 you have made a dollar profit, the truth is that you have actually made about50c when you look at all the overheads and taxes involved.

The Wrong Structure

Form follows function. There are many different types of business and other financial entities that you can use to run your business. If you get it wrong you can actually end up with a larger tax bill than you expected.

No business plan
This is another major area of problems in business. If youdon't have a plan, how do you know where you are going, and why? How will you know when you are successful? Again, it might seem to stifle the Kiwi Spirit of getting on and doing it, but you need a plan to help you succeed.

If you would like to know how we can help you to avoid these common mistakes and give you advice and support to set you on the right track in business, please call us today and arrange an obligation free, cost free consultation.