Getting Business Infrastructure Right

Wayne StaalGrow your business, How to save tax, Small Business, Uncategorised

Working as a freelance Personal Training and Group Fitness Instructor sounds like it could be liberating, interesting and a good-paying job.

But the truth is, like any independent contractor, there are business issues that have to be considered, before you take your first class or train a client.

Dean Turner was a full-time chef and fitness enthusiast before he decided to take a chance and work for himself in an industry he loved.

Problem

Dean knew he needed to learn how to run a small business and decided to start by talking to his Accountant. It was a given that numbers would be involved and Dean was also confident his Accountant would reliably advise him what to do and who to see.

Solution

The Accountant sat Dean down and gave him some home truths. Dean, as an independent contractor, would need to keep the administrative, accountancy, marketing and legal aspects of his businesses as up to date as possible. He would typically spend about 40 percent of his time on administration, marketing and client liaison. It was time Dean had to factor in now.

The Accountant recommended that Dean invest in a cloud-based business system suitable for a startup business. With their help, this system would manage his business and provide useful reporting to allow them to make decisions about profit, growth etc. and ensure the numbers stacked up. It would also drive routine invoicing and tracking of expenses.

Benefits for the Client

In the 20 or so years that Dean has worked for himself, he has been a busy and highly regarded as a Personal Training and Group Fitness Instructor. Dean confirmed that in his opinion, spending time on getting his small business infrastructure right was just as important as initial client engagement.

Top Tips

Stay current with trends, technology and market issues.
Be realistic about start-up costs, obligations and registrations.
Network by joining a professional group.

Need help and want to know more? Call Holmans for assistance on (07) 5430 7600 or send us an email.