Finnish banking company, Holvi, recently launched a fun tool for startups to compare their budgets and finance with that of Apple during their first year in business – which was 1976.
Your startup is now at a stage where there’s money in the bank and / or a regular income stream to start paying yourself. Brilliant! So just how do you go about paying yourself?
Scholars have debated theories about the psychology of entrepreneurship at least since the mid-1970s. They have sought to answer such questions as: what kind of person is most likely to start a new business? What personality traits enable success? These are good questions, but an important element is often neglected in such discussions: the business cycle.
A new study of 242 Australian youth indicates that Gen Y are headed towards alarming levels of financial and family stress; the release states there’s been a “disturbing increase in Gen Y financial illiteracy and debt”. What does this mean for the future of business?
Former surf shop owner and accountant Alycia Edgar has just launched Business Performance HQ, a service that helps startups and small business owners in the Geelong and Surf Coast region with increasing productivity, profit and operation.
When starting a new idea, the hardest thing apart from getting it off the ground is working out a way to fund it. And if we have some funds to get us going, and keep us going, how long will they last? Or even if we are out of the early start-up days, and have received funding from angel investors or venture capital, how do we make the most of this funding? Well, it comes down to the numbers.
Often we get so caught up working in our business, that we don’t stop to take a look at how our business is actually performing. You win a big project, and you spend all your time working on it that the actual running of the business goes out the window. Basically, what’s happening is that you have stopped working on your business, and you’re now working in it.
One of the most difficult challenges we face as business owners is getting our pricing right. In most cases, we start by under-charging and, over time hopefully arrive at a price point that is more fair for both us and our customers. That being said, raising prices is a challenge and many business owners chose not to do it, simply because they don’t want to rock the boat or turn away potential customers.
Right now in an apartment lounge room come makeshift office, is the global headquarters for Australia’s newest startup in the financial industry Pocketbook. Founders and long time friends since high school, Bosco Tan and Alvin Singh have given up the regular pay dates from their jobs in marketing and development [Bosco was previously at Pollenizer] for the dream.
I’m a firm believer that in business you need to spend money to make money. With my start-up Nudge Accounting, I like continuing to re-invest money into it so we can continue to improve and make things better for our start-up and small business clients. Being good with money isn’t about not spending money, it’s about knowing what your numbers are so you can make the best decisions for your business.
Peter Castle is the founder of Easy Share Trading Systems, a unique coaching service that runs courses for everyday people that are looking at getting into the crazy world of trading. Castle had an interesting journey into the trading space, starting out life in the smash repair industry, working his way through the ranks of various businesses, until eventually he cofounded and sold his own smash repair company in 1999.
Having a good look at your business plan (especially your Vision/Purpose) can be incredibly valuable as the first step. Closely examine what your intention is for your business, as well as its goals. If your vision is to be the most widely sought after lawn moving business in Sydney you may need to consider that there is a lot of competition out there and you will have to price your service accordingly.
As an entrepreneur we all dream of building up that net worth of ours. However if you don’t know how to actually save those dollars and spend your money in a wise manner, you will have no chance in getting there. Saving Money Expert are helping everyday Aussie’s to save big dollars, in some cases some people are ending up with savings in their pocket that are equivalent to a 25% pay rise each year.