We start of Phase 1 Conception in October 2017 with this discussion about the 6 top consultants you need in your Initial Team.
In Show 019 – Who should be in my initial team? Originally broadcast on Facebook Live on Monday 2 October 2017 we explore this interesting topic.
It’s a new month and a new phase for the Business Legal Lifestyle. Today, we are going to discuss Phase 1: Conception. It’s about putting you on the path for success before you even start. A big part of how to conceive your business is putting together the right team. To help you along the way here are the top six people you are going to need to help you along the way.
Accountant
You accountant is going to be a critical part of your business. They will handle all the financial aspects of your operation and ensure you are making the correct tax payments.
Lawyer
The lawyer and the accountant should be speaking with one another from a tax point of view and from a legal point of view. You need to make sure the business you are running is legal in the jurisdiction you are operating.
Bookkeeper
A bookkeeper is different role from the accountant. They handle all your transactions and enter those into your accounting software. It can be the same person as the accountant.
Business Coach/Mentor
You need someone that is going to give you straight forward and honest advice about the state of your business. This is particularly important if you are going into business by yourself. Being a sole trader can be a lonely existence without having someone to bounce your ideas off of.
Insurance Broker
In any business you are going to need insurance and a broker will help you get sorted out at the lowest price possible. A broker is often overlooked but is crucial to protecting your business for the future.
Mortgage Broker/Financier
Getting money isn’t as simple as going to the bank and getting money. You need someone that can walk you though the various options to ensure you aren’t get ripped off.
Coming up on Wednesday we are going to go into an even deeper dive about the members of your team and why they are so important.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
Patents and the other forms of Intellectual Property
To round out Phase 5 we go through Patents, registered designs, circuit designs and plant breeders rights..
In Show 018 – Patents and the other forms of Intellectual Property was originally broadcast on Facebook Live on Wednesday 27 September 2017 .
Phase 5 of the Business Legal Lifecycle is all about intellectual property. Today, we are going to wrap up our section on IP by going into some more detail about patents and the patent process. Patents are used to protect an idea that is innovative. There are two kinds of patents in Australia. The standard patent lasts for twenty years while an innovation patent lasts for eight years. One thing to keep in mind is that a patent precludes new innovations on a product. A good example is the 3D printer which was quickly patented many years ago. This stopped other companies from improving the product and that slowed innovation. Once the patents expired the 3D printer market took off. Some of the benefits of patents include stopping someone from manufacturing your product. It also encourages companies to improve on new and innovative products.
The Process
The first thing you need to do is to determine whether your product is patentable. That is not an easy process. You have to ensure that your product is actually unique. You have to check against an enormous register of other patents. That’s not a cheap or easy process. You don’t necessarily need to get a patent to protect your rights but it is another added layer of protection.
You need a patent lawyer to help guide you through the process. You will have to pay a fee to make the actual application. It’s very rare that a patent will be immediately approved. It has to go through an examination process by patent experts.
Registered designs
Registered Designs detail what it is that is actually being patented. The costs leading up to the registration process is going to be the most expensive. You are going to need the right consultants lined up to guide you through the process so you need to make sure you pick the right ones. To be certified it needs to be a new and distinctive design. When that happens you will have the exclusive design. It’s not a quick process. It can take at least 6-12 months. Circuit designs are different. They are protected by copyright instead of patents.
If you are going to take your business international you are going to have to consider how to protect your IP overseas. You can get it registered in more than 100 other countries within 30 months of getting you Australian patent. Make sure when you get advice on international patents you understand what your fees are going to be in Australian dollars.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
Do you want a practical guide for building systems in your Business? Don’t know where to start?
In Show 017 – Systems for Businesses originally broadcast on Facebook Live on Monday 25 September 2017 we give you a specific tool to help you build a manual for your business.
Today, on Fast Fix Monday we are going to discuss systems in your business. In our last episode we talked about the importance of developing a manual for your company. This can be hugely important especially when you sell the company. You are selling your processes and techniques as much as you are selling your building and equipment. Your manual should include each of the following sections.
To find the templates please visit our page on Operations Manual.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
We look at what is required to set your business up for success. Jeremy Streten interviews Warwick Peters from Ray White Commercial North Coast to go through the value of systems and what people look for in their business. Watch to find out more
In Show 016 – Setting your Business up for Success originally broadcast on Facebook Live on Wednesday 20 September 2017 we explore this interesting topic.
Recently on Business Lifecycle TV, we discussed Intellectual Property and how it’s possibly the most valuable part of any business. Having a separate holding company in place to house your IP is a hugely important – especially if you ever plan to sell the company. Having the right corporate structure in place will really help to maximize the value of your firm. Today we are going to learn more about what it takes to sell your business. Joining us for our discussion is Warwick Peters an accredited business broker with Ray White. Warwick previously worked in the financial services industry and in real estate. That experience has helped him to understand how a business can profit and grow.
The sales process as a broker starts with trying to figure out what the client wants to sell. That’s not always a simple process. You first have to determine if the business is something that’s marketable. Then Warwick has to determine if the business is profitable and competitive. The accounts of the business are hugely important in order to determine its saleability. Business owners can often have a very unrealistic view of their company. It’s Warwick’s job to clarify that view.
A good example of this are businesses that are very cash heavy. A car wash, for example, takes in large amounts of cash. That amount is almost never accurately accounted for in the books. The reason is obvious. There is a lot of temptation for owners to pocket some of that cash. But there is an invisible cost to that practice. You might be saving 30 cents on the dollar in tax payments but it will cost you much more. For every $10 thousand the owner is taking out in cash it will end up costing them $40 thousand. Why? Because that revenue isn’t reflected in the books it will diminish the selling price of the business when it goes up for sale.
Another tool that business owners can use when valuing their business is something called EBITA. What’s EBITA? EBITA stands for earnings before tax, interest expense and amortization expense. It provides a clear picture of a company’s finances and to gauge a company’s operating profitability and provides a good indication of cash flow.
A perfect business that is going to be put on the market needs a number of things. Those include the accounts and the history of the accounts. A document outlining the job descriptions of everyone involved in the business. There also needs to be an operations manual detailing how the business is run. Location security is also very important. Where is the business located? Is there a lease or is the property owned?
The operations manual is extremely important for a business sale. The perfect example of what the perfect manual should look like comes from restaurant franchises. The franchisee is provided with a manual that details every aspect of the business. From how the food is prepared to how the books should be kept. The other extreme is the local fish and chips shop. The owner takes money out of the till, nothing is written down, no details on food preparation or suppliers. Those systems have to be put in place before the business can be put on the market. You never know when you are going to have to sell the business.
Warwick likes to describe his advice with three words: plan, plan, plan. Always plan on what your future is going to be and what you are going to need to make that a reality.
CONTACT
Warwick Peters
[email protected]
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
In this episode of Fast Fix Monday we go through the Structures that we are dealing with in Asset Protection.
In Show 015 – Structures Behind Asset Protection originally broadcast on Facebook Live on Monday 18 September 2017 we explore this interesting topic.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
Do you know the difference between copyright and trademarks? In this episode we go through the difference and when to use them in depth.
In Show 011 – Copyright and Trademarks originally broadcast on Facebook Live on Thursday 6 September 2017 we explore this interesting topic.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
Are you a company director? Do you want to know more about your responsibilities? Then watch this show to find out what your responsibilities are.
In Show 009 – Regulation and Directors Responsibilities originally broadcast on Facebook Live on Wednesday 30 August 2017 we explore this interesting topic.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
Want to know the more about the financial issues that businesses suffer? Watch this show to find out more.
In Show 008 – Top 3 Financial Pitfalls for Business originally broadcast on Facebook Live on Monday 28 September 2017 we explore this interesting topic.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
Want to know more about the financials and finance aspects of your business? Watch this show to find out more
In Show 007 – Financials and Finance originally broadcast on Facebook Live on Wednesday 23 September 2017 we explore this interesting topic.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
What mistakes do business owners make when leasing premises? in this episode we go through the top 3 mistakes that business owners make and how to avoid them.
In Show 006 – Top 3 Mistakes Business Owners making when Leasing Premises on Facebook Live on Monday 21 September 2017 we explore this interesting topic.
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
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