In Show 027 – Why Do You Need A Business Coach? originally broadcast on Facebook Live on Monday 30 October 2017 we explore this interesting topic.
Show Notes
Today on Fast Fix Monday we are going to talk about a business coach. We’ve touched on the importance of a business coach in previous episodes. He or she should be part of your initial team in the first phase of your business. Doubtless, you are great at your chosen profession. But you don’t know what you don’t know. The biggest problem we see with our clients is that they think they know what’s going on when they don’t. Business is a lonely place and you need someone else to bounce your ideas off of. Mindset and clarity are a critical part of your future success a business coach can help provide that. The most important advice we can give is to make sure that both you and the business coach are on the same page. Take the advice you are given.
More about this Show
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.
Today we interview Rob and Faye Caughey, the founders and coaches at Kaibizzen a Brisbane based coaching business with a unique approach.
In Show 026 – The Importance of Clarity and Mindset in Business originally broadcast on Facebook Live on Wednesday 25 October 2017 .
Show Notes
Today is the last episode of Phase One: Conception. To finish off this phase we wanted to invite Rob and Faye Caughey from Kaibizzen to talk about the importance of clarity and mindset. Rob and Faye have a lot of experience running their own businesses and now work as business coaches. We’ve known them for many years and we think they have a lot to teach our audience. After years in the corporate sector they realized that there were better ways to operate a business. They thing that makes them different from other coaches is that they base their model on athletics. Rob believes that his sporting background as a rugby player has helped to instill the tenacity required to truly succeed. They also have the added experience of actually running a small business. They can empathize with people. They have lived through the bad experiences and the good ones.
They’ve divided their business into six specializations. Their clients don’t just get one coach, they get a team of coaches to help them to achieve their dreams.
Clarity
Business owners need to have clarity of vision, clarity of purpose and clarity of strategy. Lack of clarity is one of the prime reasons why businesses don’t succeed. You need to have a destination you want to arrive at and a reason for why you are getting there. There is a huge difference between being a lawyer and running a law firm. Most people start a business without a clear idea of why they are doing it. It will save you a lot of time and energy if you start with a clear vision.
Growth
Customer care and client retention is the key to ensuring sustained growth for your business. The best way to grow your business is to monetize your current clients first.
Wealth
You have to totally understand your business numbers, both financial and non-financial. Improving your cash position will help you to improve profitability.
Health
The efficiency and operations of the business.
Team
People management and people leadership.
Performance
What is holding you company from really achieving it’s potential?
More about this Show
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.
Knowing when to start your business can be a very difficult decision to make. Later you will often think “Why didn’t I do that earlier?”. The truth of it is that there is no right time to start a business but in this show we go throug the important factors in making that deicsion.
In Show 025 – When do I know its right to start a business? originally broadcast on Facebook Live on Monday 23 October 2017 we explore this interesting topic.
Show Notes
When is the best time to start a business? Starting a business is a lot like starting a relationship. If you aren’t willing to put the work in it’s probably going to fail. There may be no perfect time to start a new business but there are some criteria you should consider.
TIME
First off, you have to ask yourself if you have the time to commit to a new venture. If you can’t commit 150% to this thing it’s going to fail. If you are going through a divorce or having a child or planning a wedding you might not be able to do this.
PERSONALITY
It takes a certain kind of person that will be successful operating a business. You have to have a number of different skills. From managing and organization to marketing and advertising – you have to wear a lot of different hats.
FINANCIAL
You might have the best idea in the world but if you don’t have the money to back it up you’re going to be in trouble. Many businesses are going to to struggle for at least the first few months and you will have to have the money in place support the operation at the start.
FAMILY
The stress of starting a new business is going to take a toll on you but also on the people around you. Your family will be affected by your decisions both financial and in terms of the time you have to spend with them. You need to have enough time set aside for them or you are going to be unfulfilled.
More about this Show
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 todays episode we interview Craig Vaughan from MAP Home Loans about his business journey, where that has taken him and what he has learned.
In Show 024 – Changing Your Goals originally broadcast on Facebook Live on Wednesday 18 October 2017 we explore this interesting topic.
Show Notes
Today we are going to interview Craig Vaughan an award winning mortgage broker with many years’ experience. I’ve worked and advised Craig through much of that time. I wanted to invite Craig to join us on the show today to talk about focus in business. Phase 1 of the Business Legal Lifecycle deals with goal setting. Those goals can change as the business progresses. The challenge is how to change focus without compromising your company’s profitability or long term viability. Craig’s career is a great example of how to change a business’s focus successfully. Craig first started by running a mortgage brokerage business. That eventually morphed in a mortgage broker software business. As the business grew he also had to secure investment in this new venture.
More about this Show
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 looking at starting the business and don’t know where to start? Check out this video for fast fix monday to find out how to choose the right name fr your business.
In Show 023 – Choosing the Right Name originally broadcast on Facebook Live on Monday 16 October 2017 we explore this interesting topic.
Show Notes
Today we are going to talk about choosing the right name for your business. You want something that will stand out and will be easy to market. You have to choose something that’s right for you. To get you started we want to run through four tools you can use to choose the right name.
Search Engine
It may seem simple but using Google to search for your idea for a name to see if it’s already in use will save you a lot of time. A web search will also reveal the names of other businesses in the same sector as you which might help you generate some name ideas.
Doman Search
You want to search through existing web domain names to ensure your company name is available with a .com suffix. Go Daddy will tell you whether your web address is available.
ASIC Search
The Australian Securities and Investments Commission keeps a database of all registered businesses in the country. Every company in Australian needs to have a unique name and a quick ASIC search will tell you if the name you want is available.
Trademark Search
Even if the business name is available someone may have already trademarked that name or phrase. You want to ensure that you aren’t going to run afoul of trademark rules and end up in a lawsuit.
Recently we had a client who tried to trademark the name of the business he had spent 20 years building. When we went to register there were already dozens of businesses with that name. It took him months and a lot of money to rebrand the business. You want to make sure you select a unique name so you can protect your business.
More about this Show
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.
Before you proceed in Phase 1 Conception you need to have an idea of what you are doing and what legal steps are required for the different was to start a business.
In Show 022 – What are you Doing? was originally broadcast on Facebook Live on Wednesday 11 October 2017 in which we explore this interesting topic.
Show Notes
We continue our discussion of Phase 1: Conception by asking a simple question: What are you doing? If you don’t know where you’re going you’re never going to get there. Setting goals is the key to achieving great results with your business. Very few people start their business with the end already in mind. You don’t need to know exactly where you’re going. But you should have a few key concepts figured out. Those include:
Business name
What are you going to call yourself? Does anyone else have that name? Is it trademarked elsewhere? You need to get the answers to those questions before you begin to setup your firm. You also need to have a name for your company and your legal entity. They are not the same thing and you need to know the difference.
Buying a new Business
Business Purchase
When you do a business purchase it allows you to structure yourself in such a way that you can sell various parts of business without selling the whole company. If you run a real estate company you would be able to sell the sales part of the business while keeping other parts. There are advantages and disadvantages to this but having a business as a separate entity allows you to slice off parts of the company when you want to.
Share Purchase
Share Purchase allows others to take a stake in your company. If you have several businesses operating under one legal entity the investor will be able to take a position in all of those businesses. There are some disadvantages which include the investor having to take on all the liability of the business.
Share Subscription
This is similar to a Share Purchase but it differs in a few ways. If 100 shares already exist for you company you could choose to issue additional shares. You might want to do this for tax reasons. There are lots of complicated rules around this and in future episodes we will go into greater detail about how this works.
Setting up a new business
Before you put out your shingle you need to have the proper structures in place. This is where you are going to rely on your lawyer, accountant and business advisor. Some of those structures include.
Companies
When you have your business in a separate entity it helps protect you from liability. If something goes wrong with that business without a company you will be on the hook for those debts. That’s way too big a risk. Yes, it costs more at the start but setting up a company could save you a lot of money in the long run.
Discretionary family trusts
A trust is structured with the Trustee at the top of the pyramid. There are also beneficiaries of the trust and an Appointee who has the power to appoint a new Trustee. The Trustee owns the business and there are tax benefits and risk protection elements to structuring your business in this way.
Unit Trust
A unit trust is set up very similarly to a discretionary trust. Like a company its unit holders are entitled to a percentage of the businesses income. A unit trust does not have an individuals as the trustee. Rather, a separate company is created to carry out that role.
Partnerships
A partnership agreement allows for equal management and ownership of your business. There are liability issues with partnerships as well. They are not as popular as they used to be but partnerships are still the best structure to use for certain industries.
More about this Show
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 edition of Fast Fix Monday we talk about the importance of setting goals .
In Show 021 – Setting Goals originally broadcast on Facebook Live on Monday 9 October 2017 we explore this interesting topic.
Show Notes
For Fast Fix Monday we are going to give you a quick primer on how to set goals for your business. There’s a quote by Buckminster Fuller “The best way to predict the future is to design it. If you don’t think about the future than you can’t adapt to the changes.
Stephen Covey wrote in his famous book The 7 Habits of Highly Effective People that that starting the process with the end already in mind is key to success. Many people start out on their business journey without a clear goal. Do you want to eventually sell the business to a multinational? Do you want to use it to support a comfortable income? Would you like to eventually hand the firm over to your children? You should have at least asked yourself these questions before you start your business.
Join us on Wednesday for a more thorough look at how you can set realistic goals for your business!
More about this Show
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.
Who are the members of your initial team and what information should you get from them before you start your business? In this episode we go through the top 5 ways to implement the Business Legal Lifecycle.
In Show 020 – Your Initial Team originally broadcast on Facebook Live on Wednesday 4 October 2017 we explore this interesting topic.
Show Notes
Today, we are going to take a deeper dive into Phase 1: Conception. The first step in any businesspersons journey begins right here. In the last episode we briefly outlined the people you are going to need on your team well before you start operating your business. We’re going to add a few more to that list and provide more detail about the others.
Conception is not just about coming up with an innovative new idea. It’s about getting all the details about your operation right. A key part of that is your initial team. It’s one of those things that many people feel is unimportant. That couldn’t be more wrong. But there is an additional consideration as well. You need to think about how the members of your initial team are going to work together. At the end of the day you are the business owner and your need to communicate your vision to each member of the team. Those team members should include:
Lawyer
Many of you will have used a reputable lawyer in other aspects of your life. For those that haven’t you should rely on a referral from a trusted friend. You want to get someone that has a lot of experience in helping entrepreneurs to setup new businesses. The lawyer needs to ensure the structure of the business is in place. That will include the company name, trademarks and the legality of the business in your jurisdiction.
Accountant/Bookeeper
You need tax advice. Period. A good accountant is going to setup a tax structure that is most advantageous to your bottom line. They are also going to be critical in getting the right numbers to the government for things like GST and Income Tax. The bookkeeper on the other hand is going to track your cash in and out. When we first started our business we decided to keep the books ourselves and that proved to be a huge time drain for us. Having a separate, qualified person to handle the books will free up huge amount of time.
Financial Planner
A financial planner’s importance should be obvious but they are especially important for those of you embarking on your first business venture. A planner will help you to forecast your costs for the first 6-12 months and will help you to ensure that you will be able to meet all of your costs and have enough money to live comfortably. There are also going to be many preliminary costs like insurance and income protection. A financial planner will help you to understand all the bills you are going to have to pay over the next year.
Business Coach/Mentor
This may not appear to be a must for your new business. Especially if you have to hire a coach. Ideally, you know an experienced businessperson who is willing to advise you. In either case, having a seasoned business veteran to guide you in your operations early stage is absolutely invaluable. That said there are a lot of bad business coaches out there. You need to find someone that knows what they are doing and has the experience to back it up. They have to be able to develop a detailed plan for you. Even if you are an experienced business person you still need a coach or a mentor. Having another experienced person to add fresh ideas is worth their weight in gold.
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. In business outsourcing work to other people will save you valuable time. There is not greater time suck than wading through pages of insurance contracts. A broker will wade through that paperwork for you and will select the insurance that you need for the lowest price.
Employee Consultant
In Australia the employee law changes as fast as the government. Which can be quite often down here. An employee consultant will be far better versed in those legal intricacies and will ensure that you don’t run afoul of regulators. They will be able to help you to draft of contracts and employee agreements as well as benefits packages.
Real Estate Agent
If you need a place of business than selecting the right place can make or break your business. This is especially true if you are in the retail sector which is heavily dependent of foot traffic. If no one is walking by your business you’re going to be in trouble. A good real estate agent will have sensible advice and input about the right location. You may well want to talk with several different agents to ensure you are getting the best advice.
Business Broker
This person may not be part of your initial team but ideally, you will at least have made contact with a business broker. They will help to guide you about what you need to have in place for your business for when you sell the operation. They will help you to understand what goals you need to achieve in order to make the business attractive for buyers. You are going to sell your business one day. It’s better to have that in place at the beginning rather than scrambling years into your operation.
More about this Show
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 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.
Show Notes
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.
More about this Show
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.
