Business is a like a journey that starts with an idea or perhaps as a hubby of a business owner who want to use their idea, qualification, skills and experience and turn it into a business with the purpose of making profit. As a business owner, you are required to juggle many balls and consider many factors from day one when you decide to start your business, while you are running it and right to the last day when you eventually finish your business journey. The journey would be part of your life journey which in many cases could be best years of your life if you are successful in your business. However, it is also possible that the business fails due to issues outside your control. The result could have detrimental impacts on your personal assets and even your health. So it is very important you seek professional advice when you decide to go ahead and before you start the business.
Starting a business: It is very important you choose a right business structure for your business from day one. This is particularly important if you are going into business with someone else from day one or perhaps want to admit a new business partner on board later on. By having a right business structure in place you would protect your personal asset from creditors if things go wrong in the course of your business. You could also minimise your tax legally in short term while running your business and later on when you want to sell your business.
Buying a business: Like any asset, a business is only worth what someone wants to pay for it. You should only buy a business once you have done a thorough due diligence process which means obtaining all the information, analysing them and then decide if the business is worth what the seller is asking for and whether to buy it. While we can go through all the financial information and advise you about the viability of the business based on the information available, you may also obtain professional valuation of all the assets and liabilities of the business you buy. The process could be very complected and confusing, so it would be important to engage a professional advisor from the beginning.
Growing your business: Whether you buy your business or set it up from scratch, your main goal would be to grow it as much as possible to the point you can handle it and run it efficiently. This would become one of your major asset which you would either sell it one day or perhaps hand it over to the next generation through a succession planning. There are many ways to grow your business. We can advise you on this very important part of your business journey.