I’d had a great year in business.
My turn over was the best I’d ever had.
The gross figure crossed the seemingly illusive line I’d set for myself and I had to register for GST.
My accountant immediately suggested I become a company. Explained the process and sent me a quote.
I wanted to understand all the elements included in the quote.
I asked for more information and dug into the details.
What was involved.
The setup and processes.
The initial and ongoing costs.
Pros and cons
Cost vs benefit analysis
The impact on how I would run my small business moving forward.
I asked lots of questions.
I got intimate with my current numbers to really understand them.
Ultimately it didn’t stack up for me to become a company…yet
It did however have me reflect on what I need to do to ensure I’m making the most of my turn over and how I manage my business.
By doing all of this I was able to make an informed decision that was right for my circumstances.
It’s important to listen to the people who specialise in their skill set AND do your due diligence to ensure it’s right for you.
Are you unsure of how to go about due diligence and would like some guidance and support to confidently make the decision that’s right for you? Message me to chat.
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