Many businesses start life as 'side projects'.
The business may start out by testing a product or service in the market, while the owner continues to generate a more reliable income through third-party employment.
In the excitement of pursuing the transformation of this passion or great idea into a business, some of the crucial and oft-perceived 'less exciting' aspects of starting a business can be overlooked. These may include:
- essential business processes
- legal and corporate structures
- reporting and governance requirements
- partnering and financing
- risk management arrangements.
To ensure these critical elements are in place and ready for when the business grows beyond a side project, it pays to seek early advice from a business advisor or other professional in this field. This will prevent numerous headaches in the future.
If you are a business owner – or prospective owner – looking for advice or support, contact the business advisory team at JPAbusiness for a confidential, no-obligation discussion.
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James Price has over 30 years' experience in providing strategic, commercial and financial advice to Australian and international business clients. James' blogs provide business advice for aspiring and current small to mid-sized business owners, operators and managers.