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Best Laid Plans
Taking the first steps to success
Deciding that you’re ready to become an entrepreneur
and start or buy a business is a big and exciting step.
So, before you start, make sure you're aware of
what's really involved in getting your business up,
and then running it.
All successful businesses start with a great plan,
so be sure to get off on the right foot.
Operating a business starts with a great idea
and a passion, but it will thrive with the right
management skills, industry expertise,
technical skills, finance and the vision to grow
and succeed over time.
We're here every step of the way,
and can help you turn your business
dream into a reality.
To start-up or to buy?
That is the question
There are pros and cons to starting a new business and to buying an existing one. A new business can be created and run just how you envisaged and can be a personally fulfilling journey, but a new business is a big risk, as many never make it past start-up.
Buying an established business or franchise often reduces risk, it usually means investing more capital up-front. So what’s the answer for you and your future enterprise?
Bricks and mortar
Space to suit
Most businesses, at some point, will be faced with the decision to either lease or purchase a business space. Each business needs to consider its own specific needs and circumstances before a decision is made about which option will provide the required space at the lowest overall cost.
Purchasing Property
Generally, leasing is cheaper than purchasing, but it may be worth buying a property if it can be purchased at a below-market price or if the business is well-established and will likely be based in the same location for more than 10 years.
Some other advantages of purchasing business property include fixed costs, tax advantages and deductions, access to equity, capital growth and control of the building as owner/operator.
Leasing Property
Leasing will typically be preferable for businesses with minimal or no capital to spend on real estate and new businesses with uncertain space requirements for the future.
Other upsides to leasing a business space include having greater choice of properties, often in prime locations, time to grow the business rather than managing your commercial investment, flexibility to move to more suitable or larger premises quickly, if required, and reduced risk with short, fixed lease terms.
New business check-list
There is a myriad of things to consider when you’re getting down to business, and a few golden rules to remember:
- Be sure to take care of the legalities behind your business, including registering the business name, signing up for GST and superannuation and obtaining the relevant insurances.
- Understand how much money you'll need to get your business off the ground, what you’ll need to make to break even and when you’ll start turning a profit.
- Even with your own hard work as part of the equation, you are more than likely going to need some level of financial investment to get a business going.
- Time is of the essence. Remember that your business has to hit the ground running and start making money quickly.
- If you are going to buy a business, buy smart. Do your research and make sure the business stacks up, and is worth the asking price.
People's Choice can help
Business loans
We offer a range of loans to help you buy a business, expand your business, or purchase property, vehicles or equipment for your business.
Business accounts
There’s a People’s Choice account to cover your business needs, whether it's day to day transactions or savings and investments to keep your cash flow healthy.
Business services
We have a number of other products and services including a Business Visa Debit Card, Business Insurance, MYOB BankLink, MYOB Banklink (Direct Feeds) and Xero.
hi…
Thank you for your enquiry. Unfortunately we don’t have a Business Banker based in this area, so please call us on 13 11 82 to see how we can still help you.
Subject to the product issuer’s underwriting rules and acceptance guidelines.Terms, conditions and exclusions apply and are available upon application.
The information above is general advice only and does not take into consideration your personal objectives, financial situation or needs (“your personal circumstances”). Please consider the relevant Product Disclosure Statement (PDS), other Disclosure Documents and your personal circumstances before making any decision to purchase the products. Contact us on 13 11 82 with any questions, or visit your nearest branch to talk to a consultant.
General insurance (including Travel Insurance) is issued by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance. All our insurance issuers pay commission at rates which range from 0% - 40% of the base premium. The commission rate varies depending on the type of insurance.
People’s Choice Credit Union, a trading name of Australian Central Credit Union Ltd. ABN 11 087 651 125 Australian Financial Services Licence 244310, acts under its own Australian Financial Service Licence and under an agreement with the insurer Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance.