Small Business

January 9, 2017

Business or Hobby?

What is a hobby? A hobby is a pastime or leisure activity conducted in your spare time for recreation or pleasure. Benefits of being a hobby Personal enjoyment and satisfaction. You can gift or sell your work for the cost of materials. You can do it in your own time or when people contact you. You don’t have the reporting obligations of a business. Find out about running a hobby or watch the Are you in business videos on the Australian Taxation Office (ATO) website. What is a business? You’re in business, if your activity, as a whole, is commercial with an aim to make a profit. Benefits of being in business You can apply for an Australian Business Number […]

May 31, 2016

3 Things to Consider Before You Set Up a Small Business in Melbourne

Melbourne’s business environment takes pride in housing numerous multinational companies but it also beams with a vast number of small businesses. Many of which continue to flourish in this awesome city. After all, the place isn’t lacking in people with purchasing power. Owners of small businesses are aware, however, that this isn’t enough to score success. You need a concrete business plan to start with and constant effort to keep the business afloat. When setting up a small business in this bustling city, here are three things that should be in your priority list. A marketable service or product. It’s enticing to sell something that has little or no competition, but perhaps competition is scarce simply because the market sees […]

December 14, 2015

Mastering the Art of Negotiation

Wouldn’t it be a different world if everybody thought the way you did? If everybody spontaneously conformed to your every wish, your every thought, your every feeling? Since life doesn’t work that way, you would do well to become skilled at the art of negotiation. In negotiation, after all, neither party holds all the aces. Instead, negotiation proceeds (or should proceed) on a rather level playing field. Since both parties want to win, what is the best way to proceed? Here are five steps. 1. Establish the relationship The wise negotiator establishes the relationship before proceeding further. Doing so allows you to get a feeling for the person with whom you are dealing, and vice versa. Though often ignored, “feeling” itself is […]

September 29, 2015

Why Pay Attention to Financial Statements?

The Diversity of Financial Reporting Don’t expect financial statements to fit into a single mold. Many articles and books on financial statement analysis take a one-size-fits-all approach. The less-experienced investor is going to get lost when he or she encounters a presentation of accounts that falls outside the mainstream or so-called “typical” company. Simply remember that the diverse nature of business activities results in a diversity of financial statement presentations. This is particularly true of the balance sheet; the income and cash flow statements are less susceptible to this phenomenon. The Challenge of Understanding Financial Jargon The lack of any appreciable standardization of financial reporting terminology complicates the understanding of many financial statement account entries. This circumstance can be confusing […]