One of the things that I see happen so often is for people who are moving to the Southwest to buy or setup a business so they can buy themselves a job.

If this is you and you are happy with doing the same old things day in day out then you may as well stop reading the rest of my post.

For the rest of you, this article may have resonance.

An entrepreneur or business owner is someone who has a passion for their business and wants to see it succeed and grow.  They will often spend lots of time after hours tending to the things they can’t get to during the day.  When they first start up they often try to do everything themselves to save costs.  Unfortunately this is one of the big fallacies in business,  when you are first starting up you need to be engaging with advisors to make sure that you are doing the right things from day one, rather than how you think things should be done.

For instance it is important that you:

  • Have sufficient working capital to fund the business effectively,
  • get your structure right,
  • obtain the necessary insurances,
  • set up your accounting systems from day 1 rather than 4 months after you start,
  • start to develop policies and procedures on how you do things in your business.

It therefore makes sense to be talking to a trusted advisor who gets to see a number of different businesses and who knows what works and what doesn’t.  Although it may cost you a little bit in the start it can save you a lot of money and save a lot of heartache in the long run.

ROB KOCH
DIRECTOR RWK ACCOUNTANCY