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Insight, news and updates from Alliott NZ Chartered Accountants, Auckland New Zealand. The views expressed here are the views of the author and should be discussed in further detail should an article be relevant to your individual circumstances.

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Getting Business Structure Right

Written by Greg Millar on October 23rd, 2017.      0 comments

Working as a freelance Personal Training and Group Fitness Instructor sounds like a liberating, interesting and well-paying job.

boxing gloves-241But the truth is, like any independent contractor, there are business issues that have to be considered before you take your first class or train a client.

Dean was a full-time chef and fitness enthusiast before he decided to take a chance and work for himself in an industry he loved.

Challenge

Dean knew he needed to learn how to run a small business and decided to start by talking to his Accountant.  It was a given that numbers would be involved and Dean was also confident his Accountant would reliably advise him what to do and who to see.

Solution

The Accountant sat Dean down and gave him some home truths.  Dean, as an independent contractor, would need to keep the administrative, accountancy, marketing and legal aspects of his businesses as up to date as possible.  He would typically spend about 40 percent of his time on administration, marketing and client liaison.  It was time Dean had to factor in now.

The Accountant recommended that Dean invest in a cloud-based business system suitable for a startup business.  With this help, the system would manage his business and provide useful reporting to allow them to make decisions about profit, growth, etc and ensure the numbers stacked up.  It would also drive routine invoicing and tracking of expenses.

Benefits and Outcomes

In the 20 or so years that Dean has worked for himself, he has been a busy and highly regarded as a Personal Training and Group Fitness Instructor.  Dean confirmed that, in his opinion, spending time on getting his small business structure right was just as important as initial client engagement.

Top Tips

  • Stay current with trends, technology and market issues
  • Be realistic about start-up costs, obligations and registrations
  • Network by joining a professional or industry group
Take your business to the next level with help from our experienced team of Chartered Accountants and Business Advisors. Call our team in Auckland on 09 520 9200.
 

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