Check what you have learnt
As you worked through the topics this week you had the opportunity to learn about:
- The importance of seeking professional advice when starting a business.
- The terminology used in the field of accounting and how this can play an important role in communication with accountants and financial institutions.
- How to identify your startup costs, including assets, one-off and ongoing costs to establish the startup capital you require.
- Why it is important to start your business with the right business structure and how it can influence decision making, taxation and legal liabilities.
Starting your own business can be a rewarding experience and good planning will help improve your chances of success. Seeking professional advice on your financials, contracts and insurances is money well spent. It is vital to identify and calculate your required startup capital and how you will fund your business, as well as having the appropriate business structure. This will set you up to be business-ready on day one of trading.
You have been introduced to Paul and his online sportswear business. With your help, Paul has identified his start up costs and ongoing expenses. You also advised Paul of what business structure he should utilise in setting up his business
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