Should you borrow money from your family? Questions to ask yourself before getting loved ones involved.
Buying a franchise can be a great pathway to running your own business. Before signing on, make sure you’ve sought advice and considered these seven key areas.
How can you impact your profit as a small business owner? For most small businesses, making a profit is one of the most important goals. Profitability relies on a simple accounting equation: Income – Expenditure = Net Profit In other words, net profit is your business's profit after all business expenses have been deducted from your revenue...
If you have a great idea for a new product, you’re at the start of an exciting but complex business journey. From developing your idea to testing demand in the market and finding the right manufacturer, here’s your guide to the steps involved in turning your idea into a new product available for sale. Step 1: Develop your idea Developing any new...
We’ve all heard the saying that ‘cash is king’, but despite the popularity of this phrase cash flow is an area of business that is often neglected. Being able to effectively manage your cash flow is key to the long term survival of your business. It will also allow you to maintain enough working capital to operate through quiet periods. Your cash...
In 2015, Claudia Franke started her IT consulting business in her spare time while still working in an office-based role. After two years of building her business, she resigned from her IT day job to focus on providing IT consulting, support and training services for small businesses. The move to create her own business, Fraulein Tech, allowed...
Small business lottery agents have had a win that will help their long term sustainability. The Western Australian Government has announced a suite of initiatives to help newsagents and lottery retailers, including an increase in the commissions they receive for selling Lotterywest products. The 10.8 per cent increase, effective from December...
A business plan is a valuable document for business owners as it helps you clarify your thinking, set a tone and direction for your business and gain a deeper understanding of your market.
Government agencies play an important role in our economy when procuring products and services.
The SBDC’s own Facebook group, ‘I’m a small business owner in Western Australia’, was created in 2014 to provide an active online community in which local business owners could network, ask for advice and share knowledge. The group recently hit the 15,000 member mark, and has proved to be a highly appreciated asset for small business owners to...
I am very proud to welcome the launch of a new funding program, aimed specifically at assisting small businesses in Western Australia grow. Despite the SBDC’s excellent reputation for delivering funding relief during times of crisis, such as natural disasters and the COVID-19 pandemic, the creation of the Small Business Growth Grants program marks...
If you’re like most small businesses, you’ve been using Single Touch Payroll (STP) since it was introduced by the ATO in 2019. Now, it’s time to plan your transition to STP Phase 2 reporting. STP reporting was introduced to streamline the way businesses report their employee’s payroll information such as tax and super. STP Phase 2 has been rolling...
