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[music]
John Beale: There's a lot of things to consider in setting up a business,
and this is just . . . I don't know if you can read that. So
basically, the way I see things is every business . . . and
here's what Pete was talking about. Managing KPIs, so that's
a core of every business. And then the area that you guys are
going to consider is the entrepreneur wants to have control
of his business. He wants flexibility for change. So that's
in structure and the way he does his business. He needs an
exit strategy. They need to look at protecting their assets.
And they want tax effectiveness.
Woman: And what do the [women] want?
John: Sorry, I'm being very . . . Help me.
Mark Robinson: That's the missing hexagon there.
John: There it is. And the next screen probably, also, is the number of the
things you need to consider. Not that one. The next one, I
think, after that. No, the next one? Next one? That one
there, so there's all sorts of things within each thing. So
when you're starting out in business, you want to look at
your structure. Do you want to be a sole trader, or
partnership, a trust, or a company? How do those work, and
what do they mean? Your registrations; you need to have an
ABNGST business name, business license, and tax file numbers.
Intellectual property, a lot of entrepreneurs will be
developing intellectual property and how you hold your
intellectual property is very important to what happens later
on when you sell your business, or to protect the assets of
the intellectual property. Obviously along with that, you've
got to consider all your insurances, your professional
identity, your risk, worker's comp, superannuation. And then
systems is just part of that as well, which is your
accounting, project management, document management, marketing, email, OHNS, and then all your
online stuff.
So, from an accounting point of view, the structure is
probably very important. And perhaps . . . how many people
here have what they think is intellectual property? And how
many of you really understand the tax treatment of
intellectual property when you sell your business? A lot of
intellectual property will be taxed as ordinary income. So if
you have a company or a sole trader, and you sell your
intellectual property, it's not a capital sale for capital
gains tax purposes. So you lose effectiveness of all the
concessions that you have with CGT. So you've got to consider
how you hold your intellectual property.
Mark Robinson: I think it . . . and the funny thing is, and this is what
I love about what Dale does, is the fact that you've got to
look at your vision first, and where you want to be before we
can ask those questions. And that's what we do at Acquire. We
want to know where you want to be first before we worry about
where you are now and what systems to use. So it's all about
working out that first. And it's so critical that you get
that vision done. And once you've got that done, we work it
back from there to find out, you know, how to get you there,
and then what.
[music]
Announcer: Brought to you by BusinessBlueprint.com.au.