#02 Small Business Basics
Running a small business can be exciting but also challenging, stressful and sometimes overwhelming. There is a lot of information to take in. Often the people who come to me for advice are looking to find out exactly what it is they need to know and where to get started.
In this episode, I share some key areas that you should be mindful of and should take care of in your small business. I touch on things such as business structure, the documentation of business partnerships and shareholder agreements, debt management and business terms and conditions. I also discuss getting your business legals in order, which I believe is one of the most important aspects of running a small business.
We don’t know what we don’t know, and my job is all about making it easier for business owners like you to understand what needs to be done, and when. This episode will shed some light on the areas you need to think about to reduce misunderstandings and avoid disputes down the track.
Topics discussed and where to find them
[1:00]: The commonly asked question, “how do I know all the things I need to know?”
[1:30]: The importance of business structure and talking to your business lawyer or accountant to understand what your options are.
[2:30]: There is an important distinction between business partnership and shareholders in a company. Documentation is critical.
[3:30]: The trio of documents for business legals and the importance of getting them tailored properly for your business.
[5:00]: How the distinction between employees and contractors can be confusing but doesn’t have to be.
[6:00]: Debt management processes, business terms and conditions and setting up templates for chasing unpaid invoices.