accountants

Announcements from the government over the weekend provide further clarity for accountants regarding the future direction for providing financial advice to their clients. The announcements are long overdue and provide useful guidance for the future, although the details will need to be worked through once draft regulations are released later this year.

Summary: On Saturday, Minister Shorten announced the removal of the current licensing exemption for accountants. The Minister’s press release stated that it will be replaced with a new form of financial advice license that will be available to all advisers who wish to provide ‘class of product’ (ie non-product specific) advice. This will take effect with a transition period from 1 July 2013 for three years.

Working for yourself does not necessarily mean working by yourself. You may find it tempting to research opportunities to buyan already-established business, complete with staff and inventory.This option is primarily for entrepreneurs who don’t want to starta business from scratch and prefer to seek one which is alreadyoperational. It will give you an established name, existing customerbase and an immediate revenue stream.Searching for a business to buy can be difficult, and finding theright one to buy is tougher yet.

Not having a business plan means you plan not to have a business. A business plan is a road map to follow as you steer your company towards the goals and objectives you have set for it. Many people, especially those starting as sole traders, do not prepare a business plan and if they do, they scribble out something in haste without giving it much thought.

Tempting as it may be to just hand in your notice, print up some business cards and get started, there are several important decisions to make before you can start working for yourself. The time and effort you put into the planning at the early stages of your new life being your own boss will be well worth it in the long run.