UK Business Forum
Friday, 04 July 2008
Starting a Business!
Starting a business
Will the Business satisfy your needs?

People start a business for a variety of reasons.  This may include trying to find an alternative to paid employment or a desire to earn more money or be more independent.

You are more likely to be successful if your business venture can meet your interests and needs.  It's also worth thinking about whether you are prepared to cope with the impact of running the business on your lifestyle and family commitments.

Ask yourself:

    * What is really motivating me to go into business?  Is it strong enough to keep me enthusiastic and involved?
    * What do I want to achieve?
    * What aspects of running the business am I most likely to love or hate?
    * Am I prepared to put the necessary time and energy into the business - and will this be acceptable to those closest to me?
    * Am I prepared to work long hours as and when required?
    * Can I live with the stress and the risks involved?
Read more...
 
Economy grows 4.3 per cent
Economy grows 4.3 per cent


THE economy grew by a seasonally adjusted 4.3 per cent over the year to September, keeping pressure on interest rates, analysts said today.

Over the September quarter, gross domestic product (GDP) rose by 1.0 per cent, the Australian Bureau of Statistics said today.  That compared with a downwardly revised rise of 0.7 per cent in the June quarter.

The median market forecast was for a quarterly rise of 1.0 per cent and an annual growth rate of 4.8 per cent.

Household final consumption expenditure rose 1.2 per cent in the quarter and was up 4.5 per cent over the year to September, adjusted.

Total investment in dwellings increased 1.4 per cent in the quarter, adjusted, to be up 4.8 per cent in the year to September.

Domestic final demand grew 0.8 per cent in the quarter and was 5.5 per cent higher over the year, adjusted.

Pressure on rates

JPMorgan economist Jarrod Kerr said the Reserve Bank of Australia (RBA) was still likely to raise interest rates in February.

"We're still growing at the pace that will be above potential which points to pressure in the pipeline," he said.

"We think the RBA – while they left rates on hold today and there's uncertainty in the global outlook and the financial sector – we think they'll have to remain vigilant on inflation. We think their job's not done yet and there's another tightening in February."

The Reserve Bank today left the official cash rate unchanged at 6.75 per cent though it warned of rising inflation.

Mr Kerr said economic growth was still growing despite capacity constraints.

"Economic growth (annually) is at 4.3 per cent. That's a great number when you consistently grow at 3.25 to 3.5 per cent," he said.

"We've had economic growth uninterrupted for 17 years. There's capacity constraints, food prices rising and petrol prices are also surging. The cost of wages are expected to increase. There's inflation coming through on all fronts."
 
Selling Your Business
 Selling Your Business

Why Do You Want To Sell?

The average life cycle for owning a business is between 7 to 14 years, and many people have thoughts of "moving on" around then. There are also many reasons for selling. Maybe you've run out of enthusiasm and no longer find it enjoyable, it could be time to retire, or perhaps you're looking for a new challenge.

How Much Is Your Business Worth?

There are a number of methods for valuing a business, including valuing the goodwill component. To realistically value a business you need a good grasp of the marketplace. A good tip is to find someone who has successfully sold a business and arrange to see their business broker. It is rare for a business to be sold successfully without the help of professional advisers.

The adviser will need to see at least three years of financial data to assess the market value of your enterprise. They will also visit your premises (if applicable) to gain a good understanding of your business and to see what assets you are selling with the business.

In many cases, the asking price for a business is greater than the value of the tangible assets being sold. The difference is known as goodwill. Goodwill includes intangible assets such as the business name, an established customer base, trademarks associated with the business, and training during hand-over. Because of its intangible nature, goodwill can be difficult to value, however it, should be based on the overall value and future profitability of the business.

After determining the value, you can then set your asking price and decide how to best market your business for sale. You may choose to do your own marketing (eg, advertising in the "Businesses for Sale" sections in newspapers and trade journals) or have your business broker handle this aspect of the sale.

At this stage, you should also talk to your accountant about any likely income tax and capital gains tax liability on the successful sale. Complete and accurate financial records for the business should be prepared. A solicitor should also be consulted in the early stages to consider any legal issues which may arise, and to make provision for goodwill in the sale contract.
Read more...
 
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