Posted on

Sometimes “Real World” Marketing, Not Digital, is More Appropriate

start your own business
It’s not unusual to obtain new work because people in need of your services spot you working on your current job. But chance is one thing – how can you improve the odds of making this happen?

IF YOU’RE A TRADIE, working as a plumber, builder or carpenter, handyman, gardener or electrician, then you probably already know that some of the best jobs come by referral.

Identify “real world” marketing opportunities

During my recent renovation of an investment property in Newcastle, most of the good tradies would tell me, “Someone you’re working on a job with on Monday will ask you to do a job for them somewhere else on Friday, or a neighbour of a client will ask you to do some work for them.” I soon saw from other tradespeople how “work can come to you just because someone happens to be walking by while you’re on the job” — gardeners get a lot of work this way, for example.

The important thing in this scenario is to act efficiently in finding out what the potential client needs, finding out what else is important, and then selling them on your services. I recently had the pleasure of interviewing Kristine Seymour, an experienced sales person and business builder, for the Sales Training Course at the Australian Small Business Centre (ASBC). She spoke in detail about how to act when your future income depends on how well you can sell. This Sales Training Course is available on the EzyLearn LMS.

Take advantage of business opportunities

This course is also available to new licencees for the National Bookkeeping Business Opportunity. The key to getting new clients is to be proactive and take advantage of these on-the-spot business opportunities by using some “real world” marketing tactics. These skills can be used even if you are just looking for part-time clients or doing bookkeeping or marketing as a side hustle — more on side hustles in a forthcoming blog. 

Some “real-world marketing” examples

Another good example of a real-world marketing tactic is to conduct a letterbox drop in the local area where you’ve just started work. Clearly, this lets residents in the area know you’re working there, what you do, and that you are available.

This alone may lead to thousands of dollars in additional revenue if even just a few people get in touch. But always, it’s vital to keep track of what marketing you do and where leads are coming from. It’s vital to schedule quotes and start dates for work and so forth, and have a handle on Office Productivity Software like Microsoft Office or Google G Suite. These will not only help you organise your workload, but you’ll also appear organised and professional to your clients.

***

Learn more about both digital and face-to-face (networking) marketing in our EzyStartup Training Course. Visit our website for more information or to enrol.


learn online training Xero courses videos for less

Our Xero online training courses include EVERYTHING for ONE LOW PRICE. Furthermore, if you select our Lifetime Membership option, you’ll have LIFETIME access to our ongoing course updates. All EzyLearn courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses.


REF #688

Posted on

How to Reduce Your Fail Rate in Business by 50%

What You Can Do this Christmas

business start up online training course christmas holidays2
There’s lots to do in preparation for starting a business and the summer holidays is a good time for the ground work.

DID YOU KNOW research shows that by taking just one short course on small business management, the chance a business will fail is reduced by as much as 50 percent.

This is because business mismanagement is the primary reason businesses fail; the other most common reason is because owner/s fail to implement appropriate credit management processes. In both cases, this failure has come about because the owners, directors, partners or managers lacked the appropriate management skills to make it a success.

Learn the basics in business

The Christmas holidays is a perfect time for taking the steps needed to start your small business. While everyone else has gone on holidays, you’ll be ready to take on your first client or customer by the time business really starts kicking off again at the end of January.

business start up online training course christmas holidaysSo let’s get to it: there’s work to be done. And this work generally requires some rudimentary knowledge of Australian tax law, copyright law, trademarks and patents.

You should also have knowledge of particular software applications, and digital marketing.

Other key areas of business you need to know

The key areas business owners should understand before starting a business include:

Ordinarily, to become skilled in each of those areas, a person would have to take, at least, five different training courses. But few people are ever likely to do this. Instead, they’d be more likely to cherry pick the areas they’re least familiar with, and fly blind with the others. Needless to say, that’s where people run into problems.

Take Advantage of our Christmas Savings!

We don’t want you to wing it or fly blind — our goal is to help small businesses succeed which is what we’ve been doing for nearly 20 years.

We cover what you need to set up a small business in our EzyStartUp Business Course, priced at just $297. This course covers each of the key areas mentioned above that a small business owner needs to be familiar with, in addition to the following:

  • Originating and developing concepts
  • Establishing legal and risk management
  • Product packaging
  • Marketing your business

***

When you enrol you will also receive FREE ACCESS to a bunch of our other online training courses, including Xero Set Up and Beginners’ Excel and Word.

Our Last Dasher Sale is also on now with special Christmas discounts on our online training courses in social media, and cloud accounting software (MYOB, Xero) and Excel, Word and WordPress.


Don’t Wait — Become the Head Honcho Today

Use your time off from work this summer to begin working on your new small business. All of our training courses are delivered online, and can be completed at your own pace, so you can complete them while you’re actually on holidays, or relaxing at home or at a cafe.

And since one of the best ways to start a new business is by operating it as a side project to your other job, if you get all the start up stuff out of the way while you’re on holidays, it’ll be ready to go by the time you back to work.

Learn more about the EzyStartUp Business Course at our website or view all of our special offers to save on your next EzyLearn training course.

start your own business online training course videosAnd as a gift to you, remember our Bookkeeping Basics Guide is yours’ for free!


 

Posted on 1 Comment

Is Xero Better than MYOB for Bookkeeping Businesses?

Bookkeeping Incumbent, MYOB Versus Cloud Innovator, Xero

MYOB or Xero online accounting course training videosMYOB HAS LONG BEEN the preferred accounting software of choice for accountants, but a lot of small business owners have now come to prefer Xero. It’s easier to use, and they can access it anywhere — their desktop PC, tablet or smartphone.

Meanwhile, the rise of cloud-based accounting software, which was pioneered by Xero, has made it a lot easier for bookkeepers to base themselves from home. Throw in other technological innovations — cloud storage, bank feeds — and a remote Xero bookkeeper has become the more appealing choice for businesses, too.

Good bookkeepers have a corporate background

Many experienced bookkeepers (around level three upwards) have a corporate background. They’ve typically worked for big accounting firms, and are possibly qualified accountants or BAS and tax agents, familiar with all the available ERP systems on the market.

As much as they know MYOB as the big robust accounting software for medium-sized businesses, a lot of these ex-corporate bookkeepers are also well aware of how Xero benefits small-to-medium businesses: It’s less confusing to use and it’s cloud based; things that make the bookkeeper’s job easier, too. But there’s no guarantee they’ll recommend Xero purely because of that.

Their experience with a range of different ERPs, makes them just as likely to have a subscription to more than one accounting software so they can recommend, with firsthand knowledge, the right accounting software for your business — be it Xero or QuickBooks or, yes, even MYOB.

Bookkeepers can grow their business

National Bookkeeping - How to Earn More MoneyOf course, one reason Xero has become the preferred accounting software, over MYOB or QuickBooks, for a lot of ex-corporate bookkeepers is because of the Xero partner program which enables them to earn ongoing income by recommending Xero to their clients.

Billed as a way for Xero bookkeepers to grow their business, the program lists certified partners in the Xero Advisor directory, which is used by businesses looking for a Xero-certified bookkeeper to manage their accounts. To become a Xero partner, bookkeepers must successfully complete a Xero skills test. When they do, they’re listed on the directory.

The more Xero clients a bookkeeper brings in under the Xero Partner program, the higher their status and the greater their rewards — free Xero memberships, marketing help, and big discounts on subscriptions for their clients.

It’s incredibly appealing for ex-corporates who want the flexibility of self-employment, but want to grow their business with a client-base of substantial mid-sized businesses — and fast. So the more business a bookkeeper can bring Xero, the more business Xero can bring the bookkeeper. At least, that’s how it’s supposed to go.

Universal access with Xero

But Xero Partner or not, far and away Xero’s popularity is really due to its technology — and its commitment to using technology to improve the way businesses stay compliant with the tax office.

That all started with universal access. Businesses that use Xero can invite anyone in their team — their admin assistant, bookkeeper, accountant, their entire sales team — anytime they like, as part of their Xero subscription. Here are a few more reasons:

  • Invoices can go out as soon as a project is finished or a sale is made; likewise for estimates and customer statements.
  • It also means that a business owner can monitor their cash flow in real time, while their bookkeeper is keying transactions and their sales people are sending off invoices.
  • And because the software is in the cloud, these people don’t even need to be in the same building, never mind the same city, state or country! (Xero is the rare low-cost accounting program that supports multi-currency.)

It’s all about the Xero tech

Xero also integrates with more than 500 third-party apps. Some popular integrations include Gmail and Hubspot, the marketing and sales platform. These two integrations alone turn Xero into a complete business management platform and enable it to scale up to the services provided by mid to large sized ERP systems.

Businesses can import data to Hubspot based on customer spend or products and services sold, and send those customers tailored marketing messages. The Gmail integration gives users a complete snapshot of previous conversations with customers — salespeople can see if there are outstanding invoices, or problems with a customer’s account, for example.

Gold standard in bank feeds

Although bank feeds are accurate most of the time, they’re not perfect. MYOB has been know to be particularly temperamental, but Xero has a reliable bank feeds function. Again, that’s a lot to do with Xero’s commitment to tech. 

Setting up bank feeds in any accounting software is as simple as clicking a few buttons, giving a few permissions, and voila! Your bookkeeper has just saved themselves hours each month. Bookkeepers much rather spend as little time as they can keying and coding transactions.

[box type=”info”] This time is better spent doing bigger jobs — lodging activity statements, reporting, payroll — so they’re going to recommend an accounting program with bank feeds.[/box]

Plus, business owners won’t have to wait for their bookkeeper to enter their transaction data each fortnight or month to see how their cash flow is tracking: Bank feeds give business owners a complete picture of their business’s cash flow and financial health because transactions are imported in real-time.

Xero courses provide Bookkeeper CPD points

EzyLearn Online Course CPD points for bookkeepers and marketing professionalsEzyLearn gets lots of enrolments in our Xero training courses and we’re an accredited training provider with the Institute of Certified Bookkeepers. The ICB requires its bookkeepers to continue developing their skills and knowledge as a bookkeeper in order to retain their membership (this is known as continuing professional development, or CPD).

Many bookkeepers and accountants do EzyLearn’s Xero courses to earn their annual CPD points. EzyLearn offers a number of different training courses as continuing professional development (CPD) for bookkeepers, including our Microsoft Excel, Xero or MYOB training courses.

Our Bookkeeping Academy training courses start at $99 — for Xero or MYOB — and allow you to learn what you want, when you want, entirely at your own pace. Visit the Bookkeeping Academy website for more information or to enrol.


 

Posted on

How to Tell You’re Setting Your Prices Too Low

How to set prices in business

how to set prices in business
Don’t shoot yourself in the foot by pricing too low and only winning jobs that you make very little on!

AS ALL SMALL BUSINESS owners know, setting the right prices is a difficult task. And a lot of newbie business owners think that being cheap is the better than meeting the market, but that’s not always the case.

Take, for example, a tradesperson I met recently. This tradesman is a painter and he’d been in business for a while before he realised his prices were set too low, and despite all the business he was getting as a result, it was actually costing him money. (We cover more detailed, real-life case studies like this in our micro courses.) 

He shared with me the tell-tale signs that your prices are too low.

Lots of small, one-off jobs

Small jobs are important because they keep the home fires burning, so to speak. But you need a good balance of small jobs and bigger projects, with the small jobs being completed around or in the middle of the larger ones.

If you’re only getting lots of small, one-off jobs that you spend more time to travelling to than it takes to complete the work, this is a good indication that your prices are too low. For jobs like these, either charge for travel time or a call-out fee.

For small jobs … charge for travel time or a call-out fee.

You’re too busy to plan ahead

If you find that, in order to make ends meat, you need to keep yourself so busy that you don’t have time to plan your working week, then your prices are too low. You should be able to plan out your weeks so customers know when to expect you, and so you can be as productive and efficient as possible — if you have two jobs in the same area, for instance, planning ahead will allow you to go to those jobs on the same day.

Use a tool like Google Calendar from G Suite to organise your days, and keep in touch with customers along the way so they know to expect you.

You can’t afford to pay for help

Setting your prices lower than your competitors may be one way to win jobs, but the downside is that you’re constrained to completing the work entirely yourself. The tradesman, a painter, whom I was speaking with, told me about a time he couldn’t afford to find another painter to help prepare walls or pitch in with the painting because his prices were too low.

If you’re not able to pass jobs onto other businesses in your industry — subcontracting — and still clip the ticket, or you’re not able to afford to use a portion of the money you’d earn to hire someone to complete part of the job, you’re charging too little.

You’re too busy to invoice promptly

Just as it’s important to plan your work weeks in advance, it’s equally important that you invoice customers for the work you’ve completed in a timely manner. If you find that you often don’t have the time to invoice customers until a week or a month has passed, there’s a deficiency in your business processes. Use accounting software like Xero so you can invoice on the go.

***

We cover setting prices the market — and your business — will bear in our EzyStartup Course. Visit our website for more information and to enrol.


Check out our Spring Specials!

learning how to use excel and xero with online training

We have a host of online training course specials for the spring season — take a look!


 

Posted on

Don’t Wing It With Customer Service – Plan It

Great customer service doesn’t just happen.

learn online training videos about small business customer service
If you’re unsure about what makes up the kind of customer service people rave about, then perhaps you should look into our EzyStartUp Course.

HOW TO PROVIDE REALLY exceptional customer service is just one of the modules covered in our EzyStartUp Course which teaches you all about how to start up your own business.

We handpicked this inclusion as our experience is that, time and time again, good, nay excellent customer service goes a long way to ensuring a business has longevity.

We’ve mentioned in a previous post the issues inherent with Zoho’s customer service, which wasn’t bad as much as it was hampered by geographical differences and the strength of Aussie customers dealing with Aussie customer service workers and telephone operators.

Defying customer expectations

For many, good customer service is something many of us have come not to expect. Most of the time when you go into shops to buy something, you come prepared – you’ve already researched the kind of TV you want online and why, and you know the sales girl will never tell you if your butt looks big in those jeans.

Is there too much churn and burn?

Is churn and burn a problem with the quality of customer service? Certainly in many chain or department stores now, where there’s a huge turnover of staff, many employers seem to have given up on trying to teach their staff the art of customer service.

And the ambivalence toward customer service has slowly crept into other areas of business, as companies downsize, move online, or shift jobs offshore.

As a business owner, I have always prided myself on providing the very best customer service possible. When I moved EzyLearn online, one of my major concerns was how would I manage the customer service side of the business, now that my customer service resources had shrunk?

Using a ticketing support system

That’s when I decided to use the Zen Desk ticketing support system to manage all of my online customer enquiries. Zen Desk does this in a way that’s professional for my customers and also easy for me and my team to use.

Incidentally, Zoho also offers a similar support ticketing service and, like most of the Zoho products, the most basic offering is free to use forever. But even if your business decides to use a ticketing support system like Zen Desk or Zoho, remember: It’s only as good as the customer service processes you implement for your business.

Good customer service is structured

Fantastic customer service — the kind that makes people tell their friends and keep coming back to you for their purchases — doesn’t just happen. This is why we cover customer service in our EzyStartUp Course. Most people don’t realise that, like everything else in business, you have to plan to deliver good customer service. And as the business changes, your strategy can adapt and change too.

This might take the shape of a policy which outlines things such as ensuring phone calls aren’t answered before the third ring (so as to not startle or fluster callers), replying to emails within a few working hours (even if it’s just to say you’re looking into the issue), or following up on sales enquiries with a phone call (which increases conversion rates).

Definitely use tools like Zen Desk to help you fine tune your customer service policies, but remember that good customer service starts with you. Develop your customer service strategy (our EzyStartUp Course can help you) and commit to it.

***

Planning how you’ll provide great customer service — that’s what’ll give you the edge over other businesses. Good customer service is so rare these days that when people find it, they flock to it. So find your flock, and if you need help, take our EzyStartUp Course.


learn online training Xero courses videos for less

Our Xero online training courses include EVERYTHING for ONE LOW PRICE. Furthermore, if you select our Lifetime Membership option, you’ll have LIFETIME access to our ongoing course updates. All EzyLearn courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses. 


 

Posted on

Is Xero Really All It’s Cracked Up To Be?

How does Xero stack up in the cloud accounting game?

xero learn online xero course training videos cheap
Xero CEO, Rod Drury

WHEN XERO FIRST ENTERED the accounting space, it gave MYOB a real run for its money — something Xero continues to do to this very day.

When Xero first entered the market, it was with a bang. You see, even though  Xero and MYOB share many of the same features, Xero was cheaper and easier to use than MYOB, but perhaps even more so, it was also cloud-based. Being cloud-based meant you didn’t have to buy and install pricey software that would be out-of-date within 12 months. A huge advantage.

Since then, however, a number of cloud-based accounting applications have entered the market — QuickBooks Online (now distributed by their US-based parent company Intuit), Reckon One, Saasu, Zoho, and so on.

As business owners have more choice than ever before, it’s got a lot of people wondering about whether the two market leaders (Xero and MYOB) are really all they’re cracked up to be, Xero in particular.

Missing a dropdown menu

Even though Xero was hailed as a breath of fresh air when it first entered the market, it is still a little more complicated to use when compared with other cloud accounting apps, like QuickBooks and Reckon One. For instance, the purchase orders feature is still hidden behind bills, when it could easily be access via a dropdown menu. But it’s not a major quibble.

Xero’s contact profile misses a beat

Although Xero allows you to assign customer numbers for your suppliers or customers in the contact profile, it doesn’t have the functionality to record customer numbers assigned by supplier or customer.

If you’re trying to get in touch with Telstra, for example, with whom you’ll have been assigned a customer or account number, you’ll have to dig around for the paper bill to find that customer or account number.

It’s easy to file bills, though

This feature is available in QuickBooks, and it’s also available in MYOB, but as is often the case with MYOB, it requires more steps to do what you can in Xero in just a few clicks. Rather than keep paper bills on hand, Xero allows you to attach them to you transactions, so you never have to go hunting around for a bill again (very useful given the contact profile issue mentioned above).

In MYOB, you must upload your bills to your in-tray, and then link them to your transactions. This is annoying, because it requires you to leave the transaction window and open the in-tray one.

***

Remember that when you select a cloud accounting package for your business, do not choose solely based on price. Make a list of the needs of your business and the functions you’ll require, and then select the accounting package that suits your needs the most. Ask your bookkeeper and other business friends for their recommendations as well.


Announcement: Microsoft Excel 2016 Beginners’ to Advanced courses now available!

learn to use excel online training course videos cheap best

At EzyLearn we include all versions of a software program in our training courses. That means when you enrol into Excel you get 2016 — AND — the older Excel courses which include version 2013, 2010, 2007 and even 2003 (if you really need it).
When you enrol in Lifetime Course Access you get access to ALL versions and ALL FUTURE VERSIONS as we continually update them — at no extra cost!

Posted on

Marketing for When Your Business Strategy Changes

Where lead generation services are useful

lead generation services
Using a dedicated lead generation service can be more useful than advertising but the quality of the leads may be questionable.

CHANGING YOUR BUSINESS STRATEGY to include additional services will require an additional investment in marketing if you are to make this successful. In terms of simply paying money to advertise your additional services, as you’re probably already aware, advertising doesn’t always yield immediate results. Therefore you might consider spending money on a lead generation service.

We cover how to account for marketing and lead generation costs in our Xero training courses, which includes a new workbook that looks at what to do when your business strategy changes.

Lead generation vs marketing

Lead generation, as the name suggest, is solely focussed on generating a potential customer or client for your business. For instance, there are lots of lead generation services in the building and home maintenance trade — hipages, One Flare, Service Seeking, Quotify, etc — but there are also a growing number for people in creative services, although they’re typically referred to as online marketplaces and include Freelancer.com, Upwork, Fiverr, and so forth.

Advertising and digital marketing (including content marketing), puts your message or business in front of your target audience, but there are more steps in the process before you can capture a lead.

The benefits of lead generation

The main benefit of using a lead generation service is that it delivers active leads almost as soon as you sign up to the service. The quality of the leads tend to differ between services, and the leads also tend to be people who are focussed solely on price, and not so much workmanship. In other words, they’re looking for something done in a particular fashion, for a particular price. No more, no less.

These sorts of jobs are good when you’re getting started or as a way to keep the home fires burning, but it may not be appropriate to rely on them as your sole means of developing clientele.

The benefits of marketing and advertising

If you’re using the correct channels to reach and market or advertise your business to your target market, you’re effectively developing a relationship with those people and educating them about your business.

This means you’ll capture people at all stages of the purchasing funnel — some will be at the pointy end, while others won’t be ready to make a purchasing decision for a while. The benefits of marketing and advertising is that you’re capturing a wide array of people and building brand awareness.

A combination of both works best

If you have the resources, a combination of both marketing (advertising, content marketing) and lead generation works best, though your focus should on marketing and advertising your business to your target market, rather than trying to fit your business into the mold of all the different leads fed to you through a service like hipages or Freelancer.com.

Create a marketing budget

Run a cashflow report in Xero to determine how much cash you’ll have to invest in marketing your business. Our Xero training courses will show you how to run a cashflow report, which you can then export to Excel and use when creating your marketing budget, which should include a schedule, costs, desired outcome — i.e., number of leads, conversions each week, month, quarter — to ensure you’re getting a good return on your investment.

***

Our Xero training courses will show you how to run cashflow reports and account for your marketing costs, while our Business Start Up Course will show you how to create a marketing plan. Visit our website for more information.


learn Xero online learning videos cheapest

Our Xero online training courses include EVERYTHING for ONE LOW PRICE. Furthermore, if you select our Lifetime Membership option, you’ll have LIFETIME access to our ongoing course updates. All EzyLearn courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses.


 

Posted on

Online Training: A Cost Effective Way to Train and Motivate Your Staff

Take an online course to build will AND skill

online training for staff morale
It’s a real buzz when you learn something new: a great way to up-skill your staff members and keep people interested at work is to provide them with online training course material.

OUR MYOB TRAINING COURSE is basically an induction into the role of a bookkeeper, in that it provides students with an overview of the duties typically carried out by a bookkeeper. Most of our students take our MYOB training course because they both want, and need, to know how to use the software in order to find work as a bookkeeper.

In the world of business training and coaching, this is called the Will versus Skill Matrix. Employees who have both the will to succeed and the skill to succeed are highly desirable in the workplace.

Transparency, will and skill

Employees who have only one of those attributes, however, are less desirable. Helping staff maintain both the will and the skill to succeed in their jobs has a lot to do with how transparent you are as an organisation.

We’ve mentioned transparency in business before, notably in relation to induction training programs. Induction training programs are a highly efficient way to communicate easily and efficiently with your staff, while also testing their will and skill to succeed at their jobs.

While most induction training programs are used to merely address the requirements of the Work Health and Safety Act, or to induct contractors and consultants to a business’ premises, induction training programs can also be used to further your employees’ professional development.

Help your staff upskill with a Word or Excel course

Furthering your employees’ professional development can be done by providing your staff with online training courses that are relevant and useful to their jobs, such as a Word or Excel training course. You’ll be surprised how many tasks can be done with these software applications — and therefore how empowering this knowledge becomes!

boosting staff morale with online training courseOnline delivery of this content allows your staff to complete the course at their own pace, in an informal environment — at home or at their desk at work, rather than in a dedicated training centre on a dedicated day — and it also allows you to monitor their progress.

Being able to see how your employees are getting on with the training courses can illuminate areas where your staff could benefit from further training; it can also highlight those staff member who possess the will and the skill to succeed.

Those staff members who are have both the will and the skill to succeed in their jobs also happen to be highly engaged, and as we mentioned in a previous post, more productive.

***

If you’re looking for ways to keep your staff highly engaged with your business, we can help you tailor and deliver highly engaging induction training courses to your staff. Visit our website for more information, or contact us today for a quote.


learn xero online training course videosAt EzyLearn you can choose from a range of XERO online courses, depending on your skill level — or you can access ALL courses for ONE LOW PRICE. All our courses are accredited by the Institute of Certified Bookkeepers (ICB) and can be counted towards Continuing Professional Development (CPD) points. Find out more about our Xero online training courses. 


 

 

Posted on 1 Comment

Thinking of Starting a Second Business? Introducing Jerry

Case Study: Costs for starting up a second, related business

microsoft excel starting a second business
Contemplating starting a second business, related in some way to your first? Excel can help you forecast start up costs.

A LOT OF BUSINESS OWNERS branch out into related fields when their flagship business becomes successful enough (just look at Jim’s Mowing). However, this can be a bit dicey if the business owner doesn’t properly forecast all the start up costs. Not doing so can not only have an adverse impact on the new venture, but also on the existing business.

In this case study, we’re going to look at the start up costs associated with starting a real estate sales business.

Meet Jerry, our budding entrepreneur

Jerry is a male in his 40’s, currently working as an agent for a local asbestos removal company, earning a commission for helping the company make sales. In this role, he works as an independent contractor, invoicing the asbestos removal company at the end of the month. Because of the work he does, Jerry meets with lots of homeowners (and business owners too) who are renovating their home in preparation to put it on the market for sale or rent out.

Because of the client contact base Jerry is always developing, and knowing that there is no conflict of interest, Jerry decides he’d like to branch and become a real estate salesperson.

Budgeting for a new business from home

Jerry decides to operate his real estate sales business from home, as he plans to operate it as a side business, at least initially. Jerry won’t need to lease office space, but there are the following costs he will need to budget for. The costs he foresees are approximate:

  • Real estate license training course: $2,250
  • Website setup costs: $300 + training (if required)
  • G Suite account: $5/month upwards + training (if required)
  • Mobile phone: $55/month upwards
  • Business cards, flyers, other marketing materials: $99 upwards

Jerry’s ad-hoc operational costs

Although the majority of Jerry’s operational expenses will be reimbursed by the vendor once the property is sold — property marketing, auctioneer costs, etc. — Jerry will need to ensure he has enough capital to cover these operational costs. Property marketing costs are determined based on a percentage of the property’s value, usually 1 percent but sometimes lower. The median price of property in Jerry’s area is $440,000.

Because Jerry is already working as an independent contractor, he doesn’t have to incur any other operational costs (office furniture, internet, information technology, etc.), however his bookkeeper may apportion these costs differently now that Jerry is operating an additional business.

Determining upfront capital required

Jerry already has two homeowners who are thinking of selling their home in the next 12 months. He estimates that based on the value of each property, he will need to spend $5,000 each on property marketing. Therefore, he’ll need at least $13,370 in startup capital to fund his new venture for the next 12 months — although he knows that the initial $20,000 in property marketing will be reimbursed to the business within 6 months.

How Jerry will measure his success

Jerry is located in Newcastle in the Hunter region of New South Wales. Clearance rates in this region hover around 70 percent and properties spend an average of 50 to 70 days on the market, as property is typically sold by private treaty rather than auction. These two metrics will be used to determine Jerry’s success. Price is not a good indicator, as the nature of property sales means Jerry should be valuing property accurately with only a 10 to 15 percent difference in the final sale price.

Jerry should also research other real estate agents selling similar property in his local area to determine how many sales they are writing each calendar year. This can become another benchmark for Jerry’s success, although only a peripheral one, as Jerry is still only operating his real estate business on the side.

***

You can use Excel to work out a budget for the start up costs for your second business, and use accounting software like Xero, MYOB or QuickBooks to forecast whether your existing business will have the capital to fund your new venture.

Our Excel training courses will teach you how to create budgets and forecasts and our cloud accounting training courses will show you how to determine the financial health of your business.


Social Media and Digital Marketing online training course_comp

Successfully promoting your business products and services to clients these days requires a sound knowledge of how to spread the word via social media. Whatever your field, we can teach you the online marketing techniques to stand out from the crowd and build your customer base! Check out what’s included in our comprehensive Social Media and Digital Marketing online training courses.


 

Posted on 5 Comments

Performing Weekly Reconciliations in Xero

Why it Pays to do Regular Bank Reconciliations

bank reconciliations weekly
Doing regular weekly bank reconciliations will help avoid confusion or errors later on.

In our Xero Bank Reconciliations and Journal Entries Course, you’ll learn how to carry out each step in the reconciliation process, in particular how to set up bank feeds. Bank feeds are an important function that allows transactions on your linked bank account or credit card to automatically show up in Xero, so you (or your bookkeeper) don’t have to spend time entering the details from scratch.

Even though bank feeds can dramatically reduce the amount of time spent coding transactions in your accounting software, if your business has a lot of transactions each month, it’s a good idea to perform weekly — or even twice weekly — reconciliations. You’ll not only further reduce the potential for errors, but it’ll also help to give you a clearer picture of your finances.

Improved cashflow management

Even though internet banking allows you to look at how much money you have in the bank, this is an imprecise way of managing your cashflow. By reconciling your accounts on a weekly basis, you’ll be able to see what money’s gone out of your account, and what’s due to be coming in. If you have staff, this will eliminate a lot of the stress of wondering whether you’ll have enough money in the bank to make payroll, because you’ll know in advance if there’ll be any cash shortfalls.

Improved reporting

With weekly bank reconciliations, you’ll also find that your financial reports are greatly improved. This will enable you to make more correct sales forecasts, and to plan for machinery or equipment upgrades with a greater sense of accuracy. It’ll also help you to identify late paying clients and peak business cycles, so you can better manage your business operations — limit credit to late payers, hire more staff, etc. This type of financial information is the lifeblood of every successful business, so it has to be accurate.

If you’re hiring a bookkeeper to manage this for you, it’s worthwhile discussing whether they will perform this work once a week, or a couple of times each week. If your bookkeeper is contracted to perform a certain number of hours each week, they may decide to perform a few tasks a few times a week, so they’re more available to their other clients during the week. This is a bonus to the business owner, because it improves the accuracy of your reporting even further.

***

Weekly bank reconciliations is an important task for all businesses, not just large ones. Our Xero Bank Reconciliations and Journal Entries Course covers how to reconcile a bank account, plus much much more. Alternatively, to take it back a step, you can learn about invoicing, credits and reporting in our Xero Day-to-Day Transactions Course

Or if you want to see why incorporating bank feeds might be useful for your business, read here.

Posted on

Working Out Job Costs and How to Charge Your Clients

Why You’re Underselling Yourself with Fixed Price Quotes

bookkeepers fixed price quotes
There are many reasons why you may lose out when fixed price quoting.

We’ve written a number of blogs on how bookkeepers can work out their fees and what good local bookkeepers generally charge. However, now we examine the nitty gritty of determining your on the job costs so you can clearly see what your hourly rate should be.

When it comes to working out fees, most business owners go: “Well, the average market rate for my profession is X per hour and this job should take around Y hours” and off they go and give their client a quote that, in today’s small business parlance, is frequently referred to as being a fixed-price quote or the project fee.

This would be fine except that you’re essentially working on an hourly rate, without the benefit of being able to charge the client if you run over your allocated timeframe.

Quite simply, this is an inefficient way to set prices for your business. It’s an even more inefficient way to quote clients, because you’re either going to rush through their work in order to make it cost effective for you, or you’re going to increase your prices the next time around. Instead, you should factor job costings — that is, how much it will cost you to complete the job — into your prices. Here’s how:

Working out the direct costs of each job

This seems obvious, but countless new and established business owners overlook the direct costs of their services when setting their prices. Ask yourself how much, in a take home hourly rate, you can reasonably live on — is it $20 an hour? $25? $30? $35, perhaps?

Once you’ve settled on a rate, you then need to add in all the other costs associated with being employed in Australia. Tax is a big one. If you’ve been working for a while, you should have a fairly good idea of how much you will pay in tax based on how much you paid last year. If you’ve just started out, try and base it on an average number of hours you’d like to work per week for the next 12 months. Got that figure? Now go onto the ATO website and work out the rate of tax you’ll pay for each dollar you’ll earn. Add that to your hourly rate.

Do the same for sick leave, annual leave and superannuation, because if you’re going to work for yourself, you should have the same benefits as you would as an employee. Now add those on top of your hourly rate.

Working out the indirect costs of each job

We’re still not done with that hourly rate yet. It’s now time to work out the other costs, like wages office expenses. Think about the services you provide and what they entail. Is there travel involved — to your client’s office, for example — because you should add that in. Allocate both the time to get there and the approximate cost in mileage (note: some invoicing software, like QuickBooks’s self-employed app works out the cost of your business travel based on the ATO’s tax rates to give you an approximate dollar figure for each business trip you make). Also factor in other costs, such as parking, even though it’s a tax deduction, and add those costs to your hourly rate.

Now work out your fixed-price quote or project fees

Your hourly rate will now be significantly higher than the amount you need to live on, and it may even be higher than your competitors, but that’s okay. You’re not working on an hourly rate, remember. You’re creating a fixed-price or project fee, so you can choose to itemise your project fees however you like in the estimate you provide to clients. For example, if your hourly rate is now $50 but your competitors charge $35, take $15 for each hour you’ve allocated to the project and assign it as some other ancillary task. This is precisely how manufacturing businesses set the prices for the products they sell, and it’s no different for businesses, like law firms and advertising agencies, in the service industry.

***

Learn how to set the correct prices for your business, plus everything else you need to know about starting and operating a small business in our EzyStartUp Business Course. Visit our website for more information and to view all of our special offers to save money on your next EzyLearn training course.  

Posted on

What Bookkeepers Can Learn From Real Estate Agents: Facebook Advertising

Facebook – Great for Local Marketing

using facebook for bookkeeping marketing
Facebook can be extremely useful for marketing to a local audience.

In its decade of existence, Facebook has built up a wealth of data about its users, data that it likes to sell back to those who need it, in the form of targeted advertising. Facebook advertising, though similar in its approach, is very different to Google Adwords in what it delivers. Real estate agents discovered the value of Facebook advertising early, and have used a combination of images and videos to successfully deliver their marketing messages and sale pitches directly to their target market and in order to set their prices.

Be Local, Not Global

Real estate agents specialise in knowing their local area. It’s how they get listings and it’s how they find buyers for those listings. In a former post, when we talked about setting your prices, we suggested getting to know your market and who your customer are. As a contract bookkeeper, you can, in theory, work for any business, based anywhere in the world, but you should still specialise in your local area, the reasons for which are twofold:

  1. Fewer to compete with: This isn’t about being the biggest fish in the smallest pond. It’s about getting clients, and that’s what you want. If you’re based in Sydney, specialise in Sydney. Don’t try and compete with everyone in Australia, if you can just complete with Sydneysiders.
  2. Convenience: The truth is, lots of businesses still like to meet their contractors in person. If you’re happy to fly all over the country to earn your regular bookkeeping rate, then by all means. If you’d rather not, then look for clients that are nearby — in the same state, at least.

When you’re setting up your Facebook advertising campaign, instead of trying to target everyone interested in bookkeeping services in Australia, stick to your state or local area, depending on the size of the market for your services in your local area. Sure, this reduces the pool of potential people seeing your advertisement, but it also reduces the pool of potential competitors.

When Local is Appealing to Global Clients Too

And just a note on getting international clients: Try to land international clients who are looking for an Australian, because you have skills they need — you’re in the same country as their Australian clients, you understand Australian tax, and so forth. Remember also that Australian wages are higher than anywhere else in the world, so international businesses need to be willing to pay that because you provide a service or possess skills they can’t get elsewhere.

***

Our EzyStartUp Course covers researching the market, setting prices, and an introduction to marketing and business planning, plus much more. If you’re starting a bookkeeping business or you already have started on, enrol in our EzyStartUp course to ensure you’re not selling yourself short.

Facebook and social media online training courseAlternatively, learn all about marketing your business online with our Marketing, Advertising and Sales courses.

Our Facebook Marketing Course which not only teaches you how to set up a Facebook Page, but how to use Facebook for business, how to advertise on Facebook; it also features our own real life case study.

 

Posted on 1 Comment

What Bookkeepers Can Learn From Real Estate Agents: Using Video and Images

Focusing on Education Rather than Sales

how bookkeepers can use videoTHE INTERNET HAS CHANGED the way businesses market their services to prospects, from a simple sales message to an educational one.

Real estate agents caught onto this shift in buyer trends early and started creating online content to cater to these buyers.

Visit the website of any real estate agent and you’ll find lots of images and videos educating potential buyers about their services, previous sales and the local area they represent.

Just like bookkeepers can learn from real estate agents how to set their prices and perfect their sales pitch, a bookkeeper should also take note of how real estate agents are using video and images online to develop and hones their digital marketing messages.

How Video and Images Help Attract New Business

  1. Identify yourself: As a contract bookkeeper, your identity is your brand. Create a website or LinkedIn profile (or both), and include a picture of yourself. If you’re operating a business, don’t hide behind your business name. Include pictures of your team, even if that’s just you at this stage.
  2. Educate with video: Show prospects that you know your stuff, by creating short videos explaining common issues businesses may have using MYOB, QuickBooks, Xero, etc. You may also create video tutorials that explain how you like clients to set up MYOB, Xero, QuickBooks etc.
  3. Capture the local scene: Establish yourself as a local business, by taking photos when you visit a local business (whether it’s a cafe, hardware store, or clothing shop) and put them on social media. Be sure to connect with those businesses on social too, so they can share with their customers. Do the same with your clients. It’s a good way to establish firm connections with the businesses you work with, and to update them on your other business projects.

 

***

smiling woman learning how to run her own business
 

Using video and images to build your online presence should be part of your broader marketing strategy.

Our EzyStartUp Course covers researching the market, setting prices, and an introduction to marketing and business planning, plus much more.

Alternatively, learn all about marketing your business online with our Marketing, Advertising and Sales courses.


 

Posted on

Announcement: Social Media Marketing Course

EzyLearn Social Media & Digital Marketing Training Course logo image only

Social Media Marketing Course for 2017

EzyLearn Social Media & Digital Marketing Training Course logo image onlyDigital marketing is one of those fine arts that sometimes takes many attempts to get right and I’m guilty of that myself. I wrote a couple blogs recently about content marketing because I spend a lot of my time creating and modifying strategies, optimising and planning the content that my team creates for EzyLearn and other websites. However, I think many people are unfamiliar with what the term “content marketing” means — my mistake! I should have used the words that most small businesses associate with online and digital marketing: “SOCIAL MEDIA”!

Social Media Course — We Include EVERYTHING

So, now that I know social media is the keyword, I’m going to explain how every course we offer ties into your Facebook advertising and Facebook Page and why all of these aspects are important to you if you are going to spend more time and money building a strong online brand.

Content Marketing

virion and 123ezy social media course and content marketing catalogue No matter who you are or what you do you will need content and you will use that content to promote you and the services you provide. I have been using all of these tools to help convert EzyLearn into an “online only” training company in 2006 but I was able to explore how to provide these services to real estate agents when I managed the social media strategy for Derek Farmer, a real estate agent in Cammeray at the time. Here are the content options we had to play with:

Photographs and Images

Images are used in Instagram, Facebook, Linkedin and on your blog (if you have one). They are used to make a blog easier to read and in industries like real estate where good photography is important to get a high price and make a successful sale they are used to showcase the product being sold. I recently spoke to an asbestos removal company and photographs of what they do and how they do it are also an important part of their “content”.

We show you how to include images in blogs and even include fundamental image editing skills using GIMP (it’s very powerful and it’s free!)

Video Marketing

property marketing, video marketing, Facebook Page, Facebook Ads, Youtube and video marketingEzyLearn has several hundred videos as part of our online training courses and sometimes we use them to give prospective students examples of our training, explanations about how our special offers work or even videos of me explaining the EzyLearn journey since the late 1990’s! Real estate agents like Derek Farmer use video to help educate property sellers about the various aspects of the property selling process and what to look out for.

We show you how to get your video up to YouTube, or more professional services like Wistia and show you the analytics you can get about your video viewers and how to make a better video next time — it’s all about drop off rates. We also show you how to get a Call-To-Action within the video itself.

Blog Marketing

Blog marketing is my personal favourite because I love writing; you can really play with the keywords that Google loves so much and you can fill a website up with content that shows you are active.

We teach you how to create a website, create web pages AND blog posts, how to optimise them for the keywords you want to be discovered for and how to measure and understand the visitor analytics.

Facebook Pages, Timeline Posts, Advertising and Remarketing

This is the one that EVERYONE is interested in and for good reason; the demographic targeting is fantastic. Facebook is becoming increasingly important for real estate agents to promote themselves — indeed, Social Estate and BuddyBid are just two companies getting in early to earn a couple of hundred dollars a month for each real estate agent they take on board.

Note: This is something that any work at home mum (or dad) can do! You just need to understand how to generate new content or “republish” other interesting content on a Facebook Timeline and how to create a Facebook Ad. We cover all of this in our Social Media Marketing Course.

Facebook Pages

Our written guide and training course videos show you how to set up a Facebook Page for a local business (ideal for tradies, service providers like accountants or bookkeeper and of course real estate agents). By using a Facebook page you can assign the administration of that page to someone who simply schedules posts — that someone can be YOU.

Most people with a Facebook Page then need to make sure their Timeline is filled with content so that they pop up regularly in local news feeds.

Feeding Your Facebook Timeline

Real Estate Agent Facebook Page, timeline posts and ads help property and brand marketingMost people think it’s important to create a Facebook post every day but that’s hard to do if you need to generate original content. Instead most people re-post other content that is relevant to the audience — this is often referred to as curated content (for instance, where you make a comment or affirm your belief in an article).

Real estate agents often simply refer to the plethora of real estate blogs available and here are some examples used by David Howe, an honest and diligent McGrath agent in Northbridge, Sydney, who asked our designer team to create a website for him:

  • http://www.smartpropertyinvestment.com.au/how-to-maximise-profit-without-it-costing-you-a-cent
  • http://www.dailytelegraph.com.au/lifestyle/food/sydney-taste/sydney-eat-street-10-things-to-try-in-crows-nest/news-story/
  • http://www.apimagazine.com.au/2016/11/debt-retirement-worries-high/
  • https://www.buzzfeed.com/markdistefano/too-real-estate
  • http://www.homestolove.com.au/how-to-design-the-perfect-laundry-4236
  • http://blog.templeandwebster.com.au/work-the-trend-the-new-natural/
  • http://www.afr.com/real-estate/residential/dont-want-to-move-want-a-reno-architecture-awards-show-how-to-do-it-20161104-gshwue
  • http://davidhowe.com.au/david-howe-real-estate-agent-northbridge/

This method of posting other people’s content is good enough to show that your Facebook Page is active. However, from an internet marketing perspective it tends to send people away from your Page and onto other websites where your competitors might advertise — especially if you report material by ratemyagent, openagent, realestate.com.au or domain!

In our social media marketing course we show you how to make a post like this and schedule them all in advance but also how to get your own unique content and how to link to content where none of your competitors are listed.

Facebook Advertising

Facebook Ad Views for individual property advertisement - Clarence TownFacebook ads are relatively simple to create so there is NO reason to get someone else to do them (particularly if they’re going to charge you the equivalent of 4 hours’ labour!). The key elements of a Facebook Ad are their structure: Campaigns, Adsets, then individual ads and once you get that right and understand how it works, creating a Facebook Ad can be done by someone in your office or who you trust (again, a work at home mum).

We show you the type of posts and ads that Derek Farmer paid to promote in his local area, why he chose to do it, how much he paid and what his viewer and reader statistics were. We’ll also show you how to advertise to your own client base in their Facebook Feeds and how to remarket to people who’ve been to your website or Facebook Page.

WordPress, Hosting, User Management etc

I believe that your own website is the best “landing page” for any marketing money spent because YOU OWN IT. The more traffic you direct to your own website and the more content you put there that is valuable to your customers and future potential customers the more valuable YOU and YOUR WEBSITE will become.

WordPress online training course and social mediaIn our Social Media Marketing Course we include every aspect of how to manage your own website using the very popular WordPress Content Management System. This includes having multiple users be able to publish content. We also teach you how to optimise your blogs and pages for important keywords using tags and categories, how to use meta tags on your pages and even on images so everything gets indexed by Google and how to make your website look fantastic with professional themes (templates).

Lead Capture and Email Marketing

Having a call to action on your website or Facebook Page is critical to truly analyse it’s effectiveness and understand it’s success — what’s working and what needs to change. A very important part of that is to capture the email address of people who visit your site and most websites do that using a giveaway, free reports, white papers etc. Once you have a potential clients email address you effectively have permission from them to send them email messages.

We use a number of different email marketing solutions including Campaign Monitor and Aweber, and these are very similar to MailChimp, GetResponse, Constant Contact and a plethora of other email marketing solutions. We’ll show you how to use these systems to capture website visitor details and send them messages automatically. 

Capturing, Analysing and Understanding visitor traffic

Video visitor Analytics - property marketing video for real estate agentsGoogle Analytics is the most popular website traffic analysing system and you can use it to measure the effectiveness of your website day-by-day, week-by-week and for specific date ranges.

We show you how to implement the code on your website, how to access the visitor traffic information on your PC and even your mobile phone and what elements to look for to understand what your website is doing. 

Conclusion about Social Media Marketing Course

We do all of this using our own website examples as well as Derek Farmers website so you can see what real businesses do to succeed online. Whether you want to do all of this yourself, hire an experienced internet marketer or find a suitably qualified work at home mum (or dad) this course will give you an abundance of knowledge and strategies to manage what you do.

See what’s included in our Social Media Marketing Course and enrol today at a huge launch discount!

[button link=”http://ezylearnonline.com.au/courses/marketing-training-courses/digital-marketing-social-media-courses/” color=”orange”] Social Media Marketing Course Contents[/button]

 

Posted on

Reckon One or MYOB?

Just What Do We Reckon?

find-a-good-bookkeeper
Reckon One was the original distributor of QuickBooks.

Not so long ago, we looked at the major differences between MYOB and QuickBooks. We also explored some of the other benefits of Quickbook more generally over MYOB, but Reckon One, which used to distribute QuickBooks in Australia before striking out on their own with their cloud accounting software, is also becoming a major player in the cloud accounting space for small businesses.

We thought we would take a look at how Reckon One stacks up compared with MYOB, which is still the market leader in Australia and the mostly widely used account software application among accountants.   

Reports

The reporting functions in Reckon One are extremely powerful. This is true of MYOB, as well, but with one major difference: Reckon One has the ability to customise and save the reports you’d like to run. This is a big time-saver, as it renders all your reports just one click away, rather than several. If you’re using a bookkeeper, they’ll be able to run your reports for you the first time, and then you’ll be able to go in and generate them as often as you like afterwards.

Payroll

Both products offer a very good payroll system for businesses that need it (Reckon One, at the time of writing, charges an additional $3/month to turn this feature on), while unlimited payroll comes standard with the MYOB Essentials Unlimited Payroll plan. Both products are also SuperStream Compliant, so if you’re looking for a stable, yet flexible, payroll system, either products are a good choice. Of course, depending on your business’s other needs, you may lean more toward the cheaper Reckon One option.

User Experience

MYOB AccountRight, even to this day, looks dated. The MYOB Essentials platform, however, has a much cleaner interface, as does Reckon One. The product you choose will depend on the size and needs of your business, the features you require, and who will, primarily, be using the software. MYOB is famously more difficult to use compared with Xero, QuickBooks or virtually any other accounting software. Indeed, everything you can do in Reckon One takes about three or four more clicks to perform in MYOB, so, again, it’s a matter of personal choice. There are many Apple users who can’t understand why people still use IBM computers, just as there are many IBM users who can’t understand why people use Apple products.

In selecting a cloud accounting package for your business, remember not to choose solely based on price. Make a list of the needs of your business and the functions you’ll require, and then select the accounting package that suits your needs the most. It’s also a good idea to speak with your bookkeeper before making a choice. 

***

Right now, for a limited time, we’re offering over $300 off a number of our online courses — we also have new great courses in QuickBooks online daily transactions and, if you’ve ever struggled with filling in a timeline of posts on social media, or you want to start promoting yourself or your business in social media, try our Digital Business and Social Media Marketing Courses.

Posted on

Why Partnerships Can Be Risky Business

An Understanding of Business Partnerships is Essential

business-partnerships-training-course-online
Structuring your business as a partnership doesn’t have to be risky business if you arm yourself with the right information first.

As we mentioned in our previous post about doing the necessary actions to start your new business now, rather than in January, there are lots of tasks to carry out before your business will be ready to commence trading. The first, most important thing you should do, is register for an ABN.

There are lots of services available that, for a fee, will register your business name, company structure, domain name, email hosting, and even register your business for GST and PAYG. But do you really need to use these services? Well, it depends. 

You might if:

1. You need your ABN or business name registered NOW

A few years ago, we wrote about a service called e-companies, which provides all the registration services mentioned above using its direct portal to ASIC and the ATO. As a result, many company registrations are completed within five minutes, while ABN registrations are completed in fifteen minutes, providing aren’t flagged for further checks by the ATO.

2. Your business structure is complicated

The most straightforward business structure to set up and manage is a sole trader, but they’re not suitable for every business, particularly where more than one person will be running the business or where income from the business will be distributed to family members or other beneficiaries.

In such circumstances, you may need to structure your business as a trust or partnership. If you already know how trusts and partnerships work, you may choose to use a service to register your business structure, so you don’t miss any important steps along the way. Otherwise, you may need to engage a solicitor to structure your business.

Or — 3. Learn about partnerships and do it yourself

If you’re structuring your business as a partnership, a partnership agreement is crucial to your business’s success. It’s particularly necessary for businesses that intend to use PayPal, as PayPal will withhold your income until you provide a copy of your partnership agreement. Services that register business structures do not provide any guidance on how to draw up a partnership agreement, and so many businesses go without one, which can be disastrous if a partner ever wishes to leave the business or the business is later sold.

We created our Partnership Agreement Course because a partnership is the most risky business structure. The Partnership Agreement Course, which now costs just $48 (down from $97) provides you with a template, explanatory notes, and all the standard clauses, including exit clauses for when the partnership needs to be dissolved. Once you’ve drawn up your partnership agreement, you’ll also be able to access lower tax rates with the ATO.

Read more about what’s included in our Partnership Agreement Course or enrol today, and you start the course by 5pm tomorrow.