Page 24 - Paulisms: Gold Nuggets for Small Business

jigsaw will look like for the future. Let’s clearly map out the model, so its transparent to others who may get involved.’
Often start-ups get underway without having a clue what their model is. Too often it’s about the product or service they will provide without too much thought about what the business is.
Build a model that is scalable; that is, set a business base that that you can grow and grow off without you being at the coalface. I didn’t realise that I had set up a scalable business (I didn’t know what the word meant) with Solatube from day one. I had set up a model that was nationwide within one year. Then we moved into other sales channels outside residential nationwide. The core of the model was there from the start in setting up a national installation business and growing off that.
Slow down and put a lot of thought into it, as the model will determine your success – often more than what a product or service will.
1.2 Business structure and trusts
Get expert advice on setting up your business with the right ownership structure. Protect your assets with the right structure. Operating in your own name exposes you to long-term liabilities. I am not going to go into detail, as I am not an expert in this area, but I have seen a lot of businesses that are very exposed in view of the way they have set up their business entity.
1.3 Accounting