Accounting and business questions

Hey ya'll

Thought I would post and let you know if you need any advise or need 'discussion' on any accounting type and company type questions then let me know.

I'll answer over email or pm for free, as long as I can answer in my own time (can't do that in my work day - sorry )

So there you are - fire away - no questions are regarded as silly, and therefore you won't get any silly answers.

Cool Thread, ML - and thank you for offering this to our community.

I have done a few Business Plans for startup ideas, so if thats of interest to anyone, add me to the potential resources List.

And Thanks Again, Mylife.

I forgot to say that I am fully conversant in all MYOB products if there are questions about that product, as well as banklink and xero.

Hi Mylife

That's kind of you to offer your services for free. I'm sure that someone will appreciate what you are doing so thank-you for being so generous.

Mylife,
I have an idea for a website I believe could make a lot of money, but I dont have the money to invest into it, nor are my technical skills as good as would be required.

Do you have any bright ideas about who I might approach to get something started, whilst also not 'giving away' my idea?

Your thoughts appreciated

Hmmm that one is a tough question JK - because at some stage you are going to have to trust someone and tell them your idea - otherwise your idea wont get off the ground.

Firstly identify who would have the most knowledge about the type of service/product you are going to venture into, and run the idea past them. If they are already in business then they may even give you guidance on the pitfalls of that industry.

Another good place to start could be making a list of people who you will need - eg web developer, web designer, or what have you... a free business mentor and gaining some Key Performance Indicators for the industry as well as some benchmarking. It does not need to be on the button for the idea - but you might need something to measure against both financially and self satifaction.

The next step I would do (if it were me) is to make up a good business plan with cash projections etc and a full swot analysis. That way you will go into the venture with your eyes wide open and know the opportunities and pitfalls - and the mechanisms to cope with the pit falls.

Re the funding - well is there anyway you can start small and get bigger as the funds allow? It is always a good idea not to grow fast - or you could find yourself bankrupt shortly after!!!!

Perhaps you could borrow as a personal loan from the bank or financiers (risky tho!) - but you will need those cash projections etc.

Lastly, perhaps you could gain an investor? depending upon how much you are after you may even be eligible for venture capital funding. If you google this it should come up with something.

Hope that helps?

thanks ML. I'd love to find an investor... will look into that.