The Chasers Channel

TCC 15 - 5 Reasons to Get Advice Before Starting a Business



Starting up a business with no advice and with no asset protection is like walking into a casino and betting your house (and perhaps most of the other assets you have accumulated to date) on your favourite number – you risk losing everything!

One of the biggest risks is that you could be held personally liable for any debts or legal issues that arise from your business. If your business fails or gets sued, your personal assets such as your home, car, and savings could be at risk.

This episode discusses how to avoid this and why it’s important to get advice about how to protect your personal assets (and on other matters) before starting a business in Australia.

What you’ll learn: 

  • (0:57) Introduction to Starting a Business in Australia
  • (1:47) The Importance of Protecting Personal Assets
  • (2:27) Identifying Potential Risks Before Starting a Business
  • (3:47) Separating Personal Assets from Business Risks
  • (5:23) Creating a Business Plan
  • (6:19) The Importance of Planning and the Alice in Wonderland Analogy
  • (7:30) Considering Liability Insurance
  • (8:24) Types of Liability Insurance
  • (9:18) Understanding Personal Guarantees
  • (10:00) Avoiding Illegal Activities
  • (10:40) The Importance of Getting Advice Before Starting a Business
  • Loads More…

Links and Resources:

Australian Securities and Investments Commission (ASIC) – Starting a Business

Australian Taxation Office (ATO) – Starting a Business

#StartUpAustralia #BusinessPlanning #ProtectAssets #BusinessAdvice #EntrepreneurshipAustralia