Self Managed Super Fund, or also known as SMSF, is a popular option among Australians; many of them also consider this as one of their biggest investments. It is a trust where money and investments are held and managed on behalf of the members. The purpose of the fund is to provide benefits to members on retirement or death.
And since it is one of majority of Australian’s biggest investments, most people keep their super money in professionally managed super funds. The growth in SMSFs over the past decade has been phenomenal.
Australians have been changing to SMSFs for many reasons. This type of investment gives people control over their super, provide greater investment flexibility and are a perfect medium to implement tax-planning strategies that take advantage of tax concessions afforded to superannuation savings in Australia. Importantly, the costs of running an SMSF are often lower than the fees charged under other superannuation solutions.
However, just like any other forms of investment, you need to do some research and evaluate your current financial goals before investing in SMSF. You also need to know and understand your obligations.
So you have already decided to sell your business, but do you already know what to do? Most small business owners have never sold a business before and have many questions about the selling process.
Doing it yourself seems to be the common theme among business owners when it comes to retiring or selling a business or company. If you want to sell your business on your own, you need to consider the important factors first.
First of all, the most important question you should look an answer to is “how much your business worth?” This is the most commonly asked question. The value of a business depends on many factors including the profit, the current economic situation, the market and much more. However, the answer is not straight forward although this is a very straight forward question.
There are many methods used to value a business. Furthermore, there can be many factors that can affect the value depending on the business. in order to get the most out of your business selling, it is to use the services of a professional that values businesses to decide a fair market price. They will know how to properly value your business.
With the advancement in technology and the advent of the internet, many are thinking about starting an online business from home. Apart from the comfort and ease of working at home, there are many reasons are starting an online store instead of building a brick and mortar one.
If you have entrepreneurial mindset, you want to make money especially when you earn from the internet. Having a home business can absolutely give you the freedom that you wouldn’t get from an ‘ordinary’ job. However, it can also take away some of the freedom as well if you don’t have the self discipline to walk away from your business when it is needed.
Apart from freedom on your time management, you also have a lot of time for your family when you work at home. You find some way to make a living while still being able to hang out with my family. Running your own home business can give you that freedom.
When your entire business is an online business, you can be practically anywhere and still run your business. I’ve run my business from hotel rooms, coffee shops, and even on a vacation spot like beach. With smart phones you don’t even need wifi anymore, the sky’s the limit (literally!). Nobody has to know where you are either, which is part of the package.