Home Forums Starting your journey Question on accounting when starting small Reply To: Question on accounting when starting small

  • Total posts: 1,685

Hey David

The issue I see as an expert (which understandably you don’t see) is that there is no “simple” in getting the best outcomes for you. There are many elements and moving parts to consider and the absence of payroll or big initial dollars doesn’t automatically mean it should be approached with a cookie-cutter mindset (you can be forgiven for this but accountants cannot be – they ought to know better). I will say however that I know the team behind Taxopia and they are a good crew. At that price point, they are worth looking at for sure.

And while yes – there have been examples in history of side hustles turning into large successful businesses, I would say they are in a very small minority. Most successful businesses come from a greater focus of resources from day one. Back of an envelope observation over 25 years – out of 100 small businesses, Maybe 10 become what I would consider financially very successful (say 20% net earnings after market wages), 40 do ok get by, 50 fail to deliver or fail outright. Now in that 10 cohort that are very successful maybe 1 of those would be from a side hustle. Fewer resources (money and founder time / focus / attention) means less progress.

Now it would be great if you were to become that 1 in 100 that does exceptionally well from humble beginnings in your garage / home office. Can a good advisor make a difference – if you are giving it a red hot crack and it’s a decent idea then yes it can.

Best of luck with it.

  • This reply was modified 3 weeks, 3 days ago by JamesMillar.
  • This reply was modified 3 weeks, 3 days ago by JamesMillar.