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"Hobby" Turns into a Business

"Hobby" Turns into a Business
08 Jun 2017
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"Hobby" Turns into a Business

It’s an incredible thing when a little idea grows to something bigger than you could have imagined.

Jack and Angela McGregor started their business as a “hobby”. Angela was a homemaker and it gave her a creative outlet. The intention was that the business would pay its way, and with luck, earn the family a little extra income. It did all this and more. How it grew!

Problem

The business was totally reactive. Angela was constantly putting out fires. This was not the creative outlet the McGregors planned but its income potential was irresistible. They needed help on many fronts.

Accountant’s Role

Initially, they sought the help of their Accountant for advice on one simple issue. They needed a suitable accounting package. Like their business, their requirements grew rapidly as they realised the benefits of seeking help.

Their Accountant initially took over the management of the business accounting, finance, tax, and compliance work to improve efficiencies and apply industry best practices.

As a next step, the Accountant worked with the McGregors to create a Strategic Plan for their business and to keep them accountable. Once they had this, they had clear goals, timeframes and measures to know if they were on track. The future was now very clear.

Benefits for Client

The Accountant has grown with the business. They continue to provide the McGregors with ongoing assistance, strategic advice and support. Currently they are working collaboratively to establish and document systems.

Jack and Angela put their faith in their Accountant and together they have created a business that demonstrates controlled growth in an evolving market.

As a bonus, they also implemented a great accounting package.

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