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What investors will look for when funding a startup company

Ultimately, every investor is different. However, when looking to invest in any startup company, there are a number of boxes you will need to check regardless of who decides to invest in you.

You need to know the market. How big is the market? How populated is the market? Is your product or idea doing the same as every other product on the market? How does your product stand out in the existing market? What sets it apart?

Having a strong business plan is essential. No one will want to back you if you do not have a solid plan for the future. Investors will want to hear numbers and forecasts. They do not want to hear you say that there are no risks involved, or hear you answer every question with certainty that no problems will arise because that is unrealistic. They will want to hear how you plan to tackle problems as they arise.

Investors will need to believe in you. You need to be sincere. Are you positive? Are you flexible? Are you realistic yet ambitious? Can you talk to people? Are you a good leader? A good listener? Do people respect you?

The team that you have on board will also be considered. Your team needs to live and breathe the product or idea just as much as you do. Do they listen to and respect you as their leader? As a collective, do they have sufficient skills and expertise?

Investors meet with numbers of founders and will get a gut feeling about you and your idea, but being able to address the above-mentioned areas should truly set you apart.

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News

Common EOFY Mistakes Made That Can Be Fixed Before 30 June

June 20, 2024

Finding yourself increasingly more busy as the EOFY approaches, particularly with meeting your tax obligations? It’s coming on tax time, so it’s time to ensure you’re prepared for your tax returns.

This period can be stressful and complicated, leading to common mistakes that can result in financial penalties or missed opportunities for tax savings.

Here’s a guide on avoiding common EOFY tax mistakes to ensure a smooth and efficient tax lodgement.

1. Errors in Claiming Deductions

Mistake: Many taxpayers either overclaim or underclaim deductions, which can lead to audits or missing out on tax savings.

Solution:

2. Incorrect Reporting of Income

Mistake: Failing to report all sources of income, including side gigs, investments, or rental income, can lead to discrepancies and potential audits.

Solution:

3. Missing Deadlines

Mistake: Missing the tax return filing deadline can result in penalties and interest charges.

Solution:

4. Incomplete or Inaccurate Documentation

Mistake: Submitting incomplete or inaccurate documentation can delay your return processing and potentially trigger an audit.

Solution:

5. Overlooking Superannuation Contributions

Mistake: Neglecting to make superannuation contributions or misunderstanding the rules can lead to missed tax benefits.

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6. Ignoring Tax Offsets and Rebates

Mistake: Not claiming eligible tax offsets and rebates can lead to higher tax liabilities than necessary.

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7. Failing to Review Past Returns

Mistake: Overlooking errors or missed claims from previous years can result in lost refunds or uncorrected mistakes.

Solution:

Avoiding common EOFY tax mistakes requires careful preparation, accurate record-keeping, and timely action.

By understanding deductible expenses, accurately reporting all income, meeting deadlines, maintaining comprehensive documentation, maximising superannuation contributions, claiming eligible offsets, and reviewing past returns, you can ensure a smoother, more efficient tax filing process.

If in doubt, consulting with a tax professional like us can provide peace of mind and help optimise your tax situation.