How to turn your passion into a business

How to turn your passion into a business  

Ever dreamed of turning your passion into a business? It can be a rewarding way to make a living.

With the rapid growth of online shopping and affordable ecommerce platforms, some of the traditional barriers to launching a small business are gone. You can potentially make sales without buying a shop or giving up your day job. Here are some thoughts to help you monetise your hobby and turn your passion into a business!

1. Be prepared to lose some love – Once you turn your passion into a business, you’ll never feel the same way about your hobby again. The idealism of doing what you love for a living will collide with the reality of:

  • tracking sales and cash flow
  • hitting targets
  • managing inventory
  • watching competitors

2. Balancing creativity and commercialism – When you create something for personal fulfilment, you can make it to suit yourself. But when that creation becomes a service or product you wish to sell, you have to work within boundaries that suit your customer’s needs and requirements.

3. How do you monetise your hobby? – You’re enthusiastic about your hobby and the business idea that flows from it but ensure you fully test ideas within your market to find out what works and what doesn’t. Try to solve a problem or find a product that already exists and find how you can improve on it.

4. Building your brand with free content – Sharing relevant content is a great way of building up your customer base.

5. A pragmatic approach to social media – Find out where your audience spends their time (Facebook, Twitter, Instagram) and focus there. It sounds obvious but this simple piece of research can save hundreds of hours of lost effort.

6. Separate your personal and professional goals – When you turn your passion into a business, it’s easy to lose track of time. Both the passion and the business soak up a lot of energy – making it hard to get your work-life balance right.

Talk to us about turning your business ideas into reality

Turning your passion into a business is an exciting prospect and you could earn money doing what you love. Talk to one of our team and we can help you to come up with a plan and put steps in place to help turn your passion into a business reality!

 

Is operating more efficiently and having more time to focus on your business one of your 2018 goals?

Is operating more efficiently and having more time to focus on your business one of your 2018 goals?

Trying to run your business using inefficient accounting software is like trying to build a brick wall with inefficient mortar; if there is not enough holding the wall together, bricks will start to loosen and soon, the whole wall will crumble.

Therefore, it is essential to understand how efficient accounting and financial management software will not only hold your business together, but also become the foundation for greater success and profitability.

Keeping “the books” for a business was literally a paper-based process involving a ledger, lots of columns, and a pencil to record the business’ essential financial data. However, times have changed.

In this digital age, even the smallest business can benefit from using accounting software.

Accounting software can not only help you reduce human errors in calculations, but it can help you gain insights into your business that are not always easy to see in paper form. This includes generating sales forecasts for the next 12-months, or using the extensive report range the software provides to determine what are your highest expenses, pinpoint your least profitable service and identify budget blowouts.

What else can accounting software do for your business? Accounting software offers the business owner mobility, flexibility and a better lifestyle, as often the software in the digital age is “Cloud” based.

Cloud based software allows you to see your business account balances, outstanding invoices, overall cash position, and much more – 24 hours a day, 7 days a week and from anywhere, provided you can access an internet connection.

These days, you can run your business from your traditional desktop, an iPad or similar tablet device and even your mobile phone. Most cloud based accounting systems have apps you can download to the device.

This translates into allowing you to run your business without sacrificing a flexible, balanced lifestyle. Gone are the days where you must be at the office to run your business. You can have visibility and certainty over your business’s finances with the flexibility to access your business’s financial information even when you are not physically present. Who ever thought accounting software could be so good and provide some much freedom? So, what are you waiting for? We make flying through the cloud easy.

If you would like to learn more about cloud based accounting, integrating software, or customisation of your accounting software, contact the experts at GoFi8ure on 0800 463 488 or email us to find out more.

GoFi8ure – in the business of helping you work smarter with better tools, information and advice when you need it.

 

 

Learn how to use Xero to run your business

Learn how to use Xero to run your business

There are various stages of what we call the “Xero journey”. The Xero journey is a pathway of learning about how to use Xero and the Add-On software products available so businesses can streamline their processes.

So, where are you on your Xero journey? What do you need to learn now?

1. You have never heard about Xero and currently spend hours entering data into a spreadsheet or other accounting software.

2. Heard of Xero but not confident about how “the Cloud” works but you do not want to be left behind.

3. You have recently started using Xero & are loving it! You are telling all your friends & feeling confident you can do this!

4. You have been using Xero for a while and have started looking at reports regularly, but things just do not look right and the numbers are not making sense. You need someone to help you understand the numbers and check your Xero to make sure it is accurate and up to date.

5. You have found an Add-On solution that you believe meets your business needs but you do not know how to implement it or use it.

6. You are telling all your friends about how Xero and the Xero Add-On’s have changed your life!

Getting the absolute best from your accounting software helps to make everything else in the business run like clockwork. Learning the best tips and tricks for using your Xero account to its true potential is a great way to improve your accounting, cut out a big chunk of admin and get a better view of your business health.

If you would like to talk about booking in some Xero training get in touch by emailing us on enquiries@gofi8ure.co.nz or call us on 0800 463 488 today.

 

Become Financially Aware in 2018

Become Financially Aware in 2018Become Financially Aware in 2018

The better you understand your business, the easier it will be to make more money. Management decisions rely on a sound understanding of the financial implications for a business. It is important when you choose an Accountant that they support you in other ways, not just preparing and filing your annual Tax Returns. At GoFi8ure we help to empower business owners so they can fully understand and interpret their numbers. This gives them a strong foundation on which to grow their business.

 

Who would benefit from Financial Awareness Coaching?
If you are passionate about your business and want to better understand your numbers so you can answer questions like:
• How much profit have I made this year?
• Why has my profit increased but I have no cash?
• Is my cash level increasing or decreasing?
• What is affecting my cash level?

 

So, when should you begin Financial Awareness Coaching?
Any time is a good time to improve your understanding of your financial reports in order to improve business performance. The sooner you start Financial Awareness Coaching the better your understanding of financial results and their implications, and the more control you will have over outcomes.

 

Interested to know what the benefits of Financial Awareness Coaching are?
It will…

• Enable you to better understand your business
• Iron out any existing errors to ensure accuracy in your financial reports
• Help you better manage and monitor your cash-flow
• Customise your reports to ensure you capture the right information
• Allow you to format your reports in a way that makes decision making easier
• Help you gain better understanding of the financial implications of decisions
• Give you the ability to make better informed decisions
• Allow you to review your reports and record actions to be achieved before the next meeting
• Help you be held accountable so you can achieve progress between meetings
• Identify any burning issues that need to be addressed
• Access the collective wisdom of our accountants, our systems, products and services
• Phone support to address any burning issues between meetings

 

Call us now on 0800 463 488 to further discuss how Financial Awareness Coaching can help you and your business.

 

 

 

GoFi8ure – WorkflowMax Certified Advisors

Congratulations to Tania Hayes and You Zhou for completing your WorkflowMax Advisor Certification. We love WorkflowMax and would love to help you use it for your business! If your business is looking at using WorkflowMax or you are currently using it and would like to learn how to utilise it better, get in touch.

 

 

 

 

 

 

 

 

 

4 Reasons Why You Can Benefit From Using Accounting Software

Whether you are starting up or already running a small business, you may avoid using software. This could be due to the cost, because you think it’s confusing, or you use an Accountant for tax and think software is unnecessary. But, what you may not know is accounting software can help you streamline your business and increase your bottom line. It helps ease the burden of financial administration, allowing you to focus on your business passion instead!

Here are the top 4 reasons why your business can benefit from accounting software.

1. Keep your Finger on the Pulse of your Business
How often do you review your financial information? By only looking at your financial information once a month or at GST time, you could miss seeing valuable information in a timely manner which may affect your business decisions.

2. Bring your Business to the Next Level
Are you still generating quotes using Microsoft Word templates? With accounting software you can create and send professional looking quotes to potential customers and when accepted convert the quote to an invoice then match the payment to the related invoice when payment arrives. This eliminates replicating data entry and reduces admin time.

3. Have Accurate Records for Tax Preparation
At tax time do you find yourself looking for your shoe-box full of receipts, trying to remember which expenses were business related? By keeping your records within an accounting system the end of year process can be less of a burden. You capture the correct information throughout the year and eliminate the need for the accountant to have to enter your data records into their tax system.

4. Control your Cash flow
Do you know how much money you can expect and what bills you will have to pay over the next 30 to 90 days? Every business needs to know what is coming in versus what is going out. Accounting software can provide you with cashflow reports, budgets and up to date profit and loss reports to ensure you can manage one of your businesses most valuable assets – cash!

Would you like to find out how GoFi8ure can help move your accounts onto life changing accounting software? Email us on enquiries@gofi8ure.co.nz or call us on 0800 463 488 for your complimentary assessment today.

Winner of Xero Bookkeeping Partner of the Year New Zealand 2016 – GoFi8ure!

We are so humbled and honoured to be named Xero Bookkeeping Partner of the Year New Zealand. To win Wellington Bookkeeping Partner was awesome, but winning this is absolutely amazing.

Thank you so much to everyone at Xero for your support and for providing us with such awesome tools – they make our lives easier and our clients too! Also a massive thank you to our awesome team, what a great team effort – thank you for your passion.

Thank you to our fans and clients – you rock!! And finally a huge thank you to our fellow Bookkeepers and our Bookkeeping community. You are all amazing and we are so lucky to work alongside you! What a great way to kick off Global Bookkeepers Week!

#nzbkfirst #BookkeepersOnBrand #FirsttoseetheSun #GlobalBookkeepingWeek

 

 

 

 

 

 

 

 

GoFi8ure – Superheroes of the accounting world – Fishhead Magazine 2013

GoFi8ure gets in and takes care of the grunty number-crunching, enabling businesses to earn more money doing what they do best. With 25 years of financial and accounting experience behind her, Lisa Martin and her Cuba Street company could be just what you are looking for. To keep reading click here.