Australian Immigration Daily News

Becoming a Registered Migration Agent (RMA) and helping others to achieve their dream of chasing new opportunities and life in Australia can provide a rewarding career – albeit a career that requires many hours of hard work and determination. 

Like nearly all sole traders and small business owners you are likely to be conscious of your cash flow, particularly considering the expense associated with establishing yourself as a RMA, as well as the costs of the continuous training that is required. So there’s no doubt you’ll want to make sure every dollar goes as far as possible.

That’s why we’ve compiled a list of 5 top tips to help you make the most of your business funds whilst still allowing your business to grow.

1 . Don’t Pay Full Price.

No matter how much you spent last year on your business, you’ll need to reinvest money this year on goods for your business to keep it running.  This will range from office supplies through to equipment such as laptops or perhaps just a kettle to keep the tea and coffee flowing. Invest a little time searching classified and auction sites where you can often find a real bargain. From second hand equipment that is no longer required by another business, to new stock and equipment being sold as part of a liquidation sale, or an oversupply of inventory – savings can be easily found.

2 . Outsource 

Often when you start your business, you are the ‘jack-of-all-trades’, however as your business grows you are going to need additional help. This doesn’t necessarily mean employing staff and adding payroll costs to your bottom line, but instead you could think about outsourcing some functions, such as virtual assistants who can help you with administration and other day to day tasks, through to bookkeepers to help keep your books in order. Having an extra pair of hands will free up your time to focus on your business, easing the pressure on your bottom line.

3 . Review Your Utilities

Ensuring your money is spent wisely also means managing your bills for business utilities, like gas, electricity and phone services.  Many business owners will often just keep using the same providers without reviewing them regularly, but it’s likely that whilst you have held your contract with your current provider they may have introduced a better package, or another provider will have an even better deal for you, Which is why it is important to compare products in the market to ensure they meet your business needs and offer you the best value. The easiest way to do this is by using a comparison site. They’ll let you compare the key product features and benefits, as well as the cost of the services you need.

4 . Smart Website Design

For most small businesses having a web presence is an essential part of doing business, but getting a professionally designed website that’s mobile friendly, updated regularly and optimised for SEO can mean stumping up an investment of thousands dollars upfront. Consider using a web hosting service such as WebCentral, who can offer affordable web design packages to give you a professionally designed website for a fraction of the cost of using a design agency. Not only will they help you get your website set up, they will also work with you on an ongoing basis to ensure your website stays up to date and relevant.

5. Ensure you have the insurance in place to protect your business

Whilst outlaying money on insurance may not seem like a money saving tip, ensuring you have the right cover in place should you need to make a claim could mean the difference between keeping your business running, being forced to take out a loan to cover your costs, or worse, being forced to shut down. For example, having Professional Indemnity Insurance can provide financial protection if you inadvertently gave the wrong advice or lodged client documents late. Whereas, Public Liability insurance can provide protection for you if someone fell and hurt themself whilst on your premises, or if you accidentally damaged your client’s property whilst out visiting them. 

Your membership of the Migration Alliance gives you a 38% saving on your Professional Indemnity cover (just use the code MABIZ001 when you are on their site) and whilst you are there you can also compare quotes on other insurance you may need, such as public liability or even cover your building and contents.

Saving money doesn’t necessarily mean cutting corners or not spending on your business, it means being smart with your cash and spending your money wisely!

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BizCover Pty Ltd (ABN 68 127 707 975; AR 338440) is a corporate authorised representative of Mega Capital Pty Ltd (ABN 37 098 080 418; AFSL 238549). Please note that BizCover acts as the agent of the insurer in respect of the insurance products offered on this website and not as your agent. Any advice does not consider your individual needs. You should consider if the insurance is suitable for you and read the Product Disclosure Statement or policy wording before buying the insurance.