There are currently 218,152 actively trading small businesses in Western Australia and 97% of all classified businesses are small = under 20 staff employed. Just over 60% of these small businesses are non-employing sole traders.
These are high statistics and ones that reflect the number of people relying on income through self-employment. So what happens if you are unable to meet your personal and/or business tax obligations? Or you have to close your business because you’re experiencing financial difficulty, and running at a loss but locked into a commercial lease? If you are not earning sufficient income to meet your expenses and financial commitments, how can you afford to get professional advice should you experience difficulty in any aspect of running your business?
There is a service available to those in need. The Small Business Development Corporation (SBDC) was established in 1984, and is the only government agency dedicated to supporting the small business sector in Western Australia. The role of the agency is to offer free and confidential advice and help to small business owners at all stages of business development.
The SBDC offers a plethora of services including, but not limited to, business skills workshops, business advice and guidance, commercial tenancy advice and low-cost alternative dispute resolution.
Opening a small business may seem attractive and for some an only option in earning an income. Seeking out education and advice is essential to prevent failure and so that you are equipped from the get go in dealing with any obstacles that may arise when running a business.
For more information on the Small Business Development Corporation WA go to www.smallbusiness.wa.gov.au
If you are a small business owner and experiencing financial difficulty, contact Midlas on 9250 2123 for a free and confidential appointment with a financial counsellor.
Please Note: We do not assist with any aspect of operating a business. We can provide information on the options available to you in dealing with your debt and advocate/negotiate on your behalf if required.
Midlas Mission: We partner with individuals and organisations to promote independence, strength and wellbeing in our community through support, advocacy and education.