Month

October 2023
Success

Startup mindset shifts for small business!

5 Startup Mindset Shifts You Must Make as you launch your New Business.

Starting out. Grab that winning mindset from day one to conquer challenges and thrive in the competitive business world.


Starting a new business is an exhilarating experience requiring a unique mindset.
Business owners are like modern-day supermen/women, equipped with the determination and courage to face any challenge head-on. The excitement of embarking on a new small business venture is unparalleled, as the possibilities are endless, and the potential for success is immense.

Get the right startup mindset from day one!


With the right startup mindset, you as a small business owner, can conquer any obstacle that comes your way. When starting out in a new business, having the right mindset is crucial for success.
It is important to approach every task with a positive attitude and unwavering belief in oneself. A business owner must be confident to take risks and make bold decisions, even in the face of uncertainty.
This mindset of fearlessness and optimism sets entrepreneurs apart from the rest and fuels their drive to succeed.


The mindset of a business owner starting out in a new venture is akin to that of a superhero. Like Superman, they possess extraordinary powers to overcome challenges and achieve greatness.
Don’t be afraid to step out of your comfort zone and push the boundaries of what is possible. Their unwavering determination and resilience will enable you to navigate the ups and downs of business.
Starting out in a new business requires a mindset that embraces failure as a stepping stone towards success. Every setback becomes an opportunity to learn and grow, allowing business owners to improve their strategies and approaches continuously. With this mindset, entrepreneurs can turn obstacles into stepping stones towards achieving their goals.


Most people assume starting a successful business requires a great idea and a substantial cash injection. Both are correct, but to truly make your dreams a reality, the truth is your transition to being a business owner begins with a new mindset.
.

If you really want to be a successful business owner, you need to shift how you think about yourself, the world, and your business!


So, where do you get started to get your startup mindset mojo?

Here are some of the most valuable mindset shifts you should make before you begin your small business journey


1. Embrace The “Growth” Startup Mindset


If you’re thinking of starting your own company, do yourself a favor and read the book Mindset by Dr. Carol Dweck. Dr. Dweck has inspired countless business leaders and entrepreneurs because she teaches what it means to abandon the “fixed” mindset.

Premiership winning Coach at Collingwood, Craig Mc Crae, recommended it, and so do I. It helps keep you in the mindset zone.

Most of us have a “fixed” mindset. This is the belief that there’s a limit to your skills, what you can do, and what you can achieve at any given time. While that might seem like a humble position, it can be detrimental. Why it place limitations on you and your company from day one?

Shifting to a “growth” mindset means embracing the belief that you can improve anything, including your company, skills, and future, whenever you choose.

Focusing on constant growth ensures you’ll always work to make your business bigger and better.


2. Stop Prioritizing Quantity Over Quality


We’ve all heard that quality matters more than quantity, but many of us are still hardwired to seek out volume instead of value.

Prioritising quality over quantity means using your resources and people as effectively as possible to generate the best results. In the same way, prioritising quality over quantity as a business owner means you’re more cautious about which projects you take on and which clients you work with.

This can save you from making expensive mistakes. Don’t take on a contract or a sale if it leaves you potentially out of pocket to get work in the door.


3. Learn to Value Yourself

You may find that being a business owner brings a fair share of impostor syndrome. This is the belief that you’ve come to a place where you don’t deserve to be.

Without delay you need to remove that thought if you want to thrive.

Above all ,everyone feels this way occasionally, but never undervalue yourself,

You need to understand what your value is and be confident in yourself.

As can be seen take the time to regularly remind yourself what you’re good at and what you’ve accomplished so far. Tell yourself you deserve to be where you are and act like a small business champion.


4. Commit to Being a Lifelong Learner


There will always be new trends and technology to understand. Learn, embrace and grow you and the productivity of your business.

You need to be willing to keep up with the changes. Committing to a mindset of lifelong learning can help with that.

If you cultivate a constant curiosity and development attitude, you’ll be more likely to seek ways to improve your business. Being a lifelong learner makes you more agile, adaptable, and willing to evolve as your business grows.

A learning startup mindset requires shifting from seeing failure as an opportunity to learn. Take your mistakes as the lessons they are and use them to help you grow.


5. Have the tools and the fan club to support you


Confidence in yourself is a big mindset tool. With this in mind, your Mindset is best when you have the tools and people behind you to make it a success when you launch. This includes people who will provide direction, support, encouragement, and objectivity.


Without delay the tools are in the form of your documented plan, the 90-day launch and the financial targets to hit need to be implemented.

The most compelling evidence is that mindset medicine helps keep you focused.


Start Shifting Your Startup Mindset


Without a doubt any great business owner will tell you passion and money will only get you so far.

Take your, mindset, attitude and mental framework to keep pushing forward and achieving your goals. Shifting your mindset in the five ways mentioned above will prepare you to thrive.
Business owners possess the superhuman qualities of determination, fearlessness, and resilience. With the right mindset, you can overcome any challenge that comes their way and achieve phenomenal success. So gear up, put on your entrepreneurial cape, and embrace the adventure of starting your own business!

Retirement and your home and SMSF property

Can I Live in SMSF Residential Property upon Retirement?

Can you live in SMSF residential property held by your Fund?” No not directly, but follow the rules at retirement, and it may be possible.

As you retire, retirement planning opens up opportunities for living and the next stage for your SMSF, your lifestyle and your needs.

An SMSF is established for the sole purpose of meeting your retirement objectives. And this is the overal objective of holding any assets in the Fund!

Retirement planning involves planning and managing your assets into the senior years of your life. Opportunities arise as clients look at the strategies such as the downsized option for superannuation contributions along with other strategies. At this stage in life, you may wonder if you can live in the SMSF residential property after retirement. The property may be a residential holiday letting or an apartment.


Unfortunately, there is a misconception that you can move into the SMSF property as soon as you retire, regardless of whether the property is still in the SMSF. This is a big misconception as, at present, the Trustee of the Fund still owns the property, and it still forms part of your existing investment strategy.

Selling the residential property to a member prior to retirement is not allowable as it may breach the non-arms-length rules.

To live in SMSF residential property, it is necessary to transfer an asset to a member upon retirement

The Trustee, upon retirement, may provide benefits to the retiring member by utilising the major asset directly to satisfy the benefit by an in-specie transfer.

Member payments are the distribution of the member’s superannuation entitlement within the SMSF. The benefit is calculated based on the proportion of net assets at market value. Accessing superannuation entitlements is subject to conditions of release.

These conditions include reaching age 65, or, retirement, or medical incapacity. Not meeting one of these conditions means members cannot access their superannuation entitlements from the SMSF
Transferring the residential property from an SMSF as a Member Payment at Retirement.

As the Trustee of the SMSF, which is you, can determine that it will pay a lump sum. Your decision will be to sell the property or assets or undertake an in-specie transfer to the member.

Another term used for residential property transfer from an SMSF is known as an “in-specie transfer.”

In this case, the market value of the asset transferred within the SMSF decreases the member’s balance drops by the same value to reduce the amount held by the Fund on the member’s behalf.

How do you ensure the property transfer is done right?

A property that can be held in a superannuation fund can be transferred out of the Fund to satisfy as a member payment providing it meets the SIS conditions.

First Step. the Trust Deed. Check that the SMSF Deed will determine whether if the Deed permits in-specie transfers of assets. The Deed also outlines any specific processes that the Trustee must follow.

The asset being transferred must be valued at its market value. Where it was part of a borrowing arrangement check that it has been fully discharged.

The member also must have sufficient member entitlements in the Fund to cover the value of the asset being transferred. Complicated transfers where the value is greater than the value of the benefit need a professional plan. Reach out, and we can help work through your strategy.

Tax and Duty Considerations


We suggest you check with your solicitor in relation to the legal matters. Your solicitor will ensure any property transfer is done correctly. As accountants, we can advise you if there will be any income tax implications behind your strategy. There may be stamp duty savings but the solicitor can help you here. Therefore to be legally binding the asset change of ownership needs to be properly documented.

Plan and do it right.

Seek advice surrounding your requirements to avoid any costly mistakes.

This article is general and should not be construed as personal advice. You should consult a qualified professional for advice specific to your circumstances.

October 2023 – Client Newsletter

Our Client Newsletter this month includes articles about:

  • Property development – recent Federal Court decision
  • Small Business skills and training boost
  • CGT Small Business concession
  • Post-tax personal Super contributions – benefits

Click here to download our October Newsletter

Contact us on 03 9597 9966 if you have any questions relating to matters raised in any of our Client Newsletters.