Advice – Getting the Right Advice

It is important to get the right advice from the experts. This is particularly the case when you are setting up your own business or taking over an existing business.

1. Accountant

An accountant can tell you what a bank is likely to be able to lend you, based on the net worth of the business or the potential of the business. While an accountant is not usually an expert on the hair industry, they will be able to advise you on an appropriate business structure to meet your goals (together with a lawyer). An accountant can provide advice on the following:

• Recording and preparing tax returns to Inland Revenue.
• Setting up a bookkeeping system (or you may choose to do this yourself, there are many accounting software packages designed to make it easy for you).
• Providing income statements to evaluate profit and loss.
• Preparing a set of financial accounts at the end of the financial year.
• Representing you if you are audited by Inland Revenue.

You would normally pay an accountant on a monthly or quarterly basis.

2. Insurance Agent/Broker – Hair Industry Specific Policy

Insurance is a form of risk management. An insurance agent or broker will be able to provide advice on insurance needed to safely open and operate your salon or barbershop. H&BNZ’s preferred insurance broker is Rothbury Insurance who have a policy specifically for the hair industry. Visit Rothbury Insurance’s website to find your local broker.

Types of insurance and recommendations are here.

3. Lawyer

A lawyer is an advisor on your legal obligations as a business owner. H&BNZ’s preferred lawyer is Heaney & Partners. They can provide advice on:

• Business structure and ownership arrangements.
• Arranging finance.
• Lease agreements.
• Supplier/partner/contractor agreements.
• Health and safety obligations.
• Employment obligations.
• Tax responsibilities.
• Complaints and disputes.

You should seek legal advice whenever you are asked to commit to certain rights or obligations with another party. This can include signing legal documents, commencing a business relationship for the first time, or receiving formal notice of a complaint/demand.

4. Product Company Sales Representative

The sales representative is the link between the professional products and equipment manufacturers and the salon or barbershop. It can be beneficial to develop a strong relationship with one distributor. The distributor may provide in-premise training and educational seminars and workshops for you and your staff, and financing may also be available. There are also discount and cash-and-carry suppliers throughout the country that provide products or equipment with few or none of the above-mentioned services.