Time to start getting set up! Turns out, this can get a bit complicated. Here’s our take on it all:
Find a good Accountant – cannot emphasise enough how helpful it was to speak to someone who knew the “technical” side of running a business, understood our goals and vision but also had a genuine interest in seeing us succeed. It’s important to us that we BOTH get along with anyone involved in the brewery – safe to say, he’s a good bloke!
Business Structure – Company vs Trust vs Partnership vs Sole Trader? Make sure you do your own research and prepare to read, ask questions, read some more then ask some more questions (potentially the same ones but worded differently – who knows?!). Things we considered: liability, tax implications, investors and future proofing. Each has its own pros and cons so we sought professional advice to decide what would work best. We chose to establish a Unit Trust as it suits our current needs and also allows some flexibility to make changes in the future.
Run some numbers – luckily this is our jam. Spreadsheets for the win! We stepped through the brewing process start to finish and basically, everything you touch throughout, needed to be recorded. So, equipment, utilities (water, electricity, gas), raw ingredients, cleaning products, kegs/cans/bottles, lids, packaging, freight etc. Then we considered overheads like rent, insurance, licensing, salaries, internet, phone bills, banking fees etc. Yeah we know it’s a lot but we’re sticklers for the details! We played it extra safe and also included a buffer of 20% on our overheads to help cover any unexpected future surprises (wish us luck!).
Surround yourself with good people – we’re lucky enough to have really supportive family and friends. This doesn’t mean they all have the same opinions on how to run a business or even enjoy the same styles of beer. The important part is, having people to bounce ideas off, listening to their experiences and knowledge then sitting down and making those decisions for yourself.
Our brains hurt now…time for a beer! Hit us up if you have any questions.