Accounting for Golf Pro Shops & Golf Retail Shops
Here are Nexus Accountants, we understand the golf industry. Our Principal, Domenic Tempone loves the game, and over the past 15 years he has accumulated a massive amount of knowledge about professional golfers and how to run a successful pro shop or retail golf outlet. He recognises the fact that golf is big business and it spans a range of different sectors including professional golfers, retail golf shops, pro shops, golf coaches and various suppliers of clubs, bags, balls, carts and apparel .
RUNNING A GOLF PRO SHOP
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We know running a golf pro shop can be a complex business. There are so many areas to manage including green fees and tee times, a food kiosk or cafe, a club and buggy hire service, club repairs, golf lessons and clinics plus the retail section with a range of clothing and apparel, shoes and accessories, clubs, bags and buggies. You also need to manage club competitions and deal with pushy sales reps.
In some cases it is five businesses crammed into one showroom. It's demanding and challenging plus you have to deal with all the usual small business compliance issues of GST, BAS and PAYG. Not only that, if you run the on course pro shop you may have to be open 365 days a year. If you run a retail golf shop you're probably open six or seven days a week and you have to compete with on-line golf shops who never close!.
Running a golf pro shop means you probably have to deal with staff, occupational health and safety issues not to mention payroll, WorkCover and superannuation administration. Your tenancy lease can be complex and managing stock in a retail environment is always challenging with obsolete stock, new models being released all the time and of course, cash flow pressures. You need to manage seasonal factors plus keep up with the trends, the new releases and the technological change.
Having an accountant who understands your golf pro shop can mean the difference between survival and success. Over the past 15 years, Domenic Tempone has mentored a number of golf shops and pro shop business owners through the various stages of their business life cycle, from start up right through to sale. He is a self-confessed golf tragic and offers you experience, technical knowledge and an intimate understanding of the industry which could give you a serious competitive advantage.
STARTING OR BUYING A BUSINESS
We are recognised as business start-up specialists and if you are looking to open a retail golf shop or take over a pro-shop there are numerous issues to consider. There is site selection, tax registrations, insurances, the shop lease, the shop fit out and of course finance. We can assist you in all of these areas plus provide advice on HR matters, payroll and the preparation of a business plan. On an operational level, we understand what is required for a successful opening and we can even assist you in executing the successful launch of the business.
Over the past two decades our team of accountants have helped dozens of retail golf shop and pro shop owners get their business off to a flying start. We offer you experience, technical tax knowledge and most importantly, an intimate understanding of the golf industry.
Starting a business is a bit like building a house and you need solid foundations. In a business sense these include the right taxation structure, accounting software, insurances, a marketing plan, website and social media channels. Your choice of business structure is critical and there are a number of different options including a company, sole trader, partnership or trust. When selecting a business structure, asset protection is a key consideration as well as your family situation, forecast level of profit and your future plans to admit new business partners and your eligibility for discount capital gains tax concessions.
Your choice of accounting software is another brick in your foundation wall. The wrong choice can be catastrophic and poor financial records are one of the biggest causes of business failure in this country. Up to date, accurate financial records let you make informed business decisions. Your software program needs to match your business needs with your level of accounting skill because too many business owners use sophisticated double entry accounting programs and produce nothing but 'computerised shoebox' records. One of our priorities is to help you cut the cost of compliance which in some cases includes training you to use the software. We support a number of programs and have a strong preference for cloud based solutions like Xero.
To build a house you also need the right tools and when 'constructing' your business we have developed a number of tools including a
start-up expense checklist broken down into various categories including:
- leasehold improvements
- shop fit out expenses
- information technology costs
- marketing and signage
- equipment and
- trading stock
These figures then slot into a cash flow budget template that let us produce a forecast of your first year's trading results. If you need a vehicle in your business we can assist you with finance by chattel mortgage or lease through one of our affiliate partners. Not only that, you can access fleet pricing on your new car, ute or light commercial van that could save you thousands of dollars.
Through our affiliate partners we can also help you source funds to finance your business purchase, shop fit out, equipment, franchise fee, motor vehicle or van. Pricing is absolutely vital to the success of your retail or pro shop and we can help you do some price modelling so you know your break even point and understand the financial implications of price increases by your suppliers. We also use benchmarks to compare your business performance against your industry peers so you know what is working in your business, what's not working and what needs working on.
MARKETING YOUR BUSINESS
For small business owners, your marketing can be the difference between gloom, doom and boom.
Most retail businesses rely on their reputation and referrals to grow their business and while these ingredients remain important, you need to shift your marketing focus online. Increasingly local searches like ‘Golf Shop Malvern’ are driving traffic to your website and often your website is the first touch point with a potential new customer. As you know, you only get one chance to make a good first impression and your website is your silent sales person working 24/7 to promote your business.
One of our biggest points of difference compared to other accounting firms is our marketing expertise. We can assist you with your branding (business name, logo and slogan), your corporate brochure and help you harness the power of social media to win more referrals. Over the past few years we have worked with dozens of clients to help them create affordable, quality lead generation websites that are responsive to smart phones and tablets. We can provide advice and guidance with your website content including video production and if your website lacks calls to action or lead magnets we'll help you build them. In addition, we'll introduce you to strategies like re-marketing and search engine optimization to drive more traffic to your website.
If you aren’t using some of these marketing techniques your business probably won't reach its full profit potential.
The marketing process begins with your branding and we have worked through the process with dozens of clients over the years and using some online resources we can help you build a modern brand that resonates with your target market. We can even help you develop your stationery at a fraction of the cost of engaging a graphic artist or marketing consultant.
Our role includes helping you understand the Four Ways to Grow A Business and in the process, identify the key profit drivers in your business. We can talk you through various profit improvement strategies and even quantify the profit improvement potential in your business. Our role is to make sure you don't leave any profit on the table.
Our mission is to help you find the 'sweet spot' in your golf business and fast track your business success. Dom and his team are golf pro shop and retail golf shop specialists who offer you a full range of accounting, taxation and business coaching services including:
- Start-Up Business Advice for Golf Pro Shops and Retail Golf Shops
- Advice regarding the Purchase and Sale of your Pro Shop or Retail Golf Shop
- Spreadsheets and Tools including a Start Up Expense Checklist, Templates for your Business Plan, Cash flow Budget, Letterhead and Business Card
- Advice and Establishment of Your Business Structure
- Tax Registrations including your ABN, TFN, GST, WorkCover etc.
- Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
- Accounting Software Selection and Training (Bookkeeping, POS, Invoicing, Payroll etc.)
- Preparation of Finance Applications for your Bank Loan (if required)
- Preparation and Analysis of Financial Statements
- Bookkeeping and Payroll Services
- Tax Planning Strategies
- Marketing Audit including the establishment or evaluation of your branding, brochures, website and social media strategies
- Advice and Assistance with the Development, Content and SEO of your Website
- Wealth Creation Strategies and Financial Planning Services
- Industry Benchmarking and KPI Management
- Vehicle & Equipment Finance
- Advice & Assistance with Pricing
- Advice regarding Claiming Motor Vehicle Costs
- Recession Survival Strategies
- Advice regarding Employee Relations and Workplace Laws
- Business & Risk Insurances
- Business Succession Planning
We also look after the accounting and tax needs of pro golfers currently on the circuit and amateurs looking to turn pro. We understand the special tax concessions available to professional sports people plus we recognise the life of a professional golfer is like nothing else on this earth. It’s easy to visualise Adam Scott or Jason Day walking down the fairway at Augusta and think of the big pay packet, the endorsements and the green jacket but very few golfers reach those lofty heights. It’s a goldmine for the elite few who are an enterprise generating revenue on and off the golf course.
The stars of the game and the players trying to 'make it' often have employees and they all have coaching costs, travelling costs and massage and physio fees. It's a tough profession for aspiring pro's and most pro golfers struggle to make a living let alone get their tour card and play well enough to cover their travel, accommodation, equipment, caddy and coaching costs. It sounds glamorous but the travel, airports and hotels are a jungle and a recipe for home sickness. The last thing you need is administration and bookkeeping headaches and we can help you with that aspect of your business.
We are so much more than just tax Accountants. We are business and profit builders who genuinely care about the success of your pro-shop or retail golf outlet. We service the accounting, tax and marketing needs of a number of golf pro shops and retail shops (including online retailers) and understand the world of golf. Over the past decade, professional golfers and pro shops have become a real niche within our accounting firm and if you’re looking to get your golf business ‘off the tee’ or want to book your existing business in for a ‘lesson’ contact us today.
You can expect practical, cost effective advice and marketing strategies to help you grow your business and your profits. Personal service is assured and no task is too big or too small for the team at Nexus Accounting. We work hard to understand your industry and our marketing skills distinguish us from other accounting firms.
If you're a committed and ambitious business owner looking to accelerate your success we invite you to book a FREE, one hour introductory consultation to discuss your business needs. You'll get an hour of practical business, tax, marketing and financial advice that could have a profound effect on your future business profits. To book a time, call us today on (03) 9500 8666 or complete your details in the box at the top right hand side of this page.