Case Study: Business Mentoring, Start-Up Planning, Tax and Compliance
A husband and wife duo with prior experience in the transport industry identified a lucrative freight opportunity. Faced with the intricacies of starting a new business, a strategic decision was made to seek guidance from a business advisory firm. This collaboration proved successful with the new enterprise yielding a substantial profit in just the second quarter of operation.
Brenton and Kirstie Newbold are the owners of IBEK Logistics, a transport partnership that subcontracts a Kenworth Prime Mover to a local transport company, running product along the eastern seaboard of Australia. Previous to starting this side-business, Brenton had experience in the transport industry, and saw a lucrative opportunity for a freight run.
Having not had previous experience running a business, he reached out to Cumulus in the early days of his ideation. Brenton explains;
“My parents are farmers and have always used Cumulus for their tax and small business needs. So when this opportunity arose, I reached out to Patrick Rorke (Cumulus Director) for help”.
After crunching the numbers, Cumulus confirmed the opportunity that Brenton had discovered was indeed profitable. Together, they worked on the foundations of the business, to ensure Brenton and Kristie could maximise the returns on their new-found business.
The team at Cumulus guided the duo on a number of areas including;
- Business structure
- Accounting software
- Bookkeeping processes
- Growth planning
“Patrick helped us through the early stages of getting our business started, showing us all the necessary steps we need to make along the way. No question is ever too simple and you are made to feel as if the team is invested in you, even though we are only a small business.”
The duo reaped success early on after implementing their foundations, earning a substantial profit margin by just their second quarter.
Looking ahead, Brenton and Kirstie are eager to progress their business acumen, learning more of the fundamentals they need for continued success.
“We want to continue to learn about the controls we can use to better manage our business operations and finances. We have learnt the importance of strong relationships and understand how the support of partners like Cumulus can help manage stress and provide stability”.
With ambitions for the future, the couple have high hopes for their newly formed business.
“We are already looking at expanding our fleet to incorporate a second truck. Our hope is to continue to grow with four or five vehicles within our fleet in the not too distant future.”
Brenton’s advice for others looking to start a business;
“Find an accountant you can relate to. One that you can build a strong, professional relationship with. It’s invaluable to have somebody you reach out to and seek support from on a regular basis”.
Brenton and Kirstie’s fast-lived success underscores the notion that anything is achievable with a strategic mindset and expert support, irrespective of prior experience. Their rapidly succeeding side-business serves as inspiration for anyone contemplating a new entrepreneurial venture.