Hi everyone my name is Bev and you’re listening to Entrepreneurs: Generations Apart on Radio Carrum. A show with a focus on interviewing business owners from different generations and industries driven by a simple question: What drives people to build businesses and thrive in doing work that they love.
Today in Episode nine we interview Edie May who is the founder of Tax After Hours a zoom-based business advisor and tax agent.
Welcome Edie how are you?
Can you tell us a little about your background and what inspired you to become an entrepreneur?
Hi Bev, Thank you for thinking of me to include in your podcast series.
I studied the profession of accounting and took a job in the industry but commenced private practice at the same time with a small number of clients.
I didn’t think of it as becoming an entrepreneur as I had a 9-5 day job except for the end of the quarter and at year-end – then we had unpaid overtime as we were on salary.
My side business grew over time as I acquired more private clients.
How did you come up with the idea for Tax After Hours?
That was easy actually.
I was working full time and could not liaise with clients between 9 – 5 so I tailored their expectations with the name to suit my availability.
What were some of the struggles you faced when starting the business?
Inexperience was a big one as an accounting degree teaches theory but hands-on was not included in the course. In hindsight, I am a big fan of the sandwich year where you work in an accounting practice.
You don’t know what you don’t know – this is very true when starting a business so experienced advice is vital.
Technology was just emerging and it was expensive. My first PC was $5000 and it has a hard drive of 20 Megabytes. Our phones are more powerful than the computer I used at university.
Code of conduct and ethics play a big part in the profession so there was more learning to do. To run a practice, further study was required but in the early days this was not formal and you paid your fee to become a registered practitioner. I think graduates entering the industry now are far better prepared for the work they need to complete and the complexities of working with people and their finances.
What are some tax essentials for those running small businesses?
Get good advice before you start
Have a budget for years one, three, five, and 10. They will bear no relation to your real figures but it will make you aware of pitfalls and hidden expenses if you do your research or get good advice from someone already in the industry. Industry forums are very good as there is enough work to go around and a sounding board of skilled professionals is a godsend when you are stuck.
Use a software package with bank feeds. Get the best quality information about your figures so you can see problems as they unfold and you can still do something about them. Do your numbers weekly until you understand the patterns.
Manage your money – every dollar has a purpose. Put some away every week for materials, taxes, your wage, and profit.
Never work for free. If there is not enough money coming in – you cannot spend more than you have allocated from the week’s income. This is the only way to build a self-sustaining, profitable business.
Lodge your Tax Obligations in a timely manner.
What does a typical work day look like for you?
I work for myself so I don’t set hours. I am a carer for an elderly relative and I do my work around medical and other commitments. It is great freedom as I am active in Not For Profit organisations around me too. I am currently;
– The President of the Bendigo Gem Club,
– The Vice President of Corop Community Action Group and
– I am the President of the Corop Sculpture Park which will open in October.
– I am from a family of artists so I also use days to create my Junk Art.
My working day starts with;
– Checking my emails,
– Seeing who has signed their returns ready for lodgement and lodging those,
– Seeing who is requesting work to be done and writing letters of engagement for them to approve.
– most phone and zoom conversations are scheduled after business hours for the client’s convenience and mine.
My day can start at 5 pm and finish after 10 or anytime on weekends by appointment.
How has COVID 19 affected your day-to-day working life?
Covid 19 had a huge impact on my working life – Before Covid 19, I was in a thriving partnership and the work from home requirement removed me from the hub of activity. My much younger business partner decided I was replaceable and when I ran the numbers, I found I was far more profitable when we split the business and severed our professional lives.
It was a huge upheaval but the new way of working with Zoom and phone appointments made my rural life possible while caring for my Melbourne-based clients in a way that was inconceivable before the lockdowns. It worked well around my carer duties and reduced travel and fuel costs to Zero. I felt much safer during lockdowns as my little country town has very few residents.
What do you like most about your own business?
I love the flexibility, the profitability, and the intimacy with my clients.
We have unlimited access using social media and they know they need to talk to me before making important and expensive decisions and that I don’t have the meter running all of the time.
It can prevent them from making mistakes that can’t be rectified.
What advice would you give to those considering creating their own business?
My advice is to work in something you are passionate about and set your prices according to the value you provide. Your hardest task is to convey your value. Once you do that no one will question your price.
Never attract custom based on price – there is always someone who will do it cheaper.
Keep good records with an accounting package with bank feeds.
Never evade your tax obligations as it will put you under the microscope.
Try to become a niche specialist so you can be the best and biggest in your field.
Get publicity from local media to show what it is that you do and how it adds value to your client.
The worst thing to do is start a business doing something you hate. There will be no joy and no motivation.
Are there any books that have helped you over the years as a business owner or even in life?
I have always been an avid reader and I loved Nevil Shute as I was growing up.
His books were technical in their description but simple in language. He has dated somewhat since technology changed the way everything works.
Many self-improvement books come to mind such as How to Win Friends and Influence People by Dale Carnegie and Who Moved My Cheese by Spencer Johnson.
Who is a person that you admire and why?
As I was growing up in my tiny community and later as I returned as an adult a lady in my town was a family friend and role model for me. Patricia Henry was a woman with vision who could put her hand to anything. She farmed, she sewed and she created Gardens of magnificent stature. She traveled and nurtured my passion for rocks and my environment.
She showed me that passion for what you do gives the vision and drive to perform unexpected results way above the onlooker’s vision. Her willingness to step in and help me in a crisis was without limit and I wish she was here today to share the creative journey I am on with Junk Art and the Sculpture Park.
If our audience would like to get in touch with you, how can they find out more about yourself and Tax After Hours?
The easiest way to find me is on my Facebook Page Tax After Hours. Send a message as this is the fastest way I will respond.
I can also be reached on 0414318969
Thank you, Edie, for being part of the show today. It’s been wonderful talking to you.
Thank you, Bev. I have been following your entrepreneurial adventure for many years and I am very proud of what you have achieved.
I hope you enjoyed this episode of Entrepreneurs: Generations Apart if you are an entrepreneur and would like to take part in future episodes. Email Bev at celebratelivinghistory@gmail.com