A self-employed person is defined as “an independent contractor or a sole proprietor who works for a variety of trades or professions rather than working for an employer or company”.

Around 1.388 million people or 10.60% of Australia’s workforce work as owners or managers of a business with no employees. According to Small Business Loans Australia, one of the biggest challenges that small business owners face in FY 2023 is the ever increasing inflation. 

There’s a lot going on among the country’s estimated 2.3 million small businesses. They received a post-COVID boost when state and international borders reopened, and consumers took advantage of the opportunity to throw off the pandemic shackles and get out and spend money. While consumer spending is healthy, there is anxiety as the cost of living rises and homeowners face higher loan rates. As global supply chain challenges persist, SMEs are finding it difficult to effectively get commodities. It has now emerged that cash flow restrictions are becoming a major issue for business operations. Most small business owners are concerned about their operating costs and inflation. 

Given this scenario, a refinance of existing facilities to ease cash flow pressures might help. The options include applying for refinance, cash out or arranging a purchase as a self-employed person or a small business owner. Fortunately, 2021 business financials are valid to be used in any of these financial transactions up until March 2023. After March 2023, the 2022 financials are required. 

At Micah Finance Solutions, we help small business owners explore growth opportunities to access working capital. We understand the financial needs and goals of self-employed clients to ensure that a lending solution matches the planned strategy. Schedule a Free Consultation today!