Starting a business in Australia. Any advice? Adults only.
Forums › General Discussion › Starting a business in Australia. Any advice? Adults only.-
I am going into a business partnership (Landscaping and outdoor construction) with my best friend. We work well as a team, so there's no problem as far as that is concerned.
We're just wondering if anyone has any decent advice: we've spoken to several business owners, but if there are any people playing TW who have legal knowledge to assist us, we'd love a heads-up.
Much appreciated. -
Consider: for ANY small biz starting out...
Legals:
Public Liability Insurance
Work CoverGET IT IN WRITING! (contract protect you and your client)
Banking:
Recommend you have-- separate a/c's for:
1. Expenses
2. Income
3. Wages (that's right, pay yourselves a set wage, split the rest across the other two a/c's and leave it there)Set a personal and a business budget.
Find a good accountant.
Education:
Consider a small biz management TAFE course. (if you're on centrelink or are eligible for a payment, consider the NEIS program)
Transport:
Register work vehicles in a business name.
Keep record of milage AS you rack up the Kz (figuring it out later is a pain, the log books are useful)
Anything else you can think of, PM me.
Cheers and best of luck.
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Oh and work out if you are going to register your ABN as a sole trader or as a partner ship or propriety limited. All three have different advantages. The main advantage for a sole trader ABN is that it is more believable if you doctor the books in such a way you don't have to pay any GST (under 72k turnover or profit p.a. I forget which one it is off the top of my head).
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A lot of good ideas and information right there! Very much appreciated. I will indeed PM you if we think of anything. Take care.
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On the accountant note, my friend's sister is one. Whether she is good or not, we shall see. ✊
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Biz tax specialist? Can hook you up if u need.
Not trying to gloat but I am an ACN holder (company). -
I mean, I inherited the position and the stake in the company, but hell, I ain't gonna beat myself up for being lucky and not working my way up from scratch. Personally I am into the property market.
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Real estate? I worked in a drafting office for two years (I sometimes point out new houses to my friends - houses that I drew.) and I knew a couple of developers through that, and For a while, I considered getting into that field. Very good money there! Decided against it in the end.
Anyway, I've been both in both professional and trade positions. Gives a man a different perspective, that's for sure!And I'm not sure what kind of accountant she is. I never realised there was more than one kind: I suppose it makes sense. All professions have specialists of some kind or other, eh? I'll get back to you on that one when I find out, which won't be for a few days.
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Heard of VicUrban? Not my company but they have the tenures for some serious government backed expansion in Victoria! I buy properties in the growth zones and the fringes near by... Western Vic getting big! Of course there's specialist accountants dude =P
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And yeah, used to be a car detailer before my late father-in-law blessed me when he died... R.I.P Ron
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farticus wrote:
Sell food
Sell your asshole, troll.
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^^
I'm gonna leave that there so someone who's close enough can bitch slap him for me. =P -
What? I posted that in another post thing.
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farticus wrote:
What? I posted that in another post thing.
No you didn't.
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You posted it in here and then deleted it. Why would I set you up?? Haha.
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I don't know? Why would you set me up?
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Well for starters, you named yourself farticus, but no, it's not a setup...
You and I know the truth, so quit being a douche bag.
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PuppetMaster wrote:
He he....farticus wrote:
Sell food
Sell your asshole, troll.
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File as a Subchapter S Coorporation. You can be the only owner of the buisness, and you have the protection of a Coorporation. Corps have limited liability so if you get sued, they cant take your personal things like your house or car. File as a Sole Propteitorship and they can sue you for all you have
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Thanks everyone for the advice. I'll be looking into it all, that's for sure! Very much appreciated.
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☣Golden Dino☣ wrote:
File as a Subchapter S Coorporation. You can be the only owner of the buisness, and you have the protection of a Coorporation. Corps have limited liability so if you get sued, they cant take your personal things like your house or car. File as a Sole Propteitorship and they can sue you for all you have
Not entirely sure Australian law works in the same fashion... Would have to read up on that one or talk to my solicitor (he reads at a much faster rate than I do!)
The public liability insurance upto 1 or 2mil will cover you against practically every situation you could find yourself in and only costs around $1700 p.a. (tax deductible of course, as it is a necessity for running your business). Finally make sure you insure everything related to the business (tools, vehicles, premises).
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Ah well I know that's how it is in America with Subchapter S'
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Id recommend revising with autocad so u can design the garden yourself inhouse, which should secure the sale. And if you want i could find an irish supplier for your grass? Lol no joke, im redoing our grass next month because when we bought our house the garden was terrible..... :( wish u all the best with your venture 😺
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BorderFox~>java wrote:
True. I've been using autocad for nearly 5 years now: I've got it on my laptop and can work in the cabin of a ute if necessary. It would mostly be for our own use though, at least as we start out. The clients we will be working for simply want a new retaining wall, or a new deck etc. So until we get larger and begin taking on more and bigger jobs, design won't be a large issue (I'm speaking from experience, before anyone rips on me for anything.)Id recommend revising with autocad so u can design the garden yourself inhouse, which should secure the sale. And if you want i could find an irish supplier for your grass? Lol no joke, im redoing our grass next month because when we bought our house the garden was terrible..... :( wish u all the best with your venture 😺
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PuppetMaster wrote:
Great! Numbers and names like that are exactly what we needed to know! *scribbles down info on notepad at desk*☣Golden Dino☣ wrote:
snipped
Not entirely sure Australian law works in the same fashion... Would have to read up on that one or talk to my solicitor (he reads at a much faster rate than I do!)
The public liability insurance upto 1 or 2mil will cover you against practically every situation you could find yourself in and only costs around $1700 p.a. (tax deductible of course, as it is a necessity for running your business). Finally make sure you insure everything related to the business (tools, vehicles, premises).
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