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RealitiesOfBusiness.Com
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Hey there,

Before you jump the gun and open the doors I would spend some time mapping out your next steps. Some of the questions that pop into my mind:

– Do you have a business plan?
– Have you created your financial forecasts and do you understand the financial aspects of this new venture?
– How will you source your first customers – do you have a sales and marketing strategy worked out?

I would not recommend starting any business without the above being complete.

In terms if your structure, if you are going to work with your wife a partnership may be more suitable than sole trader, just bear in mind the tax implications on both of you.

In terms of GST – I would not run any business without registering for this. I know that you don’t need to be registered until you earn over a$75k, but I would do it even if it is just to get into the habit of record keeping and filling out BAS statements.

Any questions, feel free to email me!

Good luck,

Pete