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  • #1000068
    Chippy rain
    Participant
    • Total posts: 15

    Hi,
    I know its a bit of an unknown time were all living in with this coronavirus but Im starting to get really worried about my carpentry business. Ive had no work in over 3 weeks and the phone still isn’t ringing. I haven’t experienced anything like it in over 5 years. It only looks like things will get worse to. I have no idea how I’m meant to pay my rent next month, I’ve put this one on a credit card but thats it finished so I’m barely getting by, surviving on basic food but don’t know how long I can keep it up. Does anyone know any financial aid I could get maybe, or is the government got sort of funding available for self employed during this crisis? Any help would be much appreciated as Im really struggling
    Thanks

    #1222599
    Ben_Mandeville_Clarke
    Member
    • Total posts: 8

    That sucks to hear Chippy rain :( :( I hope you will be able to find a way and business will pick up for you.

    The Morrison Government is announcing a stimulus package this week. “Winners” are meant to be small business who are said “to receive cash payments”: https://www.news.com.au/finance/economy/australian-economy/time-is-now-scomo-to-reveal-key-parts-of-coronavirus-stimulus-package/news-story/ac924d058b9ce1fbed3cf18ddd1e2852
    If you follow the details of the Stimulus package as they become available, you’ll be able to compare the specifics to your own situation.

    Finally, here’s some articles I found on how to manage business during a recession. Maybe something in these articles will stimulate an idea for your business:

    https://www.woodworkingnetwork.com/articles/beating_the_odds_how_7_woodworking_companies_are_growing_during_the_recession_127742898.html

    https://www.thebalancesmb.com/business-thrive-tough-economy-2948298

    I would also recommend that you seek out a mentor. Someone you admire in business or who has been successful at business. They might just be able to guide you in the right direction or offer wisdom on how to generate business during such times as these.

    All the best!

    #1222600
    Ben_Mandeville_Clarke
    Member
    • Total posts: 8

    Oh one thing you could do – if possible – is cash in on your reputation and ask your best customers if they know anyone who needs work done or if they could spread the word to help drum up business. Your best customers, who know and love your work, will go to bat for you.

    Also, this is from the QLD gov website about managing your biz during a recession: https://www.business.qld.gov.au/running-business/protecting-business/risk-management/surviving-downturn/strengthen . Maybe there’s some more tips there that might be of use. The tip about forming alliances with other businesses (I guess related) seems particularly interesting.

    #1222601
    James Millar
    Participant
    • Total posts: 1,702

    The Corona stimulus plan for small business will be announced in detail in next 24 hours. We are expecting it to contain several small business measures. Likely a combination of cash payments (to help those not paying tax), investment incentives for spending money on assets (as per prior GFC scheme) and potential short term reduction in company tax rate and or personal tax rate on business income.

    We will update with details on this FS forum as it rolls out. Our facebook will also contain some tips related to maximising entitlements so perhaps check there as well.

    Interesting times. Hold on tight

    Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900
    #1222602
    James Millar
    Participant
    • Total posts: 1,702
    JamesMillar, post: 268956, member: 5318 wrote:
    The Corona stimulus plan for small business will be announced in detail in next 24 hours. We are expecting it to contain several small business measures. Likely a combination of cash payments (to help those not paying tax), investment incentives for spending money on assets (as per prior GFC scheme) and potential short term reduction in company tax rate and or personal tax rate on business income.

    We will update with details on this FS forum as it rolls out. Our facebook will also contain some tips related to maximising entitlements so perhaps check there as well.

    Interesting times. Hold on tight

    PPS if it requires the involvement of an accountant to access any part of the concession program we will obviously be offering new solutions tailored for that. As always we will do our best to support FS members with general advice.

    Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900
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