• This topic is empty.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • #999486
    ColinR92
    Participant
    • Total posts: 4
    Up
    0
    ::

    How’s it going everyone? this is my first post. My name is Colin and I’m currently living in Melbourne, Victoria. Glad I found this website, after reading through multiple posts/threads it seems like a fantastic community.

    A friend and I are starting a construction labour hire agency in the next 6-8 weeks. Quite a straightforward business. With the contacts in construction over here we are both confident that we can get the labourers and the contracts.

    However, because we are both new to business (or at least running our own business) we are trying to avoid any mistakes that might be easy to avoid.

    We have decided to set it up as a Pty Ltd company. Neither of us are sure about insurance though. We are wondering is it possible to pay weekly for insurance or will it be one big payment which we are unsure if we can pay right away. This is probably the only thing hindering us from starting right away. Have emailed a few insurance companies but taking a while to get some quotes!

    Anyway, before I go into too many questions, advice on this matter (or any advice at all for two young aspiring business owners) right now would go very much appreciated.

    Thanks,
    Colin

    #1219922
    Mischelle
    Member
    • Total posts: 805
    Up
    0
    ::

    Hi Colin,

    Welcome :)

    Business insurance can be paid in installments no problem. Go online and get a few quotes. I am not sure of weekly, but I know you can get fortnightly – it’s called premium funding, Your Cert of Currency will list a full year, but you pay in installments.

    I suggest you also look into becoming a MBA or HIA member as you may get a discounted rate and they have many tools to help set up your business.

    Also make sure you have all the correct permits and licences https://ablis.business.gov.au/

    The Vic Government have a lot of resources available to you, do your research before starting, so you are beginning in the right way – especially when it comes to payments, as your contractors/subbies will require quick payment, so you need to stay on top of that.

    https://www.business.vic.gov.au/events-workshops-and-mentoring/attend-workshops-and-seminars/2019-workbooks/getting-paid-in-building-and-construction

    Cheers
    Mischelle :)

    #1219923
    Peter – FS Administrator
    Member
    • Total posts: 1,889
    Up
    0
    ::

    Hey Colin,
    Welcome to Flying Solo and thanks for joining :)
    Hopefully we can help you as you get things kicked off!
    Peter

    #1219924
    ColinR92
    Participant
    • Total posts: 4
    Up
    0
    ::
    Mischelle, post: 265417, member: 60404 wrote:
    Hi Colin,

    Welcome :)

    Business insurance can be paid in installments no problem. Go online and get a few quotes. I am not sure of weekly, but I know you can get fortnightly – it’s called premium funding, Your Cert of Currency will list a full year, but you pay in installments.

    I suggest you also look into becoming a MBA or HIA member as you may get a discounted rate and they have many tools to help set up your business.

    Also make sure you have all the correct permits and licences https://ablis.business.gov.au/

    The Vic Government have a lot of resources available to you, do your research before starting, so you are beginning in the right way – especially when it comes to payments, as your contractors/subbies will require quick payment, so you need to stay on top of that.

    https://www.business.vic.gov.au/events-workshops-and-mentoring/attend-workshops-and-seminars/2019-workbooks/getting-paid-in-building-and-construction

    Cheers
    Mischelle :)

    Thank you very much for the time/reply Mischelle. Will have a look at everything now.

    #1219925
    ColinR92
    Participant
    • Total posts: 4
    Up
    0
    ::
    Peter – FS Administrator, post: 265424, member: 1 wrote:
    Hey Colin,
    Welcome to Flying Solo and thanks for joining :)
    Hopefully we can help you as you get things kicked off!
    Peter

    Thank you Peter, glad to be here!

    #1219926
    bb1
    Participant
    • Total posts: 4,485
    Up
    0
    ::

    Colin, if you are serious about starting any business, don’t email for quote’s, get on the phone and talk to them.

    A couple of reasons:

    Emails aren’t seen as important, someone ringing them gets first attention.

    It’s easier for them to asses your true requirement, normally with any insurance policy there are 2000 questions, you have most likely on covered 2 of them in your email.

    Talk to several brokers, emphasis on talk.

    I cry when I see someone say, I sent them an email and now my whole proposal is on hold because they haven’t answered. Get on the phone, don’t delay

Viewing 6 posts - 1 through 6 (of 6 total)
  • You must be logged in to reply to this topic.