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  • #970469
    Lins0852
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    Hi guys,

    i need as much advice as possbile into how to start a small business/what steps i have to take. its an online business. i’ve heard you have to earn over a certain amount for it to not be a hobby. is this true?

    ANY advice would be helpful.

    #1044378
    The Hobbit
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    Lins0852, post: 54137 wrote:
    Hi guys,

    i need as much advice as possbile into how to start a small business/what steps i have to take. its an online business. i’ve heard you have to earn over a certain amount for it to not be a hobby. is this true?

    ANY advice would be helpful.

    First do a feasibility study to determine if your idea is viable
    Next you need a business plan
    You’ll need an ABN you can do this on-line and it’s free.
    Then you need the cash to fund the project, this is called working capital.
    Forget about tax, concentrate on making money. The accountants can sort out the tax once you’ve made some money.

    #1044379
    Kelly101
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    jaylmilby, post: 0 wrote:
    Think of a business about a particular hobby that you would like to do and at the same time earn from. You should know the ins and out of the business you wish to open.

    Please check out my web site http://www.createdesign.com.au as this is what I do for people with no idea where to start.

    I also have a boot camp to get the ball rolling – I haven’t put this on the web site just you but would be happy to email you some details.

    Thanks
    Kelly

    #1044380
    Lins0852
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    • Total posts: 6
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    Thanks for the advice guys-
    Its an online vintage clothing business – the store will be run through ebay. I’m wondering if we need to register the business name?

    #1044381
    Alan Maddick
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    It’s a good idea to register your desired business name for protection.

    #1044382
    yourvirtualboard
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    I did post a reply on here with 14 points to consider when starting a business but quicker for me to find this link http://tinyurl.com/2g367ob

    #1044383
    mark_xpnsit
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    I would suggest treating it like a business from the beginning to ensure you are in the right mindset to make a profit rather than looking at it like a hobby.

    Register a business name, but if you are starting on your own it might be easier to start out as a sole trader and change to a company when you start making decent profits.

    You probably won’t need to register as GST at first, but once your turnover hits, or you expect it to hit $75,000 you’ll need to register for it.

    From a tax perspective work out now what personal allowances and deductions you could be claiming for to make sure you keep the relevant receipts and documents to help you and your accountant at the end of the tax year.

    #1044384
    Carodi
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    I was selling on ebay and have decided to start an online store selling plus size clothing, not sure if I need an ABN?

    Di

    #1044385
    Gary Jeffress
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    This here is an awesome government website that gives lots of free information regarding the Business start-up process http://www.business.gov.au/Pages/default.aspx

    Many people suggest to take a business course http://www.garweneducation.com.au

    I train and speak to business start-ups about the things you dont wont learn from a book. If you are interested, feel free to contact me at gary@garweneducation.com.au

    Its wonderful to see people haing a go. – Inspiring

    Gary Jeffress (The M.A.D Guy)

    #1044386
    CruzAccountant
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    An ABN doesn’t cost anything, so it would be advisable to get one if you think you’re thinking of starting a business.

    #1044387
    pflammea
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    Have you given any thought to setting up your own online store rather than siding with ebay. There are positives to ebay being the number of users, however their fees can ad up quite a bit.

    Just a thought, however on your question, given that it is free to register an ABN i would suggest it safer to do this and be sure that you will not have any issues later down the track.

    All the best with it!

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