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  • #999804
    Heyman_526
    Member
    • Total posts: 21

    Good morning ladies and gentlemen I was wondering if I can get some help please? I am a recent school leaver and I want to start my own business however I have no idea what I am doing or any of that. How do I start my business? How do I construct a business plan? How do I find the right people to help keep my business Sustainable and grow as time goes on?
    Also when applying for a business loan if something goes wrong and the business closes will the bank take all of the assets and not penilise me personally? I am aiming to get positive assets that will pay for themselves over time.
    Any help is greatly appreciated
    Thank you very much for your time have a nice day.

    #1221430
    RunicConvenience
    Member
    • Total posts: 186

    one, so what if you have to lose stuff if the business fails. that is life. they won’t take your life so you can just work back up to the next venture. if you’re constantly trying to protect yourself from a risk your never going to actually succeed. put skin in the game or go get a job.

    now all those things your asking could be discovered by searching on google or reading the blogs here but the biggest issue I see is you don’t even mention your business. what are you going to do?

    #1221431
    Paul – FS Concierge
    Moderator
    • Total posts: 3,127

    Hi And Welcome to Flying Solo [USER=116099]@Heyman_526[/USER] . It is great to have you!

    Thank you for joining our community and posting.

    Unless you have assets to use as collateral, you most likely will not qualify for a loan.

    I too would start with Google.

    Cheers

    #1221432
    Heyman_526
    Member
    • Total posts: 21
    RunicConvenience, post: 267451, member: 112020 wrote:
    one, so what if you have to lose stuff if the business fails. that is life. they won’t take your life so you can just work back up to the next venture. if you’re constantly trying to protect yourself from a risk your never going to actually succeed. put skin in the game or go get a job.

    now all those things your asking could be discovered by searching on google or reading the blogs here but the biggest issue I see is you don’t even mention your business. what are you going to do?

    I intend on starting a property investment and management business so essentially the idea is to have the homes and business assets as collateral

    #1221433
    Heyman_526
    Member
    • Total posts: 21
    Paul – FS Concierge, post: 267452, member: 78928 wrote:
    Hi And Welcome to Flying Solo [USER=116099]@Heyman_526[/USER] . It is great to have you!

    Thank you for joining our community and posting.

    Unless you have assets to use as collateral, you most likely will not qualify for a loan.

    I too would start with Google.

    Cheers

    Am I able to use the homes and company assets of the business for the loan? Essentially i would need to borrow the money to buy the homes and assets for the business

    #1221434
    bb1
    Participant
    • Total posts: 4,472

    Your best place to start is the relevant small business site from your local state government, or federal they have a lot of good pointers to starting a business.

    Invest some dollars and go see an accountant.

    Ignore 50% of all advise received from a forum.

    And the big one from my perspective, if the biggest thing you are concerned about is if the business goes bad will the bank take your personal assets, then dont start in the first place if you are already thinking that it will go bad. Personally I find it sad that under some business structures the owner walks away and leaves the bank and creditors short of money, and they can open up the following day and start ripping people of again. Anyhow thats an aside as I know you will be successful.

    #1221435
    Paul – FS Concierge
    Moderator
    • Total posts: 3,127

    If step one in your plan is to buy real estate, you should consult a bank or a mortgage broker to get some advice around qualifying for loans.

    #1221436
    Heyman_526
    Member
    • Total posts: 21
    bb1, post: 267455, member: 53375 wrote:
    Your best place to start is the relevant small business site from your local state government, or federal they have a lot of good pointers to starting a business.

    Invest some dollars and go see an accountant.

    Ignore 50% of all advise received from a forum.

    And the big one from my perspective, if the biggest thing you are concerned about is if the business goes bad will the bank take your personal assets, then dont start in the first place if you are already thinking that it will go bad. Personally I find it sad that under some business structures the owner walks away and leaves the bank and creditors short of money, and they can open up the following day and start ripping people of again. Anyhow thats an aside as I know you will be successful.

    I understand what you are saying and I can agree I will try my best to keep the business going I just need to start I suppose and do my best as time progresses

    #1221437
    Heyman_526
    Member
    • Total posts: 21

    Would it be in my best interests to get someone to help me create a business plan? I know what I want but I don’t know what I am doing

    #1221438
    Heyman_526
    Member
    • Total posts: 21

    Would it be in my best interests to get someone to help me create a business plan? I know what I want but I don’t know how to put it into a business plan with the proper structures which make it easy to understand and follow

    #1221439
    bb1
    Participant
    • Total posts: 4,472
    Heyman_526, post: 267489, member: 116099 wrote:
    Would it be in my best interests to get someone to help me create a business plan? I know what I want but I don’t know what I am doing

    There are heaps of templates on the government business sites or Dr. Google, maybe have a go at doing one yourself, so you can really get some of your ideas, and numbers on paper. That way also if you decide to use someone to develop it further most of the ideas work has being done.

    Remember not all professionals are professionals, and a business plan is you and your thoughts and idea’s, they just put it on pretty paper. Most just use a template anyhow, and ask you the right questions, so make a start.

    #1221440
    JamesMillar
    Participant
    • Total posts: 1,676
    Heyman_526, post: 267450, member: 116099 wrote:
    Good morning ladies and gentlemen I was wondering if I can get some help please? I am a recent school leaver and I want to start my own business however I have no idea what I am doing or any of that. How do I start my business? How do I construct a business plan? How do I find the right people to help keep my business Sustainable and grow as time goes on?
    Also when applying for a business loan if something goes wrong and the business closes will the bank take all of the assets and not penilise me personally? I am aiming to get positive assets that will pay for themselves over time.
    Any help is greatly appreciated
    Thank you very much for your time have a nice day.

    Ok I have a simple proposition. Go to this link https://www.360partners.com.au/business-readiness-score
    answer the questions and report back with your score or score range. It’s certainly not perfect but it may help you evaluate how ready you are or aren’t to embark upon this journey.

    #1221441
    Heyman_526
    Member
    • Total posts: 21

    Does it cost much to go and see a real estate agent? Being a real estate company I’m obviously going to need real estate and a fair amount of it just to remain sustainable as well as a bit more to pay bills

    What’s the best way to find workers? I’m going to need quite a few just to have any chance of keeping track of my business and also some people to help me run it so realistically a management team among other workers needed

    Can I start looking for workers before I start the business?

    It wouldn’t be worth me starting a business if I don’t have workers I wouldn’t be able to keep up on my own.

    #1221442
    JamesMillar
    Participant
    • Total posts: 1,676
    Heyman_526, post: 267541, member: 116099 wrote:
    Does it cost much to go and see a real estate agent? Being a real estate company I’m obviously going to need real estate and a fair amount of it just to remain sustainable as well as a bit more to pay bills

    What’s the best way to find workers? I’m going to need quite a few just to have any chance of keeping track of my business and also some people to help me run it so realistically a management team among other workers needed

    Can I start looking for workers before I start the business?

    It wouldn’t be worth me starting a business if I don’t have workers I wouldn’t be able to keep up on my own.

    Did you give the scoring tool a try? https://www.360partners.com.au/business-readiness-score

    #1221443
    Heyman_526
    Member
    • Total posts: 21

    Sure did mate I am confident with some experience and research everything will work out fine

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