Home – New Forums Starting your journey New business, where do i start?

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  • #987111
    jerseyrose
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    Hi!

    My husband and I are thinking of starting our own business. My husband is a truck driver and currently works for his parents (they own the truck). He’s been driving trucks for about 8 years so he knows the industry very well.

    We are thinking about buying our own truck (approx. $220,000) and contracting ourselves out to companies. At the moment my husband gets all the work for his parents business, so he has a lot of contacts and knows how to source work.

    My first question is where do I start?

    I know that we want to trade as a Company, we need an ABN, Company Name, TFN etc. but obviously we want to know if the bank will even lend us the money before we go ahead and do too much.

    What order do I need to do everything in? Should we see an Accountant or the bank first?

    Will I be able to write up a business plan after seeing the accountant, or will the accountant get a better understanding of the Company if I can provide them with the business plan?

    Any help you can provide would be much appreciated! If I’ve left out anything or my questions are a bit vague, please let me know!

    Thanks in advance!

    #1161203
    MissSassy
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    It is a big question and not so easy to answer on a forum, here is a simple view.

    Get your ideas down on paper – just like a business plan but more informal.

    Your accountant is a good place to start as they can advise you on the correct structure for your business – Company Pty Ltd.

    Get quotes for your costs like insurance, vehicle purchase, etc

    Figure out a plan of getting clients and get your business plan and proposed cash flow ready as the bank may want to see this.

    You can see the bank at any stage and they will let you know what they require to lend you the money you will need.

    Hope that helps – It may also be worthwhile to sit down with a business adviser or mentor, or even your in laws to see if the whole plan is doable.

    #1161204
    Outdoor Jim
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    where would the parents’ business be without your husband driving the truck and bringing in the customers?

    If the business is entirely dependent on him driving and bringing in business, then it might be mutually beneficial for both sides to explore the possibility of you guys buying the folks out rather than starting a whole new enterprise. If they’re just going to be left holding nothing when your husband walks then being bought out would certainly be a more attractive option for them anyway and it might be a better deal for you guys too.

    #1161205
    jerseyrose
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    Hi, thanks so much for the replies!

    I wish my in-laws were approachable, but the whole reason we want to go out on our own is because they’re so unreasonable. It’s costing us so much especially when they send my husband away.

    His dad also drives trucks, they have 4 trucks in total but only 2 of the trucks actually get driven. His dad doesn’t like anyone else driving his trucks, and he himself also knocks back work when he doesn’t feel like working, but then puts so much pressure on my husband. My husband is a really hard worker and treats the business like his own, so we’re sick of being screwed and would rather reap the benefits ourselves.

    My in-laws have been saying for years that eventually they will pass the business down to us, and that’s been my husband’s motivation for so long. But it’s never going to happen, and to be honest we would rather go out on our own and make something for ourselves. We know it’s going to be hard but I know we’re both capable of doing it.

    If we go out on my own, my in-laws with probably sell three of the trucks and keep one going for my father in law to drive, so they’re not just relying on my husband to keep the company going.

    Thanks so much for the tips. I think I’ll sit down with my husband and go through all the costs/expenses that we can think of. And we’ll make an appointment with an accountant.

    Please let me know if you think of anything else, or any more tips!

    #1161206
    Outdoor Jim
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    Well it sounds like father-in-law is going to be rather up the creek if hubby leaves. You’re writing about this as though you have no bargaining power with them at all, but I don’t think that’s the case.

    You should still look at what it’ll take to start a whole new business, but you don’t neccessarily have to follow through on it – you can also use that as leverage in getting what you want from the in-laws.

    #1161207
    jerseyrose
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    Dealing with the father in law is like trying to get blood out of a stone. We’re sort of at our whits end trying to deal with them. We’re at the stage where we can’t keep thinking about what’s going to happen to them if hubby leaves them, we have to think about our own future. Because at the moment they do everything in their own best interests and our interests are not important so perhaps it’s time to just start thinking of ourselves.

    They keep telling us how bad they have it with money at the moment and how my husband has to work 2000km away for weeks at a time to support their business. Yet, they happily go on camping trips instead of accepting extra work where my father in law could be driving one of the trucks himself. And then when my husband wants to come home for a few days he has a massive argument with his father, and we also have to pay his way home and back to the truck. And we’re left out of pocket.

    We have mentioned to them before that we would like to start our own business, but then we were thinking of buying a set of trailers and contracting our trailers to them. But they said we couldn’t manage it (just like they said we would go backwards if we bought our own house. Which we’ve now owned for 2 years) – my point is, they’re very unsupportive!

    #1161208
    Outdoor Jim
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    Yeah. When I said to be aware of where your husband’s departure would leave your in-laws – I wasn’t counselling sympathy for their plight. Rather, be aware of the clout that gives you in negotiating.

    #1161209
    jerseyrose
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    Yeah no worries Jim, I appreciate where you’re coming from.

    And who knows, when they find out what our intentions are they might change their attitude! But I think it’s too late, my husband has his mind set on going out on our own. And I think it’s probably best before it breaks what relationship we do have left with them!

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