Setting up a Pilates studio – insurance and other requirements

[Whitestable]

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Hi everyone I’m after some general business information.
I am currently a Pilates instructor and work under an ABN and contract through a private studio but next year I will be looking to open up my own.
I currently private indemnity insurance but wondering what type of insurance will be required if I have my own physical studio space. Will it be the same but adding on contents insurance etc or another specific business insurance
I will have expensive equipment which I will need insured also.
It would be a small studio and wondering if I would continue working as a sole trader or if I would need to have a registered business if I was to pay other instructors who contract with an ABN.
I’m trying to work on a business plan and it looks to be quite profitable after I have considered purchasing equipment, paying rent costs, utilities etc. unsure on the GST front though and how that works.
Any information would be greatly appreciated

[Paul – FS Concierge]

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Hi And Welcome to Flying Solo [USER=116053]@Whitestable[/USER] . It is great to have you!

Thank you for joining our community and posting.

I think you would be best off calling around to some insurance brokers and listening to what they advise – it would be good to try and get a feel for what they are advising because you want to end up in the sweet spot of insurance – not too much and not too little.

Should you trade as a Sole Trader, a Trust or a Company? The two main things people look at are how each relates to tax and liability now and into the future. Each will also have a different cost. Seek the advice of an Accountant for this one.

GST – you should register when it is likely that your turnover will reach $75K – generally, this will be when your monthly turnover exceeds $6250 for 3 months running but an Accountant will advise.

GST is simple as a concept – it is a tax you collect on behalf of the Government and the return it to the Government every 3 months via online return which takes very little of your time. Do not think of it as your money and do not spend it and you will be good to go.

Cheers

[Whitestable]

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Paul – FS Concierge, post: 267389, member: 78928 wrote:

Hi And Welcome to Flying Solo [USER=116053]@Whitestable[/USER] . It is great to have you!

Thank you for joining our community and posting.

I think you would be best off calling around to some insurance brokers and listening to what they advise – it would be good to try and get a feel for what they are advising because you want to end up in the sweet spot of insurance – not too much and not too little.

Should you trade as a Sole Trader, a Trust or a Company? The two main things people look at are how each relates to tax and liability now and into the future. Each will also have a different cost. Seek the advice of an Accountant for this one.

GST – you should register when it is likely that your turnover will reach $75K – generally, this will be when your monthly turnover exceeds $6250 for 3 months running but an Accountant will advise.

GST is simple as a concept – it is a tax you collect on behalf of the Government and the return it to the Government every 3 months via online return which takes very little of your time. Do not think of it as your money and do not spend it and you will be good to go.

Cheers
Thank you very much this is very helpful

[Author]

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