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  • #994949
    Veronica SMB
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    Hi all!

    I’m looking to start a social media marketing business. I don’t have any experience (worked my whole life in banking) but I have passion and lots of ideas.

    Because of my lack of experience I’m looking to approach some prospective clients and offer my service to them for free for a fixed period (I’m thinking 3 months). That will give both parties a chance to try it out. Hopefully it works out for all and I’ll start charging from that point.

    I’m thinking that I should start registering an ABN and a business name now even though I won’t be making income for a while. I think I need an ABN to open a bank account for the business? I want to separate business expenditure from personal expenditure.

    I think I probably need to see an accountant to get some advice. How much can I expect to pay for a consultation (I’m Sydney based)?

    Looking forward to interacting with you all!

    #1199291
    Paul – FS Concierge
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    Hi and Welcome to the Forums Veronica!

    I *think* the bank will want to see your ABN and a Registered business name.

    Even though you plan not to charge fees initially, you may still be subject to some risks that most people have insurance for so that is something to consider – eg, say you inadvertently take their website offline while you are working on it.

    Good luck with the business!

    Cheers

    #1199292
    Ready2Launch
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    Hi Veronica,

    I don’t tend to do business with anyone unless they have an ABN number and tend to find that it’s one of the first things my clients ask me.

    I would suggest to get the ABN number and business name setup beforehand. The bank account for the business you could wait until after you are making money.

    Good luck and all the best in your new adventure! :)

    #1199293
    Rohan@TD
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    Hi Veronica,

    Business bank accounts require ABNs and proof of your business name – to have it allocated as your account name.

    Accountants in Sydney vary significantly in quality and cost – One does not necessarily equate to the other, so do your research! Seek out referrals (hopefully you get a few through here).

    3 months is a long time for a trial period without a clear metric or agreement (e.g. if you achieve X, then they will pay you Y ongoing) to have them move to a paid service.

    Good luck

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