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  • #991240
    jordanwhittaker
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    Hey guys,
    So as I have previously mentioned, I am starting my carpentry company and I had a few questions and I had an amazing response from you guys that answered all my questions.

    So I am currently a sole trader and subcontracting out to another carpentry company but Im going to go out on my on slowly, so I just wanted to make sure that im on the right track, im going to add a name to my business ( atm it’s just under my name) get all my insurances and then im pretty much set correct?

    #1180596
    Tony Manto
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    jordanwhittaker, post: 210597 wrote:
    Hey guys,
    So as I have previously mentioned, I am starting my carpentry company and I had a few questions and I had an amazing response from you guys that answered all my questions.

    So I am currently a sole trader and subcontracting out to another carpentry company but Im going to go out on my on slowly, so I just wanted to make sure that im on the right track, im going to add a name to my business ( atm it’s just under my name) get all my insurances and then im pretty much set correct?

    Hi Jordan, you can trade under your own name as long as you have an ABN. Having insurance is a must. Obviously you should have your bookkeeping sorted such as excel or MYOB. Don’t start on the wrong foot. Set up all your templates and keep track of all your expenses.

    Talk to a Accountant or good Bookkeeper.

    It might even pay to get a business adviser to work with you for the first three months.

    #1180597
    ShellysBookkeeping
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    • Total posts: 89
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    Hi Jordan,
    Once you have your insurances and trading name if you are not going to use your name. You also need to decide whether to register for GST. You can register anytime voluntarily, but once your turnover is 75k the ATO will want you to register.
    Also as Tony suggested now is a good time to organise your bookkeeping. Software such as Xero is very user friendly once setup. Xero cashbooks is available through partners starting from $12 per month or for $50 month for full subscription.

    Shelly

    #1180598
    nikmaricic
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    • Total posts: 22
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    Hi Jordan,

    Good on you for wanting to go out and giving it a go yourself!

    Completely agree with the above posts regarding having your bookkeeping sorted right from the start. I couldn’t recommend Xero more highly as well. It will basically make life a breeze when it comes to BAS and EOFY time, provided you are using it correctly.

    Insurances are also extremely important in your industry, and you should also consider whether [moving forward], the sole trader business structure is the best way to go. You might want to look into setting up a company as there a few personal liability safeguards there, and it could potentially have tax benefits too. But then again, all this depends on your forecast income and ‘the potential something could go wrong” of the carpentry jobs you do. None-the-less having a chat to your accountant will definitely be beneficial.

    Also, I definitely agree regarding the business coach/advisor or the first few months. Being in business for yourself, looking for new clients/jobs can take a toll on you. But with the right support on our team, you will be much better equipped to handle this.

    All the best!

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