January 26, 2020
Car, Phone, Home Office, Internet, Computer - if you’re using these to run your business. Track the business usage.
Car, Phone, Home Office, Internet, Computer - if you’re using these to run your business. Track the business usage.
Use our cashbook - it’s simple, it’s easy, it takes away the headache of doing your books.
Coming up with a good marketing strategy to get the word out there about your business is the key to growth. This can be through word of mouth, leveraging your social media platforms or looking into paid advertising.
Keep up to date within your current industry by attending industry related events, training sessions, conferences etc. Get to know and build a rapport with other business owners or suppliers who may be able to refer you along to their clients or call you up themselves to get a job done.
Another one of your most valuable assets is a happy customer. Word of mouth is highly effective so it’s important to take on board any feedback you receive and apply it to what you currently know.
Let’s be honest, when it comes to running your own business it’s not all sunshine and daisies. You are going to have to overcome some large and small speed bumps along the way, and during those bumpy times you need to ask yourself “Can I afford to keep someone employed full-time?” by hiring Contractors you can use them when you need them and then they can move on to their n
If you’re struggling to get through your work and more and more calls are coming in, but you don’t want to turn down the work, try working out a schedule and consider hiring some subbies to help you with the extra work.
If you’re going into business, we suggest putting 20% aside (as a minimum) to cover your tax. And don’t forget to put aside any GST if you’re charging it. After your first year the ATO will ask you to pay your tax every quarter. Everyone’s income and tax rates are different so plan ahead.
Have fun! Have a sense of humour and enjoy doing what you love!
Don’t spend money just to get a tax deduction Yep, you heard us. Spending $1,000 on a tool kit doesn’t mean you’ll save $1,000 tax. You only save a percentage of whatever your tax rate is. E.g. If your income puts you in the 34.5% tax bracket - you’ll only save $345. Did you really need that $1,000 tool kit?