Opinions sought

[Sturdee]

In addition to the rules that Derek gave never, ever forget the final rule which is to follow the advice that a GOOD , and make certain that he is good as not all are :eek: , accountant will give you in particular to the way to set up your business structure.

I have seen many new business start up over the years and many of them have failed after a while for a variety of reasons, usually unexpected and unforseen and not the fault of the business owners.

Some of them lost everything, including their house, whilst others who had better advice walked away without too much heartache and were able to resume their lives quickly.

THe difference in these cases was the way the business structure was set up. I don't know the situation in Canada but here a corporate structure unlike partnerships or sole traders gives limited liability protections and the laws of bankruptcy are designed to help you if you get into trouble.

No doubt I'll get flamed over such advice as many will not agree with this but as one company liquidator used to say : " If they don't use the law to protect themself then they deserve to loose their money".

Only you can decide whether the risk is worth it but being forewarned is forearmed.

BTW for this advice I used to charge a lot more then my current 2 cents worth.


Peter.

[MathewA]

Opinions are like ***** holes - everyones got one... And I'd like to hear yours - your opinion that it

It would seem that my cabinet making days are over. Been looking at a few shops and I have to say being offered insuliting wages between 15 and 19 an hour make me think I'd rather work at 7/11.

So... One thing I've noticed is that small businesses are far more common here than back in Canada. So maybe it's time to look at my/our own business. So what I was wanting from you all was your opinions of going out there and... Did you buy a franchise, buy an existing business, start your own from scratch... What's your thoughts on it. I'm looking more for details that "it great go for it" If you don't feel inclined to tell the world PM

Thx Mat

Insulting isn't quite the right word, make me sound arrogant, but I make 18/h as a sparkies labourer. So the wage offers are a bit deflating to say the least. As a labourer I'm not expected to think, much. But these cabinet shops are expecting me to take on a project from the planning stage and pop out a finished piece on time and under budget.

[craigb]

Mat, if you don't want to work in a cabinet shop, couldn't you work as a chippie?

They get a lot more than $19/hour. Especially if they are working directly for Joe Public rather than a builder.

I've never run my own business, but from what I've observed, the people that do generally work a lot longer than 40 hours/week.

I guess it can be rewarding too but I think there's a lot of headache/heartache involved as well.

[namtrak]

Gidday,

I suspect they are paying you a labourers rate. If you are working as a chippie with your own ABN (get an ABN online from the Tax office) (and get registered for GST if you are going to earn over $50,000) and you bring your own tools you should get somewhere between $25 per hour and $30 per hour. If you do some subbing for six months or so then work should flow under your own banner, where your rate depends on what you charge at, $40 is quite reasonable. However, you need to spend some time and money getting correctly licensed and insured. As a landscaper I think it is worth the hassle, as I control my hours and control the quality of the job.

On a side note, I only advertise with a $130 ad in the yellowpages and it works a treat, leads to at least a job a month.

Cheers

[spbookie]

For the official word on ABN's, GST and suchlike, with a heaping of pretty good business advice go have a look at business.gov.au.


Disclaimer: I do computer stuff for the site.

[journeyman Mick]

Matthew,
as you've discovered there's huge difference between wages paid for onsite work as opposed to workshop or factory type wages. Cabinet making has never been well paid compared to carpentry - unless of course you're self employed. I've shifted away from carpentry work because the body gets a bit tired and the weather can make life difficult. It's been a slow shift with a gradual acquisition of tools and machinery. I started off using a cutting service to make my tops and cut all the board, insert hinges etc. All I bascally did was to assemble and fit. This might be a way to start, without a huge capital outlay. You won't need to rent a huge shed or lease machinery and then if things pick up you can acquire machines. As you're in Qld you'll need to get a QBSA license, not sure if you can do this straight off or whether you need to work for/with someone else for two years.

Mick

[echnidna]

I am speaking from experience with the Yellow Pages..................and Trading Post..........and Telstra....well are'nt we all.

rant off!

What competition, they are all Telstra owned.

Matt,
Micks advice is spot on.

[rick_rine]

The best thing I ever did was buy two shops in the center of town , only small mind you , but then I rent them out on long leases , collect the rent , no worries . Tennants pay the rates and outgoings and I just smile on the first of every month .
Borrow at 7% and try to get a higher return , say 9% , then you get 9% on your deposit , say 40% , and an extra 2 % on the money you borrowed from the bank .

Simple when you know how .