We love the funny side of the trades, but there is a serious business side too.
Often self-employed tradies start off as nothing more than a worker with an ABN. There’s nothing wrong with that, but if you’re serious about building a business there is so much more to know.
Now you can DIY this stuff if you choose to. You could operate as a sole trader and do your own BAS and tax returns, and organise your own business insurance online.
If you want to setup as a Pty Ltd company you can even do this yourself online, although you do need an accountant to lodge your tax returns each year.
The consequences of getting it wrong can be pretty dramatic though. Life changing even…
Get your business structure wrong and you could be paying more tax than you need to, or you could be leaving your personal assets at risk.
Get your insurance wrong and you could land yourself in massive financial strife if you’ve not properly understood the policy and coverage.
So if you want to get serious about your trades business, get yourself a decent accountant and bookkeeper, plus an insurance broker who understands the trades.