Taking the time to set up your business properly will save you hassles later. What are the steps to starting your own business?
If you have completed your apprenticeship you are a qualified painter, but if you have more than four years experience and never had formal training you may still be able to get your skills recognised under a Recognition of Prior Learning program. The nationally qualification for painters is Certificate III Painting and Decorating. Becoming qualified will help you work safely, expand your skills, get a license and operate more professionally. You may be eligible for government funding.
Obtain an ABN
The ABN is a unique 11 digit identifying number that businesses use when dealing with other businesses. For example, you generally need to put your ABN on your invoices, or other documents relating to sales. If you don't, other businesses may withhold 46.5% from any payment to you for tax purposes.
You also need an ABN in certain dealings with the Australian Taxation Office (ATO) and other areas of government.
Registering for an ABN is not compulsory, but you will need one to register for the GST. Your ABN allows you to:
Obtain a license if needed
In NSW you must be licensed to perform work worth over $1000, and in Queensland you need a license to perform work worth over $3300. In WA you will need to get registered. If you work in the ACT or near the NSW border it makes sense to get a NSW license. More Info
Register a Business Name
Registering a business name will help you market yourself better. Don't simply use your own name, as this will make it harder to sell your business in the future. Business names need to be registered in your state or territory. More Info
Create a Business Plan
Anyone can start a business, but running one successfully and keeping it running takes something special. It does not happen without planning and hard work. Starting and running a business is hard work. Owners need to be flexible and enthusiastic. And they need to have good judgement.
For your business to succeed, it is important to fully understand what it takes to start, run and grow a business. The more preparation you do before start up, the better your chance of avoiding financial and personal heartache.
Here are the things to consider:
Bad stuff happens, even to good painters, so be prepared by having public liability insurance More
Choose a Growing Market
It's good to have a point of difference to your competitors. What will it be? Will you specialise in: