Thread: credit card or personal loan

i will most certanly be seeing a accountant as well as many other things, but the reason i feel that getting personal finance to start is that i can comfortably pay it off with my current day job which i will be staying in for atleast 6months than if i dont have much work i dont need to worry about the buisness not paying it back

Originally Posted by disco_mitch

i understand exactly where your coming from about being a last means but in my case its a only means and its either keep gyprocking all my life or dive in head first take the risk, it will either make or break me but at the end of the day not doing it certanly wont make me and may also break me ive been guaranteed altleast one day a week on $68 per hour and thats just to make a start but ill also have plastering work on aswell ill keep plastering mainly which will be my wage and the excavation work will all go straight back into the buisness

Dont for one minute there is a garantee of any sort in small business, when things get tight its dog eat dog. In business for about 15 odd years as a full time income source.
cheers
blaze
ps
stay away from credit cards and see a broker with a business PLAN, if you havnt yet done a business plan its the first thing to do

Originally Posted by bblaze

Dont for one minute there is a garantee of any sort in small business, when things get tight its dog eat dog. In business for about 15 odd years as a full time income source.
cheers
blaze
ps
stay away from credit cards and see a broker with a business PLAN, if you havnt yet done a business plan its the first thing to do

ive already looked into this and was told no matter how good of a buisness plan i put together i would not be able to get the finance and that the only way to get started will be finance it on wages

you still need a busniess plan for your own benifet, if you dont know what you want to acheive in business, you will have no idea if you are reaching your expectations. You also need to plan an exit if all goes pear shaped. Some thing like 90% of small business fail in the first 5 years. Sit down on put in point form
How many hrs a week you intend to work ?(say you start with 5hrs and only get 3, what are the ramifacations, how do I increase hrs etc)

What is the projected maintance costs per anum? (if you havnt got these figures how will you know if you are spending more than you are making

And the list goes on and on, tie it all together and you have a business plan
Believe me you need it, without it marrages fail, money disapears etc
Not trying to talk you out of it but please go in with your eyes wide open, its not all rosy. Getting money is the least and smallest battle you will have.
cheers
blaze

Good advice from bblaze, also consider even though you have been offered X number of hours a week there is garrantee that

A ) Your equiptment won't let you down at the last minute.
B )The weather will permit the job to go ahead.
C ) The prime contractor will be able to supply you with the work.

Without trying to sound too cynical, you can think of a million things that can go wrong, but it will be something that wasn't considered that will let you down. Trying to pay the loan too quickly will leave you with no cash flow, for unexpected maintanance etc. You may be better off borrowing the money over a longer term, that you can repay from your regular job. As many before have said, " Consult an accountant."

ok im getting a white board today and its all going to begin there
ill do a rough idea of what i want in a buisness plan and how i would like and estimate things will go and plan b than i will get it properly drawn up
from there i will go and see a accountant i have a abn already but need to know more about how to use it

thanks heaps for everyones advice you may have saved me from breaking..you may not
if anyone has any other advice on any of t i will take anytyhing on board even if its just about how to approach people or do invoices or chase money or anything ill have it all

Back when I used to look through business plans to see which ones would fly and which ones wouldn't/ conversely those with an idea......if this thread had hit my desk I would have given it about a 5% chance of success if that.

Don't underestimate the usefulness of putting together a business plan. I have run own businesses and dealt with SME's over a 20 yr period. The one resounding factor is that most businesses are good at what they do...ie a baker baking....a painter...painting.........and accountant...accounting...you get the picture.

Where they fell down was that they had no clue about the other and in many cases major aspect of running a business. Like marketing, human resources, accounting/ tax, legal aspects, sales and so forth. Now if you have the $$$$ you can employ people with that experience...but it still helps to have some of the nounce yourself. Even better is to go an do a Small Business course through TAFE.

Perfect example...a mate of mine bought a bakery from 2 bakers. They were great bakers......crap at running a business........the 2 are seperate. He on the other hand....knew nothing about baking....but everything about running a business. He employed those with bakery experience and he marketed and managed the business side. Ended up with 4 bakeries and a cafe running off from one of them, was a huge success.

For the business plan...get an outline of what information you will need. I will start you off with the following:

SWOT Analysis

Strengths/ Weaknesses/ Opportunties/ Threats.....set up seperate sections for each topic and think about each segment from a personal and business perspective....and be honest. Many people have taken these simple steps and looked for another opportunity as they realised the dream and reality didn't meet.

Passion, attitude and determination....sounds like you have them ticked off...can't succeed in business or most things without them. However for longevity you also need the other factors. HTH,

Regards

Stevo

And that Stevo, is a great piece of advice