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  1. #1
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    Default Opening a new business, business plans, where to begin?

    Dh would love to open up a business that’s in high demand in the suburb he’s familiar with. It would require a large block of land and expensive equipment. Maybe 1-2 employees plus himself. He has all of these ideas but where does he begin?Is there anyway to have a business plan made up to get an estimate of profits? There’s no point opening up a business that will run at a loss forever. Also if he was to borrow $ to start it up, can we hold off repayments until the business starts?He’s idea seems great but overwhelming.

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    Talk to your accountant , or try and find an accountant that specialises in your occupation, then try find an association attached to your occupation (so example if it’s hire, the Hire association) and they can give you the names of preferred accountants, insurance companies ect that help with that industry - it is really hard getting a business loan so maybe you can get an overdraft on your mortgage or refinance that so speak with your broker/bank as well as you need to add up not only your start up costs but we allowed 6 months of operating costs as well - does your DH know any other business owners in the same industry he can talk to (out of the area obviously!)


 

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