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Lambolica
Forums Junkie

Location:
Northwestern Sydney
Registered:
August 2002

Re: Starting your own Company	Thu, 20 May 2004 04:13

Thanks for the replys gents... M.J.H. - No I don't need to for the planned work, But in the short term I'm going to be doing 2 jobs to keep cash flow up. and to do that I may need to go from full time in my current job to contract and for that i need minimum an ABN. Chuckster - Where do I start... My girlfreind is an CPA accredited Accountant/finacial adviser. So she is looking into the best (least exposure) way to set anything up for my particular situation. My largest overhead is the initial purchse of equiptment. from there initially there is only repayments (if I don't purchase outright)fueling and matinanance. The company I'll be purchasing through have mobile service and can be out to where I am within 2 hours and if the equiptment can't be repaired in the field they bring a second one and lend it to me till mine is fixed. So from a down time point of view thing will be as efficient as I can possibly think of. in the short term I only need to do 3/4 of a days work to cover over heads for that business (whilst working a full weeks work from home in my current job to cover domestic expenses)As the new work improves the current job will be accordingly reduced. I currently have a 5 year plan with goals for 1st year, 3rd Year and 5th Year as to where the work is comming from number of long term contracts I can handle and still provide the attention to clients requirements that I want to provide. This includes equiptment upgrades, additional equiptment, possible premises for base of operation. and for 5th year and beyond the possibility of requiring employees. I've been in contact with people in the industry from different parts of it (potential clients) on specific requirements for each area that I can provide service for, and getting an idea of where my expertice can be used in a fashion that meets the clients requirements (ie faster, cheaper than manual labour) and seeing where this will be the case and targeting those fields first. I've also contacted people doing the same work as I and basically telling them I'm looking at doing the same thing, and getting a history of where they came from, there goals and how they achieved them and getting a very good feel for the market areas that they cover. These guys have been most helpful in their advice and didn't really hide anything. Marketing, I've looked a taking ques from the others doing what they have done and get a high rate of return. Plus a few other marketing Ideas that target that Niche that exists. I also realise that that maket Niche will only exist for probably the next 3-4 years before that area moves on. and I've catered for that in my goals. Because of the low on going overheads monitering performance of the the "company" will be straight forward, and If in the event that I do have to pull the plug the most I can lose is 20% of the initial outlay to get started, in this case a few thousand, and i have my current job to fall back on. and If that failure happens after 8 months of trading (even 1 day per week) I've broken even and walk away the same as I walked in. My main concern is really getting burned by clients not being truthful of site conditions and me giving a quote based on inaccurate information, then spend twice as long to get the job done. but that is the experience I need to learn in the short term and is the intial part of the first year plan. After that it is commitment to regular clients and sourcing more work to my limit of capacity. holding that position until I'm ready to start the next phase of growth. I'm managing an office at the moment and spend most of my day on the phone doing everyone elses work for them. and Now I want to do it for myself and hopefully reap the rewards of being successful. Thank for the words of advice.. [Report message to a moderator]

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