The biggest mistake tradies/contractors make when starting out.
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- čas přidán 23. 08. 2024
- Episode 5! We talk about the biggest mistake made by people starting their own business.
www.vikingdesigns.net
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dan@vikingdesigns.net
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This is such an important video. I did this exercise, went through all my bills and my entire bank account for 2022 and put everything into a spreadsheat, to really get a visual of where my money is flowing towards. If I ever want to feel depressed, I can now open that spreadsheat.
Just came across your channel. Loving the content!
Haha man, yeah I know the feeling. Definitely speaking from experience.
At least you know where you stand now. 💯
Saw this in tradies mayhem, slick video mate!! Keep it up, hopefully will help out a lot of blokes to get up and going. Have a ripper weekend
Legend Joe! Thanks for checking it out mate 🤙
appreciate your vids bro , you should make more content like this . Very detailed and easy to understand . Helping a lot of tradies out there 🙌
Thanks mate. I definitely want to get back into the business vids. If you can think of anything in particular you’d like a video on, let us know. 🤙
Well explained mate, you shoukd also mention that the profits to the business will be taxed at both 10% quarterly and 20% annually. Also super is expevsive to pay employees
Definitely need more of these helpful tips an informational videos of starting out as a contractor! love your work!
Hey Ben! Thanks mate. Anything in particular you'd like covered?
I think I have came back and watched all of these videos at least 5 times mate! wish there was more! got my abn start of this year and doing abit of contract welding here an there and a few repair jobs on the side, loved your videos super simple and straight to the point! definitely learnt a thing or two mate!
Good points man! When you add it all together, i actually HAVE to charge more than I want to sometimes. Sounds funny to say!
Absolutely mate. It really creeps up on you too. I'm currently looking at my numbers again to see how much it's moved
Bro ur content is insane, keep making more vids please ❤
$100 phr yourself 60 phr for your worker
Switched off when I seen the opening
Very beneficial
Hey Dan, do you account for days off and your super ? If so how ?
When is the remix wit drake comin out bro
I sent him the beat, never heard back 😭
hey mate! question, when you said find out what you want an hour then add your expenses, that is just to break even. isn't the 45 p/h your profit? or do you have to then add more to make a profit? thanks mate.
also maybe some info on how you pay yourself or withdraw money from your business to your personal account.
Hey Ben! Think of your $45p/h as an expense to the business, not profit. It's the wage you pay yourself for running the business and being on the tools. You should have profit left over after that. This is money that should build up in the account over time.
As for paying yourself, I am set up as a company, not a sole trader anymore. So I pay myself a set wage, once per week. It's payroll. Speak to your accountant about this. You should also being holding super and tax at this point too. Hope this helps mate.
Chur brutha