build a business and sell it/rent it out?

Hi Tony,
My ex and I owned a take away food shop/cafe several years ago, and let me tell you it was b….. hard work.

We opened at 6a.m. and closed around 7p.m. six days a week. Sundays we did the book work. All this work and we only just made a profit. It was in a good location (main street)in an inner suburb of a capital city.

I hope this doesn’t damage your dreams, I just want you to be aware of how difficult it may be. Also statistics are not good… 80% of small business fail in the first 2 yrs. It can be a very expensive exercise… please be careful.

If you are dead set keen perhaps you could do a small business course before you set up. The Aust Tax Office requires you to keep acurate records and send them B.A.S. statements etc. You will need an ABN (Australian Business Number), and if you are in a partnership, a partnership agreement is recommended. You should also do a business plan before you start… projected income, competitors, establishment costs for plant & machinery, strengths & weaknesses etc etc.

I think it would be a good idea if you could talk to people already in this type of business, and get their thoughts/advice. Ask them lots of questions. If they wont help, go to the next one.

Once you have all this information you will be able to judge whether it is a good idea or not.

Hope this helps and good luck.
Regards,

Sharon