Relating something the ATO did, to something we do.
Or is it?
There is a possibility that you have a business because that’s the best way you had in getting a job.
Many Tradies and others ended up with an ABN because that was a way to get a job, get on site and get working.
Many are accidental business people because that “thing” that started in the garage ended up making more than the job and there was a conversion to the business. Perhaps a skill developed, you saw an idea and here you are running a business, fighting red tape (well we do a lot of that for you) and trying to get ahead.
But consider this. If you can arrange the business to be of value, it also means that you have something saleable when you want to retire or try something else. It could be something as simple as the phone number that a lot of people will call because they want something done.
Now not everyone will be in this position, but look at your business and have a think about it. For a lot of ABNs, it’s a way to work, but for many there may be something of value and they don’t see it.
A business that can be saleable means that every sale you make may also add capital value. If your business is easy to operate, can be modelled, then you will be amazed at what we have seen some businesses sell for.
Want to discuss if you have a saleable business? Give us a call and talk about how you run it in the future to get more than a salary from it.
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