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It is best to start your building company with new financial records. If you work as a subby for other builders invoice your own building company the same as you invoice anyone else. That way you’ll know what you are making as a builder.
Depending on your application you’ll need your ABN / ACN and Registration of your Business Name. This includes the ASIC extract with all the details.
If you have an existing P/L Company for your sub-contracting business that you wish to make the registered builder you’ll need to attach some of the last 3 years financial records with your application. NO TRUSTS PLEASE.
A comprehensive Business Plan. What makes your business different from all the other builders? Affordable, quality on time has been done to death. New products and methodology and style are good starting points. The Small Business Development Corporation have some good examples.
A projected cash flow showing how you will fare over the next 3 years. We use the small business data that used to be analysed by Armidale University it was in % so apart from IT hasn’t gone out of date much What used to be stationery is now computer costs so overheads are similar. Debtors are a concern for new enterprises and unscrupulous clients will exploit any weakness so if your contract states payment in 5 days make sure they stick to it. Mr. “Nice Guy” doesn’t pay your bills. Depending on the contract you use you can always put under special conditions “Counting of days to completion is dependant on fulfilment of this clause”.
If you are proposing a partnership or company you will require an employment agreement nominating you as the building practitioner.
A Statutory Declaration stating you have gifted $50K to the business and that it is irrevocable.
A letter from your accountant stating the business has not and will not trade as a builder until your Contractor’s License is issued and confirm the following:
Lastly a bank statement showing the $50K of funds at your disposal. This can be a print out on the day.
Of course we have templates for all that is required.
The Contractor’s application is easy as it’s all in the future.
Crystal ball gazing can’t be wrong.
Everyone loves a specialist so it’s good to target a particular type of work usually associated with an area, it’s a good starting point and you’ll find your niche quicker.
Choosing a focus market doesn’t preclude you from all others. In fact it can help.
E.g. a prospective client may like a style of house for their new home. They heard you have altered a few of this type so they choose you.
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