Andrew Nicholls, an experienced finance expert and business advisor, shares his invaluable insights on setting up a successful copywriting business. He breaks down essential topics like choosing the right business structure, understanding GST registration, and the importance of obtaining an ABN. Nicholls also emphasizes the significance of insurance and the advantages of modern accounting software for managing finances. His practical advice empowers aspiring copywriters to navigate financial complexities with confidence, ensuring they avoid common pitfalls and thrive in their entrepreneurial journey.
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volunteer_activism ADVICE
Choose Business Structure Wisely
Start as a sole trader for simplicity and cost-effectiveness.
Consider moving to a company or trust to protect personal assets as your business grows.
volunteer_activism ADVICE
Get Your ABN and Register Name
Obtain an Australian Business Number (ABN) to operate legally and attract clients.
Register your business name with ASIC to protect it, but it's optional if using your own name.
volunteer_activism ADVICE
When to Register for GST
Register for GST once your annual turnover reaches $75,000.
Consider registering earlier for credibility despite extra reporting requirements.
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Starting a copywriting business is exciting, but navigating the financial and legal aspects can feel overwhelming. From choosing the proper business structure to understanding tax obligations, there’s a lot to consider.
In this episode, Andrew Nicholls, an experienced finance expert and business advisor, breaks it all down in a way that’s easy to understand.
Whether you’re just starting out or already running your copywriting business, this episode will help you make informed financial decisions and avoid common pitfalls. Andrew shares insights on when to register for GST, how to structure your business for success, what insurances you need and what deductions you can claim.
This episode is a goldmine of practical advice for copywriters and small business owners looking to take control of their finances and set up their businesses for success. Whether you're just getting started or thinking about growing, Andrew’s insights will help you navigate the complexities of business finance with confidence.
You’ll learn:
The different business structures available to copywriters (sole trader vs. company vs. trust)
Why you need an ABN and how to get one
What to do if you're freelancing on the side while working full-time
When you need to start charging GST and what that means for your business
The reporting obligations of a GST-registered business
When it makes sense to transition from a sole trader to a company
The key differences between a bookkeeper and an accountant (and when you need one)
What business expenses you can and can’t claim as a copywriter
The types of business insurance you need (and which ones you can skip)
Common rookie accounting mistakes that get small business owners into trouble with the ATO
When to start using accounting software like Xero and how it can help manage your finances
So you want to be a copywriter with Bernadette Schwerdt 