It looks like you are using an older browser. From Tuesday 16th August 2016, a security upgrade to NetBanking will mean that people using older browsers will not be able to access NetBanking.

Find out more about updating your browser.

To avoid inconvenience, please upgrade your browser immediately. Directions on how to do so can be found by clicking on the title of your chosen browser. Internet Explorer, Chrome, Firefox, Opera or Safari.

AccountsAccounts

LoansAccounts

InsuranceAccounts

CardsCredit Cards

New car loan special

Financial Planning

Foreign ExchangeAccounts

Something ExtraSomething extra

About UsAccounts

New car loan special

BlogAccounts

Club HeroAccounts

Create a business for Just $10

People working

Everyone has the same dream at some point in their lives – throwing off the shackles of the 9-5 job and start working for themselves.

But most of us fail to realise this dream, as the barriers to start your own business seem too daunting and the risks too high.

But what if there was a way to reduce the risk, while at the same time, give you the knowledge of how to create your own business? Well, read on.

I’m going to show you how to create a business easily by showing you how a friend of mine, Jon, started his.

I remember the weekend Jon was over at my place telling me about his idea – he wanted to start a lawn mowing service. Jon was sick of his new boss at work and the changes going on there, and so he wanted out.

I remember thinking at the time he wouldn’t commit to it, but Jon ended up proving me wrong – and in a big way!

Then, last week I caught up with Jon again and quizzed him about how he got started with his business. These are the steps he took, with some explanation from me.

Step 1: Test it out

Now, I don’t mind mowing my own lawn, but could I do it day in, day out? Well, the way Jon found out was by volunteering his services to some family and friends – even neighbours – by offering to mow their lawn for free.

After mowing about 4 or 5 lawns in a day, Jon realised that he loved working outdoors, and decided he could make a living out of it.

Take Away: Start doing whatever it is you want to do before starting a business around it. Try it on for size and see if it fits. It would be better to find out at the start whether you hate doing something, rather than finding out later after you have wasted a lot of time and energy.

Step 2: A quick plan

The next thing Jon did was to grab a pen and piece of paper and jot down some ideas about his business. He did this quickly and easily and without a fuss.

Take Away: Too many people plan things to death and never really start anything. Action always beats planning.

Some of the things Jon wrote down were:

What services will he offer?

Was it just going to be mowing lawns or would he offer trimming of edges and hedges, weeding, planting and landscaping as well?

Take Away: The best way to do this is to write down all your ideas, but then pick one or two and start with those. In Jon’s case, he started with lawn mowing and cutting edges.

How much will he charge?

Jon had no idea what he was going to charge for his services. He was smart enough to realise that he had to cover costs incurred, but beyond that, not a clue.

So he did some ringing around and web surfing to find out what the average cost to mow a lawn were. This gave him a ballpark figure to work with.

Take away: Find maybe 4 or 5 prices and then average them to get an idea of what the market is charging currently.

Jon then added up what it would cost him to actually do the job, including petrol (for both the mower and his car for getting around), maintenance, any new equipment he needed and, of course, his time.

Take Away: This allows you to find out your base line – everything above this will be money in your pocket.

Also, make sure you keep in mind how long it will take you to mow one lawn. And how many hours you want to, or can work, in a day. Say, it takes you an hour to mow a lawn and you are willing to work for 6 hours per day, you could do 4-5 lawns per day (allowing time for travel, etc).

Think local

Jon knew that starting local was key. Not only did he know lots of people locally, he knew he would save money on travel, and be able to focus his advertising/marketing (see below).

Take away: Start small and start local if that makes sense for your business.

Stage 3: Get mowing!

The day after he came up with his idea, Jon started mowing lawns. He had no business name, no advertising, but he did have lawns to mow.

Take away: This is the stage where most people fail – actually starting. They plan and plan and plan… and then don’t do anything.

Stage 4: Marketing 101

Jon is no marketing expert and so he asked my opinion on what to do. And he was smart enough to follow my advice. :)

Letterbox drop

The one thing Jon suggested was a local letterbox drop. This is a great idea! Jon’s wife created a simple pamphlet and he walked around to all the houses in his neighbourhood and place one in each letterbox.

Take away: This sounds very old school, but for this type of business it will have a pretty good chance of succeeding. You need to work with what seems right for your type of business.

Website

I told Jon that every business needs a website, and that his was no different.

Not knowing how himself, he ask me for help and I threw a quick one together for him using Blogger (owned by Google).

Take away: Get a simple website. Blogger makes building a website super easy. Simply head on over to Blogger.com and start building! The one I build for Jon took all of about 20 minutes to accomplish.

Note: The site’s address will initially be yourname.blogger.com, but for around $10 you can have your own domain name: yoursite.com, hosted by blogger.

Social media

I am a big believer of the power of social media and, while Jon wasn’t at first, he eventually came around.

Take away: Social media marketing is a must these days for most businesses. How better to spread the word and market locally than by word-of-mouth online? And that is exactly what social media is – word of mouth on a large scale.

There are a myriad of social networking sites out there these days but the two you will want to consider first are Facebook and Twitter as they are the two biggest.

Not sure what to write about? Don’t worry, neither was Jon at first.

Then I gave him a few ideas. He still doesn’t update very often himself, but luckily his wife does it for him.

Take away: Once you have your online presence sorted, start promoting your business anyway you can. Tell friends about it. Tell grandma. Tell the world! Tell anyone you can – you will be amazed at how much people will mention you to others if you just tell them about what you are doing.

Stage 5: Getting customers & keeping them

Jon started this even before he had his plan (remember those lawns he mowed for free? They were his first paying customers!)

This is the best stage as it’s the stage you start getting customers and getting paid. And this is where you want to shine.

You want to give the best, most amazing customer service on the planet.

This will get you talked about more and more and those happy customers will spread like an infection – but a good one.

Conclusion

So there you have it. How a friend of mine started his business for just $10, and how you can as well.

Sure, your business might not be a lawn mowing service but there are a million ideas out there just waiting for someone to explore.

Of course, once you get established you can start worrying about registering your business name and any other paperwork you need, but by then you will have a steady flow of customers and those worries will be good ones to have.

Do you have a business idea you want to explore?

Posted in Making Money

Household items: are you better to rent or buy?

Household Items: Are You Better To Rent Or Buy?

Meet Josh. He is 23, living on his own, has a good job and unfortunately was hit by the devastating Queensland floods last year.

All of his possessions were washed away and he had to replace them after finding a new place to live.

But instead of buying everything again, he decided to rent them.

And he is not alone. A recent survey by Mr Rental found that 72 per cent of 18-25 year olds surveyed wanted better household items, including the latest technology. And one way to get that was to rent.

Of course, who wouldn’t want better household items? And while renting them is a quick way to get them, is it a cost-effective way?

So, is Josh doing the right thing?

I had a look on a leading rental company’s website and found a few regular household items you would find in your typical home.

Over a 24 month contract, renting what the rental company calls an “Essentials Combo Pack”, which includes a medium-sized fridge, washer, dryer, microwave and a 32” LCD TV, costs $51.80 per week to rent, or $5,387.20 over a 2 year contract.

I did a little Googling and the same items, if you bought them outright, would cost approximately $2,100. That’s a difference of $3,287.20!! That’s a lot of money to be “throwing away” on renting.

But are there advantages to renting over buying?

No maintenance costs
You never have to call out and pay for a repairman to come a fix your stuff as one call to the rental company and they will fix it for free or replace it.

Upgrades
You can upgrade to the latest technology at any time, which may be important to you.

Freedom
You own less stuff and so you are much freer as to where you live and it costs less if you were to move.

Cash flow
Paying for household items over time as opposed to buying everything up front has an appeal to it, at least in the short run.

Not so advantageous

If you dig a little deeper however, those advantages may not be so advantageous.

While all the above advantages seem reasonable, over the long run you are still paying out over 160% more for the same items (at least in our example).

And contents insurance would cover you in case of floods, fire, theft or other loss of your household items, and warranties (and extended warranties, if you are inclined to pay a little extra) would take care of most faults.

As for upgrading, do you really need the latest and greatest version?

Even factoring in the costs of insurance and extended warranties, you would still be much better off buying items than renting them.

And with so many stores offering interest-free periods for most household items there seems to be no barrier to buying what you need.

What are your thoughts? Have you ever rented a household item before?

Tagged with: , , , ,
Posted in Saving Money

18 Things you can buy in bulk to save yourself thousands

18 Things you can buy in bulk to save yourself thousands

Buying in bulk is not a new concept, but it is one that is not utilized as effectively as it could by most people.

There are two main ways to buy in bulk – you can either buy the larger version of a particular product, like buying a 5kg bag of rice for example, or you can wait until a particular product is on sale and buy a lot of that item at once.

Either way saves you money.

Read more ›

Tagged with:
Posted in Saving Money

How to earn quick cash this weekend

How To Earn Quick Cash This Weekend

There are two basic ways to have more money: you either save more or you earn more. While we talk a lot about the former on this site, I want to look at one way you can earn more by making some quick cash over the weekend.

Selling your stuff

This may seem like a no-brainer but it’s amazing how often you wish you had a little extra money and not realise that there is cash waiting to be released right inside your home.

It used to be that you would have to sell things via newspapers or the Trading Post, but now with the internet, sites like eBay and Gumtree allow you to sell your stuff easily and quickly.

So, where to start?

Follow the 3 steps below and before you know it you will have some extra cash this weekend.

Read more ›

Posted in Making Money

Finding your lost super is easy

Close up of an Australian $50 note

There is over $20 billion worth of lost Superannuation in Australia. That’s a lot of money doing nothing that could be working for you.

Did you know that you can easily find your lost super? And it only takes a few minutes! All you have to do is follow the simple steps below:

Step 1 – Go to the ATO website

Head on over to the ATO SuperSeeker web page. It’s free to use and you can access it either via the internet or by phone.

Step 2 – Have your details ready

All you need to find out if you have any lost super is the following:

  • tax file number (TFN)
  • family and given names
  • date of birth.

Step 3 – Find your Super!

Simple agree to the Privacy Policy and enter the details above.

It’s really is that simple.

Have you managed to find any of your lost super? Let us know in the comments below.

Tagged with:
Posted in Saving Money

About

Queenslanders blog is a resource for all things money. Find financial tips, strategies and money hacks.

We would love to hear from you. You can contact us via this website, or see what we are up to on our Facebook page, where you can also interact with other, like-minded people, and win giveaways and prizes. We also have a Twitter account where we chat more Queensland-centric issues.

Disclaimer

Unless otherwise noted, no-one who writes for queenslanders.com.au/blog is a financial adviser and no personal recommendations are implied or made. We recommend you seek professional financial advice before applying anything you find on this blog to your own circumstances.