Going from hobby to a business

2 posts

Member for

7 years 3 months
Last seen: 03/08/2018 - 21:05
Joined: 12/12/2016 - 06:50

Going from hobby to a business

Hi

We are in the midst of planting our 5 acre block with Pomegranate trees. We will be 3 years from creating an income but if all goes well we will look to purchase/lease more acreage within 5 years to grow the business to create a significant income. My question is has anyone had experience with starting the business from a privately owned property - essentially a home based business. Obviously we will need professional advice but just wondering on opinions of partnership/sole trader/trust/company etc. So far our costs/outlay are minimal and I believe as a primary producer we can't claim any tax losses against our other income until it earns $20k anyway. Have researched  but difficult to work out the pro's and con's of each. Eventually would be nice to quit our other jobs and sole income from farm, also have 3 boys that could be involved in a family trust to spread income also. Any thoughts?

Cheers

Chris

Last seen: 03/08/2018 - 21:05
Joined: 06/02/2016 - 11:49

Hi Chris,

Suggest you get a detailed business plan done before you make any major decisions.

Alot of businesses go out of business within the first 3 years, mainly because they do there due diligence.

It could save you a lot of heartache and money.

Contact Charlie at Farmstyle.

Cheers,

Mal

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