Legal considerations for every wedding biz owner!
Updated: Jul 26
Serious but VERY important stuff ahead! In Episode 5, we speak to lawyer Andrew Smith, owner and director of Bluemont Legal (and close friends of ours!).
The law can seem like a very daunting thing when you're starting your own business. Let's face it, unless you have a law degree, it's pretty damn confusing.
We asked lawyer Andrew (Andy) to chat to us about the legal stuff you need to consider when starting your own business, choosing the right business structure for you, contractual terms and considerations when choosing between staff and contractors.
Listen to Episode 5
With the ongoing pandemic, it's easy to see just how important client and contractor terms are in this industry so we were very excited to chat to an expert about how you can protect yourself and your business during this time of uncertainty.
At the beginning of the episode, Andy also provides a really useful summary of the important first few steps you should take when setting up your new business (not all are strictly legal!). You can see these below, but it's best to listen to the episode for more detail about the bits that are more complex, like deciding on a structure for your biz!
First steps in setting up a new wedding business
Write a business plan.
Set up your business structure (eg are you a company or a sole trader?).
Sort out your tax compliance and registrations (TFN, ABN, GST registration).
Set up a separate bank account for your business banking.
Organise your book-keeping (you can use accounting software like Xero, which is what we use for our biz One More Song).
Set up your terms of trade (for both clients and suppliers you may work with).
Look at what insurance policies you'll need for your business (an insurance broker can help you here).
Protect your intellectual property - get your business name and trademarks like your logo registered (not always essential - more on that in the episode).
Create your business website, including setting up mechanisms for making payment online.
Links to resources mentioned
Your business plan: the Australian Federal Government actually has really helpful resources to help you with your plan, including a detailed template!
Check your business name is available in Australia on the ASIC website
Difference between employees and contractors - knowing if your workers are employees or contractors will help you understand your tax and super obligations.
The content discussed in this podcast is for informational purposes only, is general in nature, and is not intended to and should not be relied upon or construed as a legal opinion or legal advice regarding any specific issue or factual circumstance. Nor is this information intended to create, and receipt of it does not create, a lawyer client relationship between you and any of the presenters. We strongly recommend you consult a lawyer in the event you require legal advice.