So you’re thinking of taking the leap to the world of independent consulting? You’ve come to the right place.
Here at Expert360, we are on a mission to make working for yourself work. We also believe that going independent doesn’t mean going it alone, so we have designed a simple guide for those curious to understand what is involved in the initial steps of independent consulting.
Business Set Up:
- Choose a business name and register your business
- Choose a suitable business structure (sole trader, partnership or a company)
- Depending on your selected business structure, you will need to register for an ABN (independent) or an ACN (company) and it is important to understand the difference
TIP: Make sure you know the difference between Tax and GST which can sometimes be confused for the same thing
- know exactly what you’re covered for. This helps to speed up hiring time and avoid confusion due to last minute on-costs or the risk you’re not covered.
TIP: Some clients require you to have insurance, and others do not so it’s always best to find out at the start of the project.
FACT: Expert360 offers insurance coverage for our community of consultants at zero cost to our Experts. Head to our partners page for more info on our partnership with CGU Insurance.
- Don’t be afraid to research and explore all superannuation funds to find the right one for you
- Unlike full-time employment, the onus of contributing amounts to a superannuation fund falls back onto the freelancer.
- In light of the previous consideration, it is best to set superannuation goals early on in your career
TIP: Think about what type of lifestyle you want to have in 30 years time and what those financial goals might be
FACT: Expert360 has partnered with Future Super and Grow Super to make superannuation easy to understand and navigate as an independent consultant
For more info, head to our partners' page.
We’ve prepared a checklist for you to help you decide whether freelancing is right for you
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