Do you have to be in business one year?

if i bought a business say a Cafe or something do you have to wait until after your taxable income is ceclared before applying for a loan?

 

Yes. The cafe may have made a profit under the previous owner, but that doesn't mean that it will be profitable under the new owner.

I've also noticed that people selling a business tend to 'cook the books' to get a better sale price.

 

Unimaginable Peter.

 

You're welcome to buy my business right now. It's worth about $2M, but you can get it for a steal at $1.5M.

 

Unless of course you were in a similar line of work and use a particular lender who takes your old PAYG income as evidence of servieability.

Little trick i have tried a couple of times and still can't believe they take it.

Cheers


Richard

 

It's fair enough, if it doesn't work with the business worse case scenario is you go back to working payg....

 

Hello,

Are you looking at buying a cafe? Question is why?

 

I was looking at buying a cafe .. Why? They seem very busy here in Sydney .

But now im looking more for a Sydney Taxi which have gone right down in price.

If i buy it , the owner wants 260k urgently , then i will just drive myself say Monday to Friday 7am to about 5pm so if i take average $250 a day i will be happy .

Unfortaetely the Big Banks wont lend equity on taxi plates anymore so i have just the income, one year then will have to wait until i could get a loan.

 

Do you really thing it's a good idea to buy a taxi plate with what's been going on? bit of common sense would go well.


https://get.uber.com/cl/aus-lite/?u...0UJ_3NREdQMZtX-2U6u2vaRtqfnNlI5GKuBoCtXPw_wcB

 

Uber dont do street hails... Theres always going to be taxis

 

Why don't you start your own airport taxi van business. I imagine all your work would be prebooked. Surely that would be cheaper than a taxi plate and would be less effected by uber.

 

You don't need street hails, you can have an uber driver in less than 10min, 5mins in the city.

 

Good luck with your business venture, keen to read back in a year at how you went.

 

It'll work because his taxi only takes you to his cafe

 

Its not really a business venture just i have found a Sydney taxi plate with the taxi car selling at a low price , my plan is to eventually drive it myself just monday to friday,and can rent it out to night drivers , But i might just drive it myself .

Hardly a business that can fail your licensed by the Govt.

I know green slip is $7500 a year and taxi radio fees are $675 a month .
If i dont like it or get sick of picking up people i will rent the plate out .
But i often wonder would anyone buy a business for roughly $300 , 000 to make average $400 a day ? Probaly not many.

 

I wouldn't when I can go be a wage slave for $1000/day and I don't pay $300k for the privilege.

 

I think your dreaming if you think you will get $400/day everyday. Also don't forget insurance,fuel, rego, tolls and the big one maintenance. You drive a car constantly for say 8hrs min a day is going to cost a bit with new engine and transmission.

 

whether its uber or the next type of taxi service, the original taxi license is going to die a slow death. look whats happening in canberra with the 'legalisation' of uber. in the modern world, those companies and industries that innovate will survive. Sadly the traditional taxi industry was begging for innovation.