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Wheelie bin expansion, professional services income & the importance of focus

In this Australian Business Podcast episode, Owen Rask, Jordan Kidis and Danil Goloubev talk about personal services income and how to scale a franchise.

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In this Australian Business Podcast episode, Owen Rask, Jordan Kidis and Danil Goloubev talk about personal services income and how to scale a franchise.

Topics discussed this on the Australian Business Podcast include:

  • The power of gifting the right book to a business owner
  • The importance of focus
  • Blinkest or Headway: get through your books
  • A Wheelie Bin franchise or licence model?
  • Using director loans to buy property, and
  • Personal services income versus personal service business

Questions answered, include:

Binfluencer Billy
Hi Guys
Just love this podcast.

My question is:
I am the founder of Coastal Bin Busters, We are professional Wheelie bin cleaners. We started practically in the middle of COVID and have been growing each year. In fact, we are now turning over low six figures and have about 600 customers. A lot of them are recurring too, which we are stoked about. We bootstrapped the whole operation and know we are building a team. (We have just engaged Grey Space to set up our Pty Ltd yeeeew! and engaged a social media ads guy)

We have huge aspirations to be Australia’s best Bin Cleaners and feel as though we are ready to take the next step.
We want to grow into different areas up and down the East Coast but not sure about the best approach. We know it would be a slow process but we need to get started at least.

We are currently based in Ballina, (just south of Byron Bay) and cover the surrounding areas. We feel as though there are a few options but would love to hear your opinions.

Do we:

  1. Start a franchise: I personally don’t think this is unnecessary and would potentially be quite an expensive and labour intensive exercise, let alone all the legal stuff,
  2. Offer licenses: Maybe an option, but I believe it can be quite easy to fall into the franchise model and then be obligated to meet legal requirements as per the first option.
  3. Bite the bullet and do it ourselves: This seems the easiest one, and whilst we can certainly get to areas around here within a 1hours drive radius going further afield may be a problem. Our prices range from $15.50 per bin to $18 per bin so traveling one hour will soon chew up any cash flow and profit.

We also know it’s a numbers game so the idea is to get more customers as quickly as possible.

Have you guys had any experience in best practice?

Amazing OT
I’m interested to hear more about personal services income and personal service businesses. I’ve tried to learn many times and my accountant has gone through it too but I feel a podcast will be amazing. I work in the healthcare field as a therapist with a mix of client types.

Do you have a link to more info on the directors loan for purchasing property. Was very interesting.

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✅ Grey Space Advisory – snag a $100 health check

Do you get stuck worrying about your business’ finances? Or what needs to be paid to ATO, employees, Super funds and so on? The Australian Business Podcast is proud to announce that our sponsor, Grey Space Advisory, is offering all business owners a financial health check.

Jordan and Danil’s expert team of accountants will conduct a review of your tax structure, bank setup, ATO obligations and reporting, business insurance and provide some advice on how to manage all of this — for just $99! You can book a $99 health check with the Grey Space Advisory team and tell them Owen sent you.

 Rumble Coffee Roasters — our first partner!

Rumble Coffee Roasters is dedicated to helping you drink better coffee. Knock-out blends, world-class single origins, bold espressos and flavour-filled filter roasts. Rumble Coffee prides itself on personal relationships with producers and customers alike. 

They pay farmers fairly so that they can invest in their land, their employees and their communities. You can buy some beans to drink at home or in the office via Alternatively, if you’re a coffee shop owner — get in touch and discover better ways to serve your customers. Tell them Rask sent you. 

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The Australian Business Podcast’s official sponsor is Rask, our very own company. We empower hundreds of thousands of investors around Australia, whether you’re new or have been investing for 40 years. You can take an investing course on Rask Education to discover how Owen carefully researches small or blue chip companies, or become a premium Rask member today to speak directly with Owen and see what he is investing in.

As Warren Buffett famously said, “I am a better investor because I am a businessman, and a better businessman because I am no investor.” 


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