We have recently opened our Bistro, but as we don’t need to register for GST until we reach $75,000 turnover and the pub has to pay GST, they wish us to do our own transactions.
We have a decent relationship with CBA, should we stick with them for our merchant banking and POS system, or could we be getting a better deal elsewhere? If so where?
Exactly. You will always get a better deal shopping around. Loyalty achieves nothing.
best marriage counselling advice ever
shop around, CBA is good but expensive
We have recently opened our Bistro, but as we don’t need to register for GST until we reach $75000 turnover
Are you not already on track for this?
$75k TURNOVER aka gross sales, is only $1442/wk.
It sounds like a pretty sorry Bistro is you are not cracking $1442/wk in sales or $206/day if open 7 days a week or $20/hr if you're open say 10 hrs/day.
What I'm trying to say, if you're breaking these figures already, then really its only a stop gap solution you're looking at.
Thankyou for your input. We have been open 4 days, it is a quiet pub, and we are endeavouring to grow our reputation from scratch. The regulars have taken to us well, but we will need more than the regular patrons to start making some serious bank. I’m not sorry for starting from the bottom. We are making more than $206 a day, but it was unexpected and I would like more time before I rely on it.
No worries, fair enough then. If its a new place then yeah it might take a while to crack the $75k mark. But you should get there in a year or two!
I wasn't hanging it on you, just wanted to say don't focus too much on the non GST part of things as it will come around pretty soon!
But being new/small/quiet it might take a while longer to happen.
Best of luck! Maybe do some ozbargain deals to get some business ;)
I just need to decide on how to handle the money ourselves, we surprised the pub with our modest success so now we need to handle the money.
@stormii: Most POS systems talk PC EFTPOS, which is what most bank systems EFT machines talk to.
So its really just a matter of getting a good deal on the merchant fees.
tyro payments can be ok for rates and bendigo bank can cut some good deals as well.
The problem you're going to have is its all volume based. The more you put through, the better the deal you get.
So putting say $50k a year though, you're going to be looking at rates in the 2% range at a guess.
So when cutting a deal, also look to see what the rate is on the next level of sales etc.
Oh and get a machine with tap payments. As customers LOVE that for meals etc, and don't be a silly person by having a min spend amount. Its all % based charges anyhow.
EDIT just looked at tyro again and they are offering a special for small business doing under $20k/m of 0.99%
https://www.tyro.com/blog/eftpos-machine-hire-cost/#special-…
Thats a steal!
Though its not necessary to register for GST till your turn over is over $75000. you will need register to claim GST credits.
Yes the reporting maybe painful but I would recommend starting to report yourself now and get into the habit of putting money aside for tax obligation.
Initially was with CBA but the rates were too high and had to switch.
I think you are right, I was avoiding the paperwork, as there was so much paperwork to be done for a food venue and I took this from conception to execution in two weeks. 3 weeks ago I saw the last tenant had closed down because they went broke and told them I could be open in 2 weeks if they would give myself and my son a chance, then went home and wrote a business plan. Crazy I know, but it’s turning out to be quite a sound decision after all.
Some social media advertising and making special events will grow your client base and profits
We are waiting for our verification card right now so we can literally be put on the map, the google map that is. I have made a fb page, but I am not a fb user for years now, so I am not sure how to grow it as yet. I am going to make an Instagram account today and encourage people to snap pics of thier meals to share.
Try to lure pokies players into your bistro. When everything’s set up, will you do OzBargain lunch specials?
Loyalty is what end up costing you money.
Shop around. Doesn't hurt to compare and then pick the best offering.