Completing your training brings with it a great sense of satisfaction, but with so many possibilities on offer, it can also leave you wondering exactly what to do next. If you’re about to finish your traineeship or apprenticeship, perhaps the first question you should consider is whether you’d like to start your own business or work for someone else. Both offer significant advantages and also potential risks.
If you like the idea of being your own boss, then starting your own business could be the way to go. You have the freedom of doing business the way you want, and you can pick and choose who you work with. What’s more, you may be eligible to claim different business allowances from the Australian Tax Office. However, owning your own business is rarely smooth sailing. And being self-employed comes with some serious responsibilities like ensuring you correctly manage your time, liabilities, tax, and perhaps even staff.
For most people, starting a business is something they consider in the longer-term, once they’ve gained enough experience in their chosen field. But if you’re the sort of person who’s raring to get going, then talking with a Commonwealth Bank Business Banker now is a great idea. They’re a great source of helpful information and handy advice.
On the other hand, if working for someone else feels like the right thing to do then that can be a great way of building up your professional experience. Plus, you get the benefit of a regular income and better job stability, along with the opportunity to learn even more by working alongside more experienced people.
Whatever option you take, now’s a good time to start thinking about saving some of your hard earned money for the long term. These savings might go towards funding your own business in the future, buying a home, or helping you enjoy the things you want.
If you want to know the best ways to make the most of your money, Commonwealth Bank has Savings Specialists in every branch who can help.
For more advice for Young Workers visit commbank.com.au/heapshandy