Start Up Paying Staff

[Ninjastrike]

Im just about to start my own business and I have some contracts that are looking fairly promising they will come through, My only problem Is I am trying to figure out how to pay my staffs wages I thought about opening a business account and just using an overdraft till I get my first few invoices in, Because I don't have the money to be paying my staff just off my personal account.?

 

What are my options ?

 

Thanks

[doobin]

If you've got the contracts and payment terms laid out then you may be able to get a startup loan I would have thought.

 

Presume this is for your planting work? Do you need to take on staff straight away?

[onyx landscaping/fencing]

I found the banks to be very un-helpful for starting up!

[Paul Jenks]

Discuss your options with the client. If they are worth working for you may be able to get part payment up front for materials and some of you labour costs. Most builders etc will ask for 40% up front.

Or endeavour to get a few short duration jobs that'll pay straight away and dot them in throughout the longer projects. That way you'll get a steady, if meagre, stream of cash.

[David Dobedoe]

Are you employing or using sub contractors? If sub contractors you might be able to offer a better rate for later payment. Give them the interest instead of the banks.

I'd consider it as a sub contractor.

[David Dobedoe]

Are you employing or using sub contractors? If sub contractors you might be able to offer a better rate for later payment. Give them the interest instead of the banks.

I'd consider it as a sub contractor.

[Jackalope]

Are you employing or using sub contractors? If sub contractors you might be able to offer a better rate for later payment. Give them the interest instead of the banks.

I'd consider it as a sub contractor.

 

As a subbie with minimal outputs i am happy to wait month (or even longer) if it means better money when it comes

[Acg128]

As a subbie with minimal outputs i am happy to wait month (or even longer) if it means better money when it comes

 

A month!!

[eggsarascal]

A month!!

 

I wish!

[Hodge]

Get a loan or overdraft, pay your workers, it's not professional to make your workers wait. Maybe for the first job but not a sustainable way. IMO.