Becoming a Laundry Point launderer can free you from money woes and the ties of traditional employment. Many of you will be running a home-based business for the very first time.
Whether you’re a stay-at-home mum or dad, working while studying or looking for weekend work, Laundry Point gives you flexibility and the choice to earn a little or a lot. No matter how much you intend to earn, you’ll be operating a business from home, and will need some advice. Here are our top tips* to help you get started.
Know your obligations – play by the rules
The rules and regulations for starting and running a home-based business differ, depending on your state or territory. Check here for links to more information about the rules where you live.
Use the business features built into the Laundry Point app.
We designed the Laundry Point app to help make running your business easy. Tracking your income and kilometres driven for work means that tax time is a simple affair. Pass these totals and your receipts (see below) to your tax agent and your job’s done. Make sure to keep money aside in a separate account to allow for tax. If you put aside a little more than needed each week, you’ll not only be covered come tax time, you’ll have saved yourself a little nest egg for a holiday or special treat.
Document your business – record-keeping like a boss
When you’re making money from home, good record-keeping is essential. It will help you meet your tax obligations and understand how much you’re really earning. By law you need to be able to explain all the transactions in and out of your business, that is: income and expenses. You need to keep most records for 5 years (some longer). Apart from receipts for expenses (see next tip) you need to keep a record of what you’re paid. Laundry Point (via your Stripe account) makes it easy to access your total annual income with the touch of a button. Learn more about record-keeping for small business here.
Keep receipts – no receipt, no deduction
As a self-employed home-based worker, you can claim tax deductions for many of your expenses. Some, you can claim in full. Others, you can claim a portion of. You need to keep your receipts to make any claims come tax time.
Expenses you may be able to claim as a Laundry Point launderer include:
- vehicle running costs – fuel, registration, insurance, maintenance
- equipment service and repairs – washing machine, dryer, iron
- water rates
- some equipment – iron, hanging racks
- laundry powder/liquid, dryer sheets
- Laundry Point app subscription
Track your travel
Because you’ll probably use your car for both private and work trips, you need to track the kilometres you travel for each, so you claim the right portion as a tax deduction. You can keep track of your kilometres in a log book, but the Laundry Point app makes it even easier for you, automatically tracking the distance you travel in your work. And if you opt to use a “per km” system for tax deductions, you won’t need to present fuel receipts.
Be organised – systems win the day
Your success as a Laundry Point launderer, relies on you being reliable. You need to arrive on time for pick-up and deliver back to your customer’s expectations. The Laundry Point app’s built-in calendar will help you schedule your time, your jobs and your availability. It even sends you reminders! Checking in on your calendar every morning over a coffee will make sure you’re not caught by surprise.
You also need to be able to manage your customers’ laundry items right through the process, from pick-up to delivery, without losing or confusing any items with those of other customers (or your own). Think about a system that will work in your home environment … and then stick to it. You’ll need to be extra careful if other people have access to your washing machine/dryer or vehicle.
Be professional – impressions count
Working from home doesn’t mean unprofessional. It means working hard to earn your customers’ respect, trust and confidence. Always dress in neat, clean clothes and be well-groomed. Keep your vehicle clean and tidy. Above all, be polite and professional with all your customer interactions. Let your smile show your customers that you really love doing laundry.
Ready to get started as a Laundry Point launderer? Fill in this form today to get more info.
*Disclaimer: This information is general in nature. You should check with your accountant, bookkeeper or the ATO for specific advice in relation to your individual circumstances.