The start of a new year often brings fresh ideas and bold decisions. For many mining and resources professionals, launching a consultancy is high on the list. It offers flexibility, independence, and the opportunity to leverage years of experience in a way that truly reflects your expertise.
But success does not happen by chance. Starting a consultancy is more than registering a business name and securing clients, it is about creating strong foundations, both personally and professionally, so you can thrive from day one.
At Resources Unearthed, we bring together Financial Advisers, Tax and Business Specialists, and Legal Experts who collaborate to design and structure your framework for success. This integrated approach ensures every aspect of your transition is covered.
In this article, we share practical financial and business considerations to help you move confidently from employee to consultant and set yourself up for long-term success.
How Long Should You Prepare?
There is no set timeline for preparing to launch a consultancy. Some professionals spend months laying the groundwork, while others move quickly when opportunity arises. The right approach depends on your personal circumstances, financial position, and appetite for risk.
What matters most is that you give yourself enough time to:
- Assess your financial readiness and set aside a buffer for living and business expenses
- Research your target market and clarify your value proposition
- Develop a business plan, including pricing, marketing, and growth strategies
- Put in place the right business structure and register for necessary tax and legal requirements
- Build relationships with potential clients and collaborators
A Financial Adviser can help you assess your readiness and create a plan that aligns with your goals. At Resources Unearthed, our team can guide you through this process.
What Should You Be Mindful Of?
Starting a consultancy affects two spheres of your life: your personal finances and your business responsibilities. Here is what you need to consider from both perspectives.
Financial Foundations
As an individual:
- Build a personal financial buffer to cover several months of living expenses. Consultancy income can be irregular (particularly at first), so having a safety net reduces stress. Maintain an emergency fund separate from your business account for unexpected personal expenses.
- Review your debts and understand how fluctuating income might affect your ability to make repayments and your household budget.
As a business owner:
- Estimate start-up costs realistically. These may include technology, marketing, professional fees, professional indemnity insurances and compliance costs.
- Prepare a cash flow forecast for at least the first year and include provisions for tax, GST, and costs.
- Keep business and personal finances separate by opening a dedicated business account and using cloud accounting software for accurate and immediate reporting.
At Resources Unearthed, our Financial Advisers and Tax Specialists work together to create a personal and business cash flow plan, supported by accurate forecasting and systems.
- Superannuation
As an individual:
When you were employed, your employer made regular superannuation contributions on your behalf. As a consultant, you are responsible for your own retirement savings. Making regular contributions, even if modest at first, can make a significant difference over time. Superannuation remains one of the most tax-effective ways to build wealth for retirement.
For the 2025–26 financial year:
- Concessional contributions cap: $30,000 per year¹
- Carry-forward rule: If your total super balance is under $500,000, you can use unused concessional caps from the previous five financial years
- Non-concessional contributions cap: $120,000 per year, or up to $360,000 under the bring-forward rule
As a business owner:
If you employ staff, you must pay the Superannuation Guarantee (SG), which is set at 12% SG payments must be made to a complying super fund by the quarterly due dates to avoid penalties (note, Payday Super commences from 1 July 2026 which means the super contribution payment deadline aligns to when salaries are paid).
Our Financial Advisers will guide your retirement strategy, while our Tax Specialists ensure compliance with superannuation guarantee obligations.
- Insurance
As an individual:
Income protection, life cover, and total and permanent disability insurance are essential to safeguard your family’s financial security.
As a business owner:
Professional indemnity and public liability insurance protect your consultancy against claims and liabilities. If you have business partners, consider buy/sell insurance. This ensures that if one partner cannot continue due to illness, disability, or death, the remaining partners have the funds to buy out the departing partner’s share.
Our Financial Advisers review your personal cover, and our Legal Experts prepare buy/sell agreements to protect your business.
- Structuring Your Business
As an individual:
Choose a structure that aligns with your personal goals and risk profile. Consider asset protection and tax efficiency for your family.
As a business owner:
Register for an ABN and GST³ if turnover exceeds $75,000 per year. Decide whether a sole trader, company, or trust structure suits your growth plans. Each option has different implications for tax, liability, and flexibility. It’s also important to be aware some companies will only work with you, if you have a family trust or company structure in place.
Our Tax and Business Specialists design tax-effective structures, and our Legal Experts ensure compliance with regulatory requirements. Coming Soon: We will hear from Craig Barry, Tax Specialist and Business Adviser, on how he can assist with structuring your business for success.
- Building Your Brand and Network
As an individual:
Position yourself as an expert. Update your LinkedIn profile, share thought leadership content and engage with industry groups.
As a business owner:
Create a professional website and develop a marketing plan. Networking and connecting is with industry contacts is critical to explore partnerships that can generate referrals.
A business adviser can help you develop a marketing strategy and build your brand.
- Planning for Growth and Flexibility
As an individual:
Define what success looks like for you. How much time do you want to dedicate to work? What income level do you need to maintain your lifestyle?
As a business owner:
Set measurable business goals. Plan for scalability, whether that means hiring staff, outsourcing, or expanding services.
Our Financial Advisers set personal financial goals, while our Business Specialists develop growth strategies.
If Redundancy Is Around the Corner
Redundancy can be a catalyst for change. If you suspect redundancy is on the horizon, take steps now to prepare:
- Understand your redundancy entitlements and the tax implications
- Review any executive share schemes (ESS) and seek advice on vesting and tax timing
- Use the transition period to upskill, network, and lay the groundwork for your consultancy
- Be mindful of any post-employment restraint clauses that may limit your ability to work with certain clients
Our Financial Advisers manage redundancy payments and ESS, and our Legal Experts review restraint clauses.
How Resources Unearthed Can Help
At Resources Unearthed, we have Financial, Tax and Business, and Legal specialists who work together to set up and structure your framework for success. This collaborative approach ensures every aspect of your transition is covered, from financial planning and tax structuring to legal agreements and business strategy.
Take the First Step
Launching a consultancy is a bold move, but with careful preparation, clear goals, and the right support, it can be the most rewarding phase of your career. Whether you are planning months in advance or responding to unexpected change, now is the perfect time to take control of your future.
If you are considering consultancy in 2026, start your planning today. Contact Resources Unearthed for tailored advice and set yourself up for success in the year ahead.
You can call Brett Cribb or James Marshall at +61 (0) 7 3007 2000 or email contact@resourcesunearthed.com.au.
To learn more about Brett, click here.
Resources Unearthed is a solutions hub that connects senior executives, established professionals, and business owners in mining and resources with proven specialist advisers.
Stratus Financial Group and its advisers are Authorised Representatives of Fortnum Private Wealth ABN 54 139 889 535 AFSL 357306. This advice is general and does not take into account your objectives, financial situation, or needs. You should not act on it without first obtaining professional financial advice specific to your circumstances.
*Please note: For financial advice and services relating to this matter that are not offered under the Fortnum Private Wealth AFSL, in accordance with our collaborative advice model, when required, such matters are referred to appropriately qualified professionals.
References:
¹ Super Concessional Contributions Caps
² Super Guarantee
³ Registering for GST
