Whatever business you are planning to start down under, there are a few simple rules and steps to follow to ensure your business gets up and running efficiently and legally.
If you’ve ever wanted to start a small business in Australia, read on and follow these helpful steps.
A Business Idea
All good business starts with a simple idea. Although starting a business is about making a profit, a new business is something you will undoubtedly be pouring a lot of time, effort and resources in to therefore it is important that it’s something you enjoy. Consider the things you have always wanted to do, how you can turn something you love into a business and how many hours a week you can commit to your new venture.
Another consideration is how well your business idea will fit into the market and who will be using your service. Once you have these ideas in place you need to compile a business plan complete with goals, both long term and short term. You can use online resources to find business plan templates. Seeking the advice of a small business expert is also a good idea and can really help get your ideas off the ground.
Funding
It always takes some start-up capital to get your idea off the ground. In some cases you may be in a position to fund the start-up yourself. If you can’t then it is worth looking into sourcing a partner to help with funding, or visiting your local bank to ask about the possibility of a loan.
Once you have funding in place you need to submit a Form 201 to the Australian Securities and Investment Commission which will legally register your small business as a licensed entity in Australia. This form must be submitted with a $400 AUD fee. If your business uses your own name as the company name then you are exempt from this step. Otherwise, the form will need to be filed to identify the business as belonging to you.
Make sure you have a business bank account. Any bank in Australia will be happy to open a checking and savings account for your small business needs. Use a local branch that you have easy access to in case you need to speak to someone. Call several banks in your local area to see who offers the best rates on savings accounts, as well as the lowest fees on checking accounts.
Registration
You will need to register for GST. Any business in Australia that has more than $50,000 AUD during any 12-month period is required to register for payment of the Goods and Services Tax (GST). You can do this through the Australian Business Register, who will assign your business with an ABN (Australian Business Number). You must also register when your revenues exceed $50,000 AUD, not when your profits exceed that amount. This will potentially save you a lot of fees and penalties later in the day.
About the Author
James is a freelance blogger and writer for prnewshub.co.uk For more information about me or to invite me to guest blog on your site, contact me online via my Twitter profile Travelling_J