Starting your own business or venture is such an exciting journey, isn’t it? After months or even years of planning, your business is finally about to take off! But no matter where you start your business, there are many formalities and laws that need to be followed.
Australia is a country that is ideal for small businesses and startups. Small businesses make up about 97.4% to 98.4% of the total businesses here. So if you’re planning to launch a new venture in australia here, here are some things to keep in mind.
1. Choose the business structure
First things first, you have to choose a business structure that suits you the best. In Australia, you can choose to be a sole trader or go for a partnership. You can also opt for a trust or a company.
However, many businesses tend to change their structure as it grows and evolves. So make sure you have that flexibility in mind before you start working.
2. Do your research
Any business’ main focus has to be on the core idea. So it’s essential to do thorough research. You must never start your venture unprepared because then it can cost you a lot of money and manpower. Ask yourself the needs of the people around you and which products shall be fulfilling those needs.
Check your target audience and potential locations of your office. If possible, you should even check the availability of a warehouse nearby.
3. Get in touch with lawyers
No business can flourish without proper legal guidance. In order to set things in motion, choose a law firm that will guide you and let you know all the formalities that need to be completed.
Gold Coast Lawyers is a company that has been thriving on the trust of hundreds of customers. For many decades, this firm has been working with both local and international clients. From commercial lawyers to property laws, you will find everything here.
4. Appoint officeholders
Your company will require at least one director who will be a resident of Australia. There has to be written consent from all the shareholders or officeholders regarding this and this letter has to be a part of company records.
The company should also be registered with the ASIC and there needs to be a business number known as the Australian Business Number (ABN).
5. Prepare the business plan
A typical business plan will have various parts. It’s done for the simple reason that your team will be able to identify the needs and prepare accordingly. Also, a well-written business plan can help you to secure a loan faster.
Some of the crucial parts of your business plan should be the executive summary, business description, market analysis, organizational summary, and proper marketing strategies.
6. Register for GST
The next important step is to register for GST, or Goods and Services Tax. If your business has reached the GST threshold, you have to register within 3 weeks. In general, you can also apply for a GST after securing your ABN, which is what most business people do.
If you are a non-resident of Australia, you might need to apply for a standard GST or a simplified GST, which will be on the basis of your business activities.
7. Secure a capital
When it comes to funding, you need to meet certain eligibility criteria in mind or you won’t be allowed to secure a fund. For accurate information, it’s always a good idea to talk with your lawyers.
The Australian Government Grants and Programs offer many perks to entrepreneurs. You can also choose from other options, such as a bank loan or from private investors.
8. Buy a domain name
After your business name is registered, it’s time to buy a domain name. An ABN or ACN is needed for this if you want a traditional .com.au in your domain name.
But if you simply wish to get a .au domain name, you won’t have to go through these formalities of ABN or ACN checks. If you wish to be a part of e-commerce, this step is crucial for you.
Over to you…
Becoming an entrepreneur might be a dream of many but very few can truly succeed. Follow these steps to start a successful venture in Australia and make a name for yourself here in the business world!