Now’s the time to start considering your options in a growing economy of entrepreneurs and small business owners. Taking the risk of self-employment can be daunting – and yet it’s an adrenaline rush of hopeful ambition. It’s hard to take a look at an idea and then begin to execute it.
You suddenly are in charge of every aspect of your success – and that means you have to buckle down and be organised to achieve your dreams. No boss is going to come knocking on your cubicle and ask you how things are going. You’re going to have to know how things are going on your own.
It’s okay – pause and breathes. We’re here to help you with some tips for starting your business in Australia.
How do you begin the process?
Having a solid business structure in place is essential. This will allow you to be able to control the amount of taxes you will pay, know what your regulatory obligations are, and how to navigate the health/safety requirements of the workplace and what level of personal liability you will have.
You can register as a sole trader, company, or a partnership. Each has different legal obligations. You’ll be able to hire people to work for you as a sole trader – but this means you’ll have the responsibility of all the legal aspects of the business. If you register your business as a company, your business will operate as a separate legal entity.
What sort of business do you want to form?
You can form an online business, purchase a franchise, or become an independent contractor. Take the time to research what legal and regulatory requirements you may face with the type of work you plan to do.
You’ve got a solid business structure; you know what type of business you’ll have, now what?
It’s time to apply for an Australian Business Number (ABN). You must have an ABN to be able to start a business legally. The ABN gives you a unique number for your business that is a government identifier.
Now it’s time to get your business on the Internet
You can register for a ‘.com.au’ Address after you’ve obtained your ABN. It may take time to find a good domain name that matches your business that isn’t already taken. Do your research and try to use keywords that will aid people in finding your business. You can go to .au Domain Administration Ltd (.auDA) website to see links to domain registrars and resellers.
How do you fund your dream?
There aren’t many government grants for small business start-ups. However, there are specific grants to each state. Do your research! There may be options out there to help you achieve your dreams.
Before you leap into your new business — don’t forget to register for the right taxes. Take the time to understand the different taxes your business may require you pay.
That’s it! You can do this!