TIPS IN STARTING A BUSINESS IN AUSTRALIA
Posted by Startupyourbusiness on April 12th, 2019
Australia may sometimes be labelled as a laid back country, but take a look at the business sector and you’ll see how the Australian trade and industry is so dynamic—the business profiles are so diverse and cater to every person’s needs. The country’s market is a host of innovative enterprises, and to break through, you bet that differentiating your business and standing out is a must.
It is very exciting to embark in a new business venture, but to know where to start, one must have a clear vision of how the business should turn out. Is it a small or a big business? Does it demand a big capital? Can you apply a specific skill set or can it be learned along the way? Do you understand the laws and regulation of starting a new business in Australia?
Here are a few tips you may need to consider when starting your own business.
DETERMINE YOUR BUSINESS STRUCTURE
There are four basic structures you need to consider when putting up a business: sole proprietorship, company, partnership and trust. These four differ in the level of control you will have, the taxes to be paid, obligations, liabilities and safety regulations that need to be determined.
Sole proprietorship means you register your business with you as the only owner. This gives you full control of the business, including the assets and liabilities. All profit will go to you.
Company is a business that exists as a separate entity from its shareholders. This is appropriate for high risk ventures, as liabilities cannot be personally held against the shareholders.
Partnership is when two or more people are registered as business owners and share the assets and liabilities.
Trust is an entity that is established for the benefit of a third party. A trust is harder to set up and more expensive to maintain, but offers protection of assets.
CHOOSE YOUR BUSINESS TYPE
It used to be that a business should be a physical establishment for it to provide services. The rise of the internet broke this barrier and enabled people to setup a purely online business, which is considered as a main business type. You can also either own a franchise, or be an independent contractor. It all depends on what industry you will involve yourself in.
REGISTER YOUR BUSINESS
Getting an Australian Business Number (ABN) is an imperative for you to be able to register your business. You may do both steps at the same time, or opt to get the ABN first and register the business name later, should you need time to make one.
Fund sourcing is a must in any new venture. Determine the resources available for you financially. It can be from your own pocket, or outsourcing it from a willing investor, but the point is to have a capital ready to kickstart the business.
SET UP TAXES
Yes, having a business means gaining the responsibility of paying your taxes. Businesses in Australia need to apply for the correct taxes to avoid any legal issues. Some taxes include the Pay As You Go (PAYG) Withholding Tax for salaries, and the Good and Services Tax (GST) that is compulsory for a business with a 75,000 AUD turnover.
PICK YOUR LOCATION
For physically set business, having the right location is a great strategy in making the business a success. Choose something accessible to the consumer, preferably somewhere in the business district. For online business, choosing an interesting domain name is imperative to catch the attention of clients.
Starting a business in Australia is a breeze if you only know where to start. Let startupyourbusiness.com.au help you with their complete packages that will guide you from the conception to the development of your very own business.
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