Starting a business anywhere is a big deal, but if you want to start a business Down Under, you have a specific set of steps that you need to follow. You may already have your business idea in hand, but that doesn’t mean that you know where to go with it. You’ll find yourself immersed in a whole world of licensing and insurance, leasing and marketing rules to play when you are starting up in Australia.
Below, we’ve put together some of the steps that you need to follow for opening your own business in Australia – including the fact you must register for GST online before you get started! So, let’s take a look at what you need to do to start a business in Australia.
- Firstly, you need to know that you’re ready for this big step in your life. Running your own business will be life-changing for you. Your ability to succeed in this venture will depend on your abilities, your determination to succeed and how much initiative you have to spare. You can assess your business idea with a mentor who can tell you whether you are doing the right thing!
- Building a business plan is an important step in the process, as it’s going to be your guide as to whether your business is a viable one to have. It’ll also keep you and your goals on track at all times, ensuring that you save money in the long run and stick to your growth plans.
- Choosing your business structure is important, as whether you want to be a sole trader or not, there are tax implications to consider.
- Speaking to a legal team to understand your legal obligations as a business owner is a smart choice, and they’re going to be able to talk you through your plan and your idea to assess whether you are on the right track for your new business.
- Keep a support team of people around you. This refers to managers, mentors and colleagues who can all help you to realize your dream. Support is crucial for a new business owner, and without it, you can find that your business is not going to live for very long.
- Figuring out your finances is one of the most important aspects of your business. Without money, you have no idea whether what you want is going to be possible. You should ensure that you have revenue streams to keep your business moving, and assess how much money you’ll need to grow your business over time. This is where a strong financial team will be able to help.
- Marketing your business is one of the last things that you should think about. You can use so many different marketing channels to do this properly, and when you do, you will see your business thrive.
Running a business Down Under is not much different from running a business everywhere. Simply understand your tax obligations and you’ll be just fine starting out alone!