How to Start a Business in Australia
Owning your own business is a dream for many people across Australia. That dream is now within reach of Australians like never before, and each year we are seeing more and more people taking steps to start a business. Australia offers a simple, streamlined process for owning your own business, making that goal an obtainable reality for most people. If you have ever wanted to be your own boss, read on to find out how you can start a business in Australia.
- Difficulty:
- Moderately Easy
Instructions
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How to Start a Business in Australia
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1
Come up with a concept for your business. Think of a business you can start that is something you will enjoy devoting your time to. It can be a lot of work and take a huge effort to get a new business off the ground, but if it is doing something you enjoy anyway, it will seem like a lot less like work. Also consider how well the business will go over in your area, since economic success is also one of the most important factors.
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2
Put together a plan. Most successful businesses got their success by having a written business plan. Outline your goals, your strengths, your competitive advantages and how you will market yourself. The Internet is full of business plan templates that can be downloaded for free. Download one and fill it in with the information that pertains to the business that you will start in Australia. This will give you a road map to follow as you navigate the path of being a business owner.
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3
Register your business name. If you are using your own name as the business, such as John Doe, then you are not required to register a business name in Australia. If you use anything else, such as Doe Plumbing, you will need to register the business with as an Australian Company, and be issued an ACN (Australian Company Number). To do this, you will need to submit Form 201 (Application for Registration as an Australian Company), along with a $400 AUD filing fee, to the Australian Securities and Investment Commission.
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4
Register for your Goods and Services Tax if your business is earning more than $50,000 AUD per year in revenue (not profit, revenue). When you register for the tax with the Australian Business Register, you will be given an ABN (Australian Business Number) to use when paying your taxes. Businesses who generate less than $50,000 AUD per year are not required to register, but may wish to do so for the added benefits that come with holding an ABN, such as being able to purchase items for resale at a reduced wholesale price.
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5
Start a bank account for your business. Any local bank will do just fine for this purpose. Some banks may offer better benefits than others, such as lower transaction fees or higher interest rates. Telephone various banks in your area to see who will offer the best deal for your business bank account.
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6
Find a location for your business. If this is an online business or other home based business, then the location is simple. For other types of businesses, you will need to find a suitable location to work from. Call various realtors in your area to explain what you need, and see what they have available.
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Tips & Warnings
Foreign business investors can also use these steps to start a business in Australia, so long as at least one person listed as an Officer of the Company is a resident of Australia.
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- Photo Credit chadh, Flickr.com Creative Commons License
