Important things to know before starting a business in Australia | How to Start a Business in Australia : When any person makes up his mind that he has to do business now then the first question that arises in his mind is what will he have to do before starting a business in what way he Can start a business what things will be needed etc Similar questions often arise in his mind. So if you are also one of those people, then you do not need to worry about it, we will tell you all the important things through this article.
Each country has different laws, regulations, and requirements for running a business. So, even if you started a business in one country, you still need to do a plethora of research to make sure you do it properly in another.
However, like all countries, Australia has their own rules and regulations that must be abided by in order to legally operate a business there. Knowing the necessary steps that you need to take can save you time and prevent your business from becoming mired in a sea of government red tape. However, like all countries, Australia has its own rules and regulations that must be followed to legally conduct a business there. Knowing the necessary steps can save you time and prevent your business from getting caught in a sea of government red tape.
Today, through this article, we will tell you how to start a business in Australia and all the information related to it like how to start a small business in Australia. How to set up a company in Australia. How to start a company in Australia. How to set up a business in Australia. How to start a business in NSW. How to start a business as a foreigner in Australia. How to start a startup in Australia. Read this article completely to know all this information.
Here are 13 things you should keep in mind when you open a business in Australia:
1. Prepare Your Business Plan
Australia sure is a wonderful country to start a business. But it will only be worth it if you have a strong, well-thought plan of action in hand. When you have a well-thought blueprint of your business ready, only then you would be able to understand, how is your business going to take shape of reality. It will help you get clarity on various issues.
Starting from the niche you’re going to operate in, how you are going to manage funds, how is the market going to react to the kind of product or service you will sell. And most importantly, what are your short-term and long-term goals and how will you achieve them – you must know it.
2. Pick A Company Name
Having a business name helps your customers make an emotional connection to your brand. And you need a company name to register your business in Australia unless you are a sole trader. You need to ensure the name you wish to register is available and it doesn’t infringe any existing trademarks in Australia.
3. Choose A Business Address
You must have a registered office address in Australia as the registered office and principal place of business unless you are a sole trader. ASIC will use that address to send you all the official communications, and it will also be presented as your primary business location. The business address of your choice must not be a PO box.
4. Identify your funding source
If you’re like the majority of new startups, cash flow will be your primary concern. You can have the best business plan in the world, but it won’t be of any use if you don’t have the money to keep the lights on while you’re getting your feet on the ground. With this, it’s important to know what resources are available to make the initial growth period a lot easier.
While there aren’t many government grants to help you start your business, there are plenty of options that are specific to each state. For example, if you’re starting a business in Adelaide you can apply for a cool $20,000 Small Business Development Fund.
5. Build a Strong Team
Behind any successful business are the people working in it. So, you also need to build a strong team of diverse backgrounds. Like the finance team, the marketing team, product managing team, and legal team.
Also, know that Australia is very strict with giving out fair wage allowance, employee insurance policies, and work safety laws. So, don’t try to do any sneaky stuff or you will get in trouble.
6. Register Your Business
Once you have decided what type of business you would like to open, the next step is to register your business with the Australian Government. The Australian Government’s business registration service is easy to use and you can complete the process in a matter of minutes. The site even offers a helpful tool that will help guide you through the business structure and tax registrations that would best suit your new business.
7. Register For Your ABN
ABN (Australian Business Number) is a unique 11-digit number that identifies your business. You will need an ABN to conduct business in Australia. It is also essential for tax and other business activities performed in Australia, including invoicing, claim GST credits, and getting an Australian .au domain name. If you aren’t Australian residents, you can still apply for an ABN. When registering for an ABN as non-residents, you need to provide the Tax File Number or Proof of Identity and your intended business statement in Australia. If you want to learn more about ABN registration outside of Australia, ASIC provides an extensive guide on that.
8. Register Your Tax File Number (TFN)
A tax file number is required to lodge a tax return for your business. Unless you are a sole trader, you will need a separate TFN for your business. Most businesses can apply for their TFN when Applying for an ABN .
9. Register Your Goods and Services Tax (GST)
If your business has reached the GST threshold, you need to register for GST within 21 days. Generally, you can register for GST after getting your ABN. If you are a non-resident, you might need to register for a standard GST or a simplified GST depending on your business activities. GST applies to sales connected with Australia.
10. Register your domain name
You can only complete this step after you’ve secured your business name and ABN as it’s only possible to get a .com.au address if you’re a registered Australian business. The domain name you pick should be related to your business in some way and make it easy for prospective customers to find and recognize.
While you might have the perfect domain to go with a killer business name, you’ll still need to check that someone else hasn’t taken it already. Luckily, there are plenty of sites out there that can help you.
11. Open A Local Bank Account
Operating a business in Australia often requires a local bank account. Therefore it would be best to prepare it in advance. If you operate outside of Australia, you may need to visit Australia to complete the bank’s identification verification (KYC) requirements. Alternatively, you can work with service providers, like ABN Australia, who can help streamline account opening procedures.
12. Apply For Any Licences Or Permits Required
To legally operate a business in Australia, you must have the required licences and permits for your industry. You can visit the Australian Business Licence and Information Service website to discover the licences you need to kickstart and run your business in Australia.
13. Develop a Marketing Plan
Now that you have secured funding for your business, you will need to determine how you will market your products or services. Unless you have a strong background in marketing, you may wish to hire a marketing specialist to help you develop your marketing plan. Here are a few points that your marketing plan should include:
- Website development and management
- Your social media strategy
- Search Engine Optimisation (SEO) planning (Get your website ranked high on Google)
- Advertising channels