Starting a Small Business in Australia
Owning a small business is one of the dreams of people in Australia.
This is a nice source of income that will provide you with the fund source that you need in your everyday necessities.
If you are planning to put up your small business in Australia, there are some things first that you have to put into your mind. Starting your business requires good planning in order to yield positive outcomes.
Initially, you have to think of the idea of the business that you want to establish in Australia. Remember that when you choose to start your self-managed business, it is like you are raising a child, you have to invest your time and effort in it in order for it to grow better. Aside from that, you also need to make your business plan. This will guide you in the proper selection of business that you want to put up. A business plan will serve as your guide towards the business direction that you want to take. Included in your business plan are the following:
- Business Goals
- Business General and Specific Objectives
- Business Funding
- Business Marketing Strategy
- Business Contingency Plans
Funding Options for Your Business
By the time that you have already made your business plan, you need now to settle the funding aspect of your business. In connection with this, you have the option of funding your own business or avail of some microfinance loans offered in Australia. This is a program that aids small time entrepreneurs to start their own business. On the other hand, you also have the option to select some business partners who will shoulder part of the funds that you need. Either way, you have to evaluate your plans regarding the funding of your business.
Secure Legal Aspect and Consider Opening Business Bank Account
Of course, you also need to settle the legal aspect of your business. This can be done by means of registering your venture to Australian Securities and Investment Commission. Registering your business will require you to pay some sort of money intended for its processing. You are also advised to open a bank account for your business. Select your partner bank which will easily entertain your queries. For you to come up with the most suited bank, you must connect with the banks present in your place and compare their individual services. This will guide you towards making an intelligent decision.
If your business will possibly be earning greater than $50,000 in its first year, then you have to register it in Goods and Services Tax or GST. Upon completing the registration for these matters, you will receive an Australian Business Number or ABN. This will make your business run in a more legal manner. If you ignore this Australian business related law, you may possibly face lawsuits and penalties. After the registration for the GST, you are now free to establish your small business in Australia.