Step by Step Instructions in Starting a New Business in Australia
Starting a new business can be exceptionally fulfilling and provides you with so many exciting opportunities to tailor your work/life goals to your needs. It empowers you to own and build something that’s yours, and it’s an exciting journey!
In any case, many entrepreneurs are unsure just where to begin get their new business up and running.
We’ve put together the 10 first steps to sorting out the nuts and bolts for your new business.
Spend some time on these key fundamentals, get the right advice early and then you are free to focus on the exciting parts of your business – growing it!
1. Consider what’s the best business structure for you
Consider what structure might be right for you – a sole merchant, an organisation, trust or company? Each one has its own reasons for existing and each have their own varying levels of reporting, administrative, tax and security elements.
First stop – ask your Accountant and Lawyer for advise on which best suits your current, and future, structural needs.
2. Review your financial funding source
Should your business require financing, discuss with your Accountant the advantages and disadvantages of every choice, regardless of whether it be banks, funding institution, individual investment funds, individual advances or one of a few different choices.
3. Choose a business name and get it enlisted
It’s critical that you ensure you can enlist your business name or organisation name before having business cards, letterheads, logos, websites et cetera planned, and before acquiring a URL. Is the name acknowledged by the Australian Securities and Investments Commission (ASIC) and is it available? Begin the process of reviewing available names at ASIC Connect.
4. Should your business name or logo be enrolled as a trademark?
Do you have to trademark your business name or logo? Have you considered patent or copyright assurance? For a comprehensive overview of trademark and license information, visit IP Australia.
5. Apply for an ABN
In order to receive money, you’ll require an Australian Business Number (ABN).
To apply, visit the Australian Business Register. Your Accountant and Lawyer will advise on whether you need a TFN (Tax File Number) depending on your business structure.
6. Acquaint yourself with PAYG withholding obligations
If you are hiring staff, worker pay rates must have assessable sums withheld from their instalments. Certain contractual worker instalments will also need reviewing. Talk with your Accountant to ensure your business is meeting all of its expense duties.
7. Research every single vital license
Visit business.gov.au to see if any national, state or neighbourhood licenses are required for your business.
8. Open an Australian Business Account
A one-stop search to manage all your government-related licences, permits and registrations. It is a welcome association between national, state and nearby governments can be found at the Australian Business Account. It can spare a lot of time searching across various sites to source this information.
9. Understand the legitimate prerequisites
Different laws apply to various organisations, items and administrations. A beginning spot for entrepreneurs keen on their lawful commitments is the Australian Government Department of Industry.
Australian Consumer Law, our protection laws and the Competition and Consumer Act ought to likewise be comprehended at a general level.
10. Set up your bookkeeping frameworks
Regardless of how it is done, if your bookkeeping framework is set up appropriately from the earliest starting point and in view of future growth, you’ll save large amounts of time in the future.
All levels of business different requirements with their record keeping. With online tools such as Quickbooks and Xero now available, you can share access with your Accountant and manage your bookkeeping exceptionally seamlessly. This tools while they come with a small subscription fee, are worth their weight in gold to small business owners.
Hopefully these 10 steps have provided you with some useful starting points. While they are a simple guide, and we recommend you speak to your Accountant, Financial Planner and Lawyer before deciding on your business moving forward.