Starting a new business is as scary as it is exciting. You’re embarking on a journey in which you get to take control of your destiny. However, as the master of your enterprise, you’re also the one on whom all the pressure falls.
To help you get off on the right foot, we’ve covered the key things you need to know before launching a new Aussie business. From choosing the right business structure to finding the best serviced offices Melbourne has to offer, here are five indispensable tips for new business owners in Australia.
1. Choosing your business structure
Whether you launch as a sole trader, a partnership, a trust, or a company will depend on a number of factors. This choice will go on to impact your regulatory obligations, your personal liability, the amount of tax you have to pay, and more. So, it’s essential to do your research and get it right from the start.
This is a choice only you can make as it is directly connected to the unique facets of your business. Take some time to explore the different business structure types in Australia, and settle on the one that most suits your circumstances and the goals. If you’re still confused, discuss your options with your local tax accountant to identify the business structure that’s right for you.
2. You need to register for an ABN
All businesses in Australia must have an Australian Business Number (ABN). So, once you’ve determined your business structure, the next step is to register it with the government. The ABN registration process is easy and can be done online in just a few minutes. You’ll even be guided through the necessary tax registration for your selected business structure.
3. Make your presence known online
Once you have an ABN, you can register a web domain and build a website. Choose a domain that’s simple, easy to type, and has an obvious connection to your brand. When it comes to building your site, it’s worth engaging the services of a professional web design agency to ensure you nail the user experience and SEO.
Now is also the time to expand your research of your target market into the types of social media platforms they use. Select two or three platforms that are relevant to your business, your audience, and your own preferences, and dedicate some time to establishing your brand pages.
4. Consider startup capital
Starting a small business in Australia can be expensive. Once you factor in office space, small business IT support, and all the other expenses involved in getting up and running, you’ll be looking at a decent chunk of change.
Thankfully, Australia has plenty of grants and funding schemes available to small business owners. Explore what the government has to offer, and spend some time applying for anything you’re eligible for.
5. There are budget-friendly office options
If you’ve been looking at office space in any of Australia’s major cities, you’re probably feeling a little disheartened. However, you don’t need to stress. While CBD office space can be quite expensive, the trick for new businesses is to look at serviced offices.
For a low monthly fee, you can enjoy a plush office in a central location, or a gorgeous office space in the inner suburbs, replete with tons of extras like a canteen, office furniture, receptionist services, and sometimes even e-bikes and fitness centres.
Starting a new business in Australia can be an expensive and tricky exercise. However, if you follow the tips above and supplement them with plenty of research, you’ll be off to a solid start.