Starting a Business in Australia
Have you got an idea that you think could evolve into having a successful business in Australia? Unfortunately, it takes more than just a good idea to make a business get off the ground. That’s why we’ve put together this article on how to start a business in Australia. Find out what sort of things you need to take into account when you’re considering selling services or products.
Your product & services and how to take them to market
Before you get into the detail of designing a website or designing your business structure, you need to know what demand there is for the offering you have and how customers might find you.
If you’re selling products, this can also be done at a physical location or online. You will need to determine whether you would benefit from renting a shopfront space or if you think you can get enough customers online with an eCommerce store. You can do this by looking at a tool called Google Trends. It could give you an insight to how popular a search term is, and may be an important piece of the puzzle as to how you make your financial projections and how to start a business.
If you’re selling a service, then sometimes then often you’ll need to visit the client in person, meaning that you won’t always need the overheads of an office, but you’ll definitely need a good web presence so you can be found. Often, when starting a business, it’s a clever approach to engage a marketing company that offers analytics as a service can advise you around the demand for your products, and how you might attract new customers. People that DIY their own marketing usually miss opportunities or set off in the wrong direction.
Business Structure
Next, you will need to determine which business structure would best suit your needs. Different types of industries lend themselves to different business structures. Which one you choose has an impact on:
- Your liability
- Legal requirements
- Tax
- How much control you have
… and more!
There are three main types of structures you might want to go for. There are other business structures too, but these ones are the most common:
- Company – Having a company separates the business from its shareholders. This is likely the first possibility you will think of, but it’s not the only option.
- Sole Trader – Most people start out as sole traders when they begin a small business that they will run on their own. One person is registered as the owner and they are legally responsible for everything involving the business. You can still hire staff, but they won’t be responsible for the business.
- Partnership – A partnership lies somewhere between a company and a sole trader. It’s not a sole trader, as there are two people in charge instead of one. But it’s also not a company! Two people are in charge of running the business. If you have a business partner, this could be the best way to go.
If your idea is unique and you’re thinking about a trademark, it’s also best to chat to a specialist trademark lawyer about how to structure your entities. So you may choose a company as the type of operating entity, but perhaps you have a second company that holds the intellectual properties as a safety mechanism/ring fence, protecting your ideas and assets, in case someone sues you operating company.
People that want to franchise their ideas, or business models, often do this.
Get an Australian Business Number
Once you’ve decided on your business structure, you will need to get an Australian Business Number (ABN). Without an ABN, you can’t trade as a business in Australia. It is essentially the government’s way of identifying your business through a unique 11-digit number.
After you have an ABN that you can register a business name, claim back taxes, and identify your business correctly on invoices. Plus, once you have your business name, you can then get started on designing your website, logo, and marketing materials. You can register for the ABN and business name separately, but it’s easier to do it both at once.
Once you have this completed and you’ve met all the legal requirements, you’re good to go. Start selling your products, see what works for your customers, and adjust accordingly. Hopefully with a bit of hard work and skill, you’ll be thriving in no time!
Gain Business Knowledge
Starting your own business without a lot of business knowledge results in a steep learning curve at the start of your business journey. While some people can flourish through this, unfortunately, some people fail. Don’t let a lack of knowledge set you back when it comes to your business. Study Certificate IV in Business to get ahead of the competition and learn more about running a business.
Through this course, you will learn useful and applicable skills for your business such as:
- Marketing techniques
- How to promote your services or products
- Creating networks
- Implementing customer service strategies
- How to address the needs of customers
- Workplace health & safety procedures and policies
This course will give you the knowledge, skills, and confidence you need to kick-start your business. Plus, you can study it completely online for ultimate flexibility in your learning. No need to trek all the way to class, you can just log in online and complete your coursework whenever it suits you. This takes away a lot of the stress that comes from studying while working and meeting your other commitments. It’s never been easier to attain a qualification, thanks to the College of Health and Fitness!
Not sure you’ll meet the entry requirements? Not every business owner is a scholar, and you don’t have to be to complete this course. All you need is access to the internet, the required level of proficiency in English, and minimum standards of computer literacy. Also, you need to be 18 or over – that’s it! Almost anyone can study business and become a successful business owner, so why not you? Contact the College of Health and Fitness today to find out more about Certificate IV in Business.
Information in this article was sourced from the following: