Small business opportunities are becoming more prevalent in Australia today. The Internet has made it possible for Australians to open businesses with world-wide audiences.
Regardless of the type of business that a person would like to start up in Australia, a couple of basic rules apply in general.
Where Do I Start?
First, a person has to think of an idea for his or her business. In order to come by this, he or she should think about his or her hobbies and passions. For instance, an individual who loves children may want to open up an online baby clothing shop. Another illustration of this is a pet lover’s opening up an online pet supply shop.
Another factor associated with a business idea is how many hours a week a person is willing to put into a business.
Some operations require a greater chunk of a person’s time than others, and the effect that the business will have on an individual’s work/life balance needs to be taken into consideration.
Business Plans are a Road Map to Success
After an individual comes up with a business idea, he or she needs to write up a business plan for his or her concept. The plan needs to delineate what the business is about, and it should list the business’s goals. It should also be stated on the plan how one is going to go about achieving those particular goals.
Many business plan templates are available on the Internet. A business plan is a must for any business.
Upon writing up a business plan, a person needs to find funding for the business. A person may be able to secure funding on his or her own.
If this is not the case, individuals typically take out business loans or share the cost of starting a business with a partner.
Legalities of Starting a Business
After securing funding for his or her firm, a person who would like to set up a small business in Australia needs to provide a Form 201 to the Securities and Exchange Commission of Australia.
The purpose of this form is to legally register the small business in the country of Australia. A filing fee of four hundred Australian dollars needs to be submitted along with the form.
It needs to be noted that the form does not need to be submitted if a person plans on using his or her name in the title of the company.
Once the Form 201 is filed when necessary, the new small business owner needs to open up a small business account at one of Australia’s many banks. It is best to find a bank near the business, as it may be necessary to sit down with customer service representatives at the bank on occasion.
Furthermore, the business owner should look for a bank that offers the best savings rates of interest and the lowest checking account fees.
GST in Australia
Last but not least, the new small business owner needs to register for the Goods and Services Tax (GST) when the revenue of his or her firm exceeds fifty thousand dollars during any year-long period. The owner can register for the GST through the Australian Business Register, or ABU. The ABU will issue the small business a number upon its being registered, also known as an ABN.
In conclusion, a person wishing to start up a business opportunity in Australia needs to come up with a business idea, write up a business plan, secure funding for his or her business, file a 201 form when necessary, and register for the GST if the revenues of his or her firm are over fifty thousand dollars in any given year period.
Author: Andy White
Andy White holds a Masters of Business Management and after a career as an Officer in the Australian Army, worked as a Business Consultant and now operates his own successful Real Estate business on the Queensland coast.