Like many of your fellow Australians, you might be thinking about starting a small business and if you are willing to invest the necessary time and effort in the task, you will find that this is now easier to do than it was in the past.
Regardless of what service or product you have to offer, there are some essential steps you need to follow to ensure that your start-up will be quick, comprehensive, and legal.
Below we have highlighted these important steps:
* Focus on a basic concept of your small business – While you want this venture to be a financial success, you will be investing so much of yourself in the project that it should also be something you are certain to enjoy. Decide how many hours per week you can devote to it, and ask yourself if your product or service is something that will appeal to the general public.
* Develop a business plan – This should be based on your core idea and include your short-term and long-term goals. You can find free business plan templates online that you can download and fill in to clarify matters for yourself, and use as a guide in building your business as well.
* Find a source to fund your business – You may be able to dip into your savings to accomplish this, qualify for a small business loan through your bank, or work with a business partner who will provide financial backing in return for a share in the profits. Regardless of the option you choose, you will want to build your business on a firm foundation. Visit business-trader.com.au/business-loan-application.php to apply for a loan online.
* Prepare Form 201, and submit it to the Australian Securities and Investment Commission – You must include a fee of $400 AUD, and once this is done, your business will be registered as a legal, licensed entity. (This step is not required if your name and your company’s name are the same, such as Jane Doe’s Baked Goods.)
* Open a new account for your business – You will want to keep this money separate from your personal funds, and this should be convenient to do at a local bank, where all of your questions can be answered. Contact several nearby banks to determine who has the lowest fees for checking accounts and the highest interest on their savings accounts.
* Register for the GST – Any business in the country with revenues (not profits) that exceed $50,000 AUD in any 12-month period must register to the Australia’s Goods and Services Tax (GST). This can be done via the Australian Business Register, and you will be given an Australian Business Number (ABN). Taking this step will enable you to avoid various penalties and fees.
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.