Dreaming of building a business in Australia? Planning is essential. Start off on the right foot with this guide to doing business in Australia.
Did you know that as of June 2017, there were 2.3 million active businesses in Australia?
According to the AI Group Economics Factsheet report, the top five businesses in Australia were construction, professional services, retail, hospitality, and health.
If you are thinking about setting up one of these businesses in Australia or doing business in Australia, here is everything you need to know.
How to Start a Business in Australia
Setting up a business in Australia can be a very rewarding journey to embark on. However, before you jump in, there are a number of things you need to consider and sort out.
Business Structure and Type
The very first thing you need to do when opening a business in Australia, or anywhere in the world, is to decide upon your business structure. In Australia, you can choose to have one of four business structures:
- You can choose to be a sole trader
- You can choose to be a company
- You can choose to be a partnership
- Or you can choose to be a trust.
The second thing you need to do with your Australia business is to decide what type of business you will run. Will it be an online business? Or are you going to open a franchise? Or maybe you want to start an independent contractor business?
Whatever you choose, you need to make sure it aligns with your industry. Each industry has a specific set of legal obligations and regulatory requirements.
Register Your Business and Find Funding
The next thing you need to do is apply for an Australian Business Number (ABN) and register your business. Once you have got your 11-digit ABN you can then register your business.
The process of registering your business should be fairly straight forward, but it is always handy to have the relevant information to fill out the form. For example, if you have a business in Sydney Australia then you need to register your business address.
Once you have got your ABN and registered your business, you can then create a domain name, so that you can set up your business website.
All businesses need funding to start, so make sure you do your research on what funding is available to your business.
There are some government grants that might be available for your business. Or you might have to take out a bank loan or find investors to help start your business.
To work out how much funding you will need, you need to think about the costs of your business and how much money you will need to run it, including the cost of employing people, buying equipment, and marketing your business.
Reduce Your Waste
Remember to be mindful about your business waste and recycling policies, because Australia is committed to improving its efficiency with resources and reducing the impact on the environment of waste disposal.
There are many businesses who can help you with your waste management, like this company in the CBD who can offer you a free quote and cheap rubbish removal prices.
Doing Business in Australia
There are many factors you need to consider when doing business in Australia. The most crucial thing that you need to do as a business owner is to research and plan every possible step of your venture.
Remember to think about little business details such as ways you can reduce your waste, as well as big details such as finding funding for your business.
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