Embarking on a new professional venture and starting something of your own can be exciting. You may feel all types of emotions as your brainchild is finally taking its form. However, you may have to consider various aspects of starting a business.
In order to start a business, you first need to register a business in Australia. In addition, many steps follow as your business finally comes into shape. You would have to plan your finances and learn the laws related to operating companies in Australia. Plus, soon you would be liable to pay taxes too.
As you would have to consider a plethora of aspects in business, this post presents itself as a checklist! Read on to embark on your entrepreneur journey.
#1 Decide Business Structure
When you plan on starting a business, the crucial aspect is to know whether you wish to run it alone or with a partner. So, a business structure brings clarity before you get started as you would understand the workforce required for your business.
In Australia, you can choose to be a sole trader or sign a partnership. Alternatively, you may also open a trust. Depending on the business entity, you may make further decisions. Plus, it is essential to consider that the business structure may change with its growth.
#2 Register Your Company With ASIC
After deciding your business structure, name, and the service or product you will be offering, you need to register. For this step, you must head to the Australian Government’s Business Registration Service (RBS) online portal. Alternatively, you may hire an agency specialized to register a business in Australia.
Next, start the application process, and soon ASIC will issue an ACN. The ACN issued would help the next process, ABN.
This step would help you obtain the certificate of registration. What follows is ABN and business name registration.
#3 Apply for ABN and Register Your Business Name
You can not start your business just yet. To register a business in Australia, you will require an ABN to start your business legally. Now, are you wondering what an ABN is? The 11-digit number that makes your business unique and helps the Australian government identify your business is ABN.
The ABN helps you in the following ways:
- Claim GST credits
- Invoicing
- Getting an Australian domain Name (.au)
- Register your business name
- Avail of credits
#3 Prepare Your Finances
Do you know the foundation of your business? The finances! Yes, they build your business. You can consider them to be the fuel for your business, without which you wouldn’t be able to boost growth.
So, it’s time to take charge of the business finances by comprehensive planning. The first step to financial planning is understanding how you’d manage the cash flow. You can consult a financial adviser to help you sort your business finance.
To summarise, take a look at the measures you can take to prepare your finances.
- Open a business bank account
- Manage your cash flow
- Understand your finance options
- Develop a price strategy
Wrapping Up
If you’ve prepared an outline of the business, you wish to start, and the first step is to register it and build finances. In this way, you can ensure that your business complies with the government regulations from the start.
So, you have prepared a business structure and wish to register your business? Hire an agency specializing in registering a business and get started!