Home Insights & Advice How to start your own business in Australia

How to start your own business in Australia

by John Saunders
2nd Aug 21 1:27 pm

Having your own business can be rewarding, but it also has a lot of work to do. To increase your chances of success, it is important to start with a solid foundation. Here are some tips on how to make your dream come true.

It all starts with a good “idea”

When you are looking for a good business idea, looking for the golden ratio, among something in demand, will bring you profits, you believe that you will be good and that you love as an object of work. It is vital to have a passion for the subject you choose because that way, the hours you will devote to your work will not be a burden but a joy.

Make a business plan

You will need to decide on the structure of your business and make a business plan. It is good to study the market and look at similar companies to see what they do right and what they do wrong. Estimate the cost and set goals. The Australian Government has created a free Business Plan Template and Guide. A guide is a good starting point.

Register your business

Once you have decided on your brand, submit it to the Australian Securities and Investment Commission (ASIC). You can do this at this email address. The next step is to create a website for your business if needed. You should check if the URL you want is available and purchase it when ASIC approves your business name. You will also need to obtain an Australian Business Number (ABN). Some businesses (such as catering) require specialized licenses.

Work with an accountant

Hiring an accountant will be very helpful. They can help you with licensing, trademark, legal requirements, taxation and financing.

Find financial support

There are several ways to get financing when you start your own business. If you do not have all the necessary money, other investors may be willing to provide funds. The Australian Government offers grants and business assistance. You could also use a crowdfunding system such as Kickstarter or Pozible.

Start by taking small steps and build from there. If you want to open a restaurant but do not have the financial support, you could start by selling your products in the markets or by a food truck. This way you can save money, to finally open the restaurant of your dreams.

Make a marketing plan

After the business plan, you will need a marketing plan. Who are your customers? Who are your competitors? How will you advertise your business? It would be best if you had a strategy that will be implemented to the fullest extent of your business. Take, for example, Enjoy Travel, a car rental company that offers its services in various countries worldwide. A successful marketing plan has managed to increase its customer base and increase people’s trust in its services.

Attend classes

There is a lot to learn when starting a business: entrepreneurship, marketing, accounting, legal processes and much more. If you are feeling a little lost but want to find out, there are thousands of short classes available with related lessons that will help you feel more comfortable with all of these topics.

The Australian Government provides opportunities for online seminars, training, lectures and workshops on how to start a business, webinars, training and events. There are also hundreds of different “small business” courses available at educational institutions across the country, from free online courses to community colleges, technical colleges and universities.

Find a mentor

Try to find another trusted business owner who will want to help you, give you advice and answer your questions. The Australian Government provides a nationwide list of mentoring services and advisory boards. Many of these are free or low-cost consulting services.

Be patient and ready to do your best

Owning a business is an easy task; it carries risks, and in the beginning, you will have to work long hours, at least until the job is done. There is no guarantee of success, but you can make your dream come true with good preparation.

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