When the times come for you to establish a new business, there are many things you would need to put into place to get the best out of your business. Keep in mind that every great success comes with its own set of responsibilities. No doubt, there are many benefits that come with being the boss and master of your own business and destiny. However, before you can start enjoying these boss-benefits, you would have to cross some items off of your laundry list.

To tell you the truth, every nation has its own set of requirements for people looking to start and conduct their business on their soil. Australia, as a country has its own set of rules for people who wants to own a business in any of its states.  Which implies that you would have to create your business in accordance with these requirements.  The good news, however, is that we have created a list of things that you would need to attend to when you are starting a business in Australia.

6 steps to start your business in Australia

1.    Decide on how you want your business to be structured

The structural configuration of your business deals with all the details that you’ll need to pay attention to while you are laying a proper foundation for your business. In simpler words, the structure of your business gives details on how you want the Australian government to perceive and tax your business. It also deals with the obligations of your workforce and how much control you would have over the affairs of your business. Basically, you can expect to find any privately owned businesses in Australia to be built on any of the following structures.

•    Sole trader – this kind of business structure has one individual (you or anyone else) as the sole proprietor of the business. Ultimately this individual would be in charge of all the operations that relate to the business as well as all the legalities of the business.

•    Company – this kind of business structure has more than one individuals at the helm of affairs. Also, its shareholders are not liable to the debt of the company itself.

•    Trust – This kind of business takes care of properties, incomes, and other assets for third-parties. 

•    Partnership -  A Partnership is formed when two or more people team up to own a business. It is quite similar to a company since it has more than one stakeholders. However, with regards to the stakeholders’ liabilities and control, it is somewhat different from a company.  

2.    Decide on the kind of business you want to run

When it comes to starting up a business in Australia, the kind of business you are starting matters. This is in light of the fact that there are different industries in Australia, and they all have their own sets of guidelines for business owners. And so, you would need to do apt research on any industry you choose to focus your business on. To help you select the best business type that would suit your industry, here 3 of the most renowned business types in Australia.

•    Online businesses

•    Franchises

•    Independent contractors.

3.    Validate your business with an ABN and register your business’ name

ABN means Australian Business number. This is an identification code – consisting of 11 numbers – that the Australian authorities use to identify business/business owners in Australia. If you don’t have this unique ABN number, you won’t be permitted to conduct business on the Australian soil. As a matter of fact, any business that operates on the Australian soil without an ABN and a registered name to go with it would be considered illegal.  

4.    Know where your funds are coming from

So you have a registered business with ABN and all. Now, the question is, how will you fund it. With regards to business funding, you have a lot of options. You can apply for grants, loans, or source from your friends and family. The choice is yours.

In the event that you choose to source your business funds from grants, you should know that there are only a handful of Government grants for startups in Australia. But then again, you’ll find an assortment of options when you look for startup grants that are explicit to states in Australia. At the end of the day, the grants that are available to you in Australia depends on the state where your business is sited. Here are some of the grants that you’ll probably be able to access when you have a startup business in Australia.

•    Grants based on importing and exporting

•    Grants based on recruitment

•    Grants based on the purchase of equipment

•    Grants based on sales and marketing, etc. 

5.    Pay taxes on your business

Any business that fails to pay tax to the Australian government would be shut down. Therefore, as a business owner, you must ensure that you sign up for the correct taxes to maintain a strategic distance from legal penalties. On the other hand, not all taxes are the same in Australia. While some taxes depend on your industry or the type of business you are running, others are compulsory for every business in the country. Also, some taxes are obligatory for certain business types in Australia. These are some of the correct taxes that you’ll most likely have to pay on your Australia-based business.

•    FBT (Fringe benefits Tax) – This type of tax is paid by business owners who are privileged enough to outfit their workforce with bonuses (for instance, company-branded cars).

•    PAYG (Pay as You Go) withholding – if you would need to hold back any amounts on payments of salaries or wages in the strive to fulfill your tax requirements, this tax would be mandatory for you.

•    Payroll Tax – This tax is explicit to states and territories in Australia, and they usually collect the tax on the pays remunerated by the business owner on a monthly basis. 

•    GST (Goods and Services Tax) -  this type of tax is paid by businesses that deal with the buying and selling of goods and services. Although they would need to have $75,000+ turnover or $150,000+ turnover (for non-profit organizations) before the tax would be enacted.  

6.    Market your business

You can have the best business in the whole of Australia, and no one would know about it if you fail to market your business. This goes without saying that most startup businesses in Australia have had to shut down their businesses earlier than they envisaged. Just because they failed to comprehend the importance of this step – business marketing. To tell you the truth, you'll need to create a fan base for your business before the profits can start rolling in.

Marketing becomes a must for a business when it is a startup business. Yet, there is no better way to put your new business out there than print media. Unlike digital marketing that would require potential customers to be at certain domains on the internet to see your ads, print media is more flexible. With print media, you can print flyers, business cards, stickers and distribute them all over Australia. If you position your printed ads well, you'll get amazing results that you probably won't get with other marketing techniques. Plus, it is very cost-effective.