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5 Steps for Starting a Business in Australia

No matter what survey you decide to take a look at, you will see that Australia is always among the top 20 most stable economies in the world. Sure, some may argue that countries like China, India and Eastern Europe offer much cheaper labor, but in the age of freelancers, telecommuting and the cloud, this is no longer as big of an advantage as it used to be. Nonetheless, starting a business in one of the world’s largest economic hubs requires you to have a detailed plan of action and here are five major steps you need to take in order to start a business in Australia.

Identify your business structure

Regardless of the industry that your business is in, you need to clearly state what the structure of your business is. The reason behind this is the fact that sole traders, partnerships and companies pay taxes in different ways. Not only that, but they also have different regulatory necessities, safety and even work health obligations. Seeing as how this might not be as simple as it may appear at first, it might be a good idea to talk to a lawyer before making this decision.

Talk to your accountant

The next thing you need to figure out is where exactly all your funding is coming from. A bank loan or venture capital are two most popular choices. However, a large number of people also manage to start a business with their personal savings or a personal loan. While benefits and drawbacks of each of these methods might be pretty straightforward, you could be surprised to learn that making the decision is not as simple idea as you may have thought. Therefore, it is probably for the best to discuss this issue with your accountant.

Pick a name for your company

Even though this may seem like a triviality, keep in mind that the name of the company plays a major role in all your branding efforts later on. Furthermore, you can’t expect to start working out all the paperwork needed before you even have the company name. On the other hand, you also need to make sure that the name you’ve picked isn’t already taken. The only 100 percent reliable way to do so is to check with the ASIC (Australian Securities and Investments Commission) whether or not they can approve of the name.

Get permits and licenses

Once you’ve figured out the business structure, finances and a company name, you can start registering your company, as well as start applying for all the permits and licenses. This too is a bit situational, seeing as how it will depend on both your business niche and the location at which you want to start a business. Different regions may have different requirements, which is something you should be prepared for ahead of time. It is also why it is a good idea to hire a local legal aid or consult local business owners for some tips beforehand.

Think about the security

Finally, before you even start running a business, you need to have the issue of security all figured out. This consists of protecting your office from both external and internal threat. For the former, you have locks, cameras and security clearances, while for the latter, you should go with advanced methods such as 100 point ID system. One last thing, in the 21st century, you can’t afford to forget about the issue of cyber-security either.

Conclusion

At the end of the day, you need to keep in mind that, while Australia may not be the number one choice for the startup-friendly country (like Singapore or China), it is a great entrepreneurial breeding ground for a first-world country and a major economy. Therefore, starting your next business venture in Australia is a very solid idea.

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