Starting a business in Australia is an undertaking that many ambitious entrepreneurs decide to have a go at these days. Due to this, starting a business in Australia is no longer a long and complicated process. There are several online companies that offer generic legal documents and same day issue of company registration (ACN) with the Australian Securities and Investments Commission (ASIC). In addition to this the Australian Taxation Office (ATO) have developed there own online application system where almost anyone can apply for an Australia Business Number (ABN), Tax File Number (TFN), or tax registrations such as GST.
Given this information you could be forgiven for thinking that starting a business in Australia could be quite easy, that’s because it is!! (The only hard thing about starting a business is getting your business to make money!) It just seems difficult because there are several different agencies or commissions that you need to deal with in order to setup your small business.
It when people get to this stage it all begins to seem a little hard and start to ask themselves.
Which agency do I need to apply to first?
What do I need from that agency?
Why do I need it in the first place?
How do I make an application??
After looking into this process it became obvious that the issue didn’t lie with the individual application processes at each professional agency. Most of the applications have detailed help with easy to interpret information throughout the process. The issue lied in tying all the applications together to construct a business. With that in mind below is the order, which any entrepreneur would need to follow when starting a business in Australia.
1) ASIC
Company registration and attain CAN Number
2) ATO
Apply through the ABR website for the following
ABN Number
Tax File number
GST (Maybe)
PAYGW (Maybe)
3) Bank Accounts
You will need your ACN, ABN and TFN to be eligible to open a business bank account. By law all you need is a photocopy or printout of your ACN registration to open a bank account. However depending on the bank and how up to date they are its best just to take all three numbers in to avoid frustration and a second trip to the bank.
4) Insurance
Which insurances you need (if any) will be specific to your business. Some of the more common ones are public liability and workcover insurance.
5) Accounting Systems
Depending on the size of your business you may choose to use a bookkeeper or accountant to look after your books. There are also computer accounting software such as MYOB or Quickbooks that enable you to look after you own books as well as integrating the information with you financial professional as well.
Completing the above 5 steps should generally take you anywhere from a day to a week. The ASIC and ATO registrations should usually be completed within a day, the only thing that will potentially draw the process …
One of the most frequently asked questions we receive is, “How can I be sure my new business will succeed?” There is no crystal ball that can accurately answer that question. However, if you are serious about starting a business there are five steps you can take that will begin to give you a clearer picture. By following these steps you will gain tremendous insight into what lies ahead. Whether this reality-check convinces you to dive in, or hold back, you’ll be well served by what you learn. While we are huge proponents of founders developing a well written business plan, the steps below can be followed even before you start your small business plan.
Step 1: Write a simple elevator pitch to see if your business idea is compelling to others. If you haven’t created an elevator pitch before, you can stitch together the essentials very easily. Write a one sentence answer to each of the following questions. What problem will your company solve for its customers? Who has this problem and how large is that group? What will make your business unique so that customers will buy from you instead of a competitor? Finally, what are your qualifications to run the business? If you force yourself to write and re-write the very best one sentence answers to each of these questions, you will have the elevator pitch you need for this purpose. Now, try out your elevator pitch on 10 people you trust and respect to get their feedback and reaction to your well-formed business concept. This is the warm up for steps two and three.
Step 2: Talk to would-be customers to find out if there is a true need for your product or service. When you are thinking about starting a business, you obviously feel there is a void in the marketplace. Don’t wait until you open your business to find out if the need for another business is real or imagined. Armed with your elevator pitch, go have face-to-face discussions with future customers. You are not going to them to sell, or pre-sell. You are doing market research. After describing your business by generally following your elevator pitch, go into “ask and listen” mode. To get the information you are seeking, ask questions like, “How are you currently meeting your needs for (insert the products or services your company will provide)?” Listen carefully-this is the voice of the customer. In step one, you spoke to friends and respected colleagues. In step two, you are talking to people who currently buy products or services like those you will be selling. Select individuals who will be focused on the content of your ideas and less concerned about simply wanting to be encouraging.
Step 3: Become an expert on the competition. Identify 5 other companies that are already doing what you plan to do. Learn as much about them as you can. One of the best things to learn is if they expanding or shrinking. You want to …
If you are looking for financial independence, there is no better and low cost, sometimes free, way than starting an internet business. However, without the right plan and approach, you may not realize the financial freedom you are looking for. The plan below will help you be successful with your online business.
What type of internet business should you undertake?
There are many types of online business you can undertake. You can either sell your own product or sell someone’s. Selling your own product will take you some time as you will have to identify the product, have it developed, develop the shipping mechanism and initiate a marketing campaign.
On the other hand, when starting an internet business, you can decide to sell someone’s products as an affiliate. Here, you will only have to get customers to buy the products and for each sale, you will be given a commission. Starting and internet business as an affiliate is much easier than starting to sell your own products.
Is there a market available for the product or service you are offering?
When starting an internet business, find out whether there is demand for the product or service you want to offer. You can use various tools to know whether your offer has a demand in the market. Also, find out trends in the media on what people are looking for. The best way to get a winning product or service is to offer a solution to problems many people are facing.
Do you have the necessary equipment to carry out the business?
When starting an internet business, you will need an internet enabled computer. Apart from this, you will also need things like a phone for live support, different computer application software, a printer, web hosting company, domain name among others. Unlike traditional business models, you do not require an office as you can work from home. You will save a lot on things like taxes, rent, electricity and other overheads associated with traditional business models.
What is your marketing plan?
Starting an internet business also required you to think of your target customers. Your business will not survive if customers cannot find you on the web. You have to come up with a marketing campaign for your products or services. You can use a combination of free and paid marketing strategies to reduce your cost and increase your leverage.
Before starting an internet business, you should understand the importance of search engine optimization (SEO) to your online business. Adopt different SEO to ensure your target customers get to your website.
When starting an internet business, have the above plan at hand and you will be on your way to a long term recurring income and will be able to achieve financial independence.…