While most businesses are founded from a passion to solve a problem or make a difference, it takes more than just a good idea to make a business successful in this day and age.
If you’re considering launching a business, regardless of the industry, here are some essential resources to help get you started. The following information will make sure the I’s are dotted and T’s crossed to avoid your business becoming just another statistic.
Choosing and registering a business name
The very first step to your successful business is choosing and registering a business name. If the business name you choose is unavailable, you won’t be able to register it, and it’ll be back to the drawing board.
Consider a catchy name that describes what you do and will help connect you with your target market. At this point, you should also make sure that any relevant domain names are also available. The domain name doesn’t need to be the same as the business name, but it will give you an idea of what you can choose when it comes time to build a website.
You can check both business and domain name availability here: https://help.register.business.gov.au/
Once you’ve decided on a business name and you’re ready to register, you can do that here: https://register.business.gov.au/registration/type
Deciding on a business structure
In Australia, you can register a business as a sole trader, company, partnership, trust or cooperative. Each entity has different requirements and obligations. Startups will often launch as sole traders and work up to a company as the business grows, but this doesn’t have to be the case. You can read about the types of business structure to help you decide which is the most suitable here: https://business.gov.au/planning/business-structures-and-types/business-structures
It’s also worth engaging with an accountant who specialises in new businesses. They will give you personalised advice for you to consider all the options.
Registering for GST
It’s critical that before you start to earn an income, you decide whether or not to register for GST. If your business has a gross turnover of $75,000 or more, it’s a legal requirement that you register for GST. Some business owners may prefer to do this before the income reaches this threshold. Again, an accountant can advise you of the benefits of both based on your situation. You can find out more about registering for GST on the ATO website here https://www.ato.gov.au/Business/GST/Registering-for-GST/
Government information for small businesses – Business.Gov.au
The government website aimed at Australian businesses is an excellent resource for all new businesses. The site includes comprehensive information relevant from before the business launch right through to scaling up.
The resources help new business owners stay up to date with their tax and insurance obligations. Information regarding funding available, setting up a business and professional development is also available.
Online business communities
Today’s business owners are fortunate to have the experience of a wide range of entrepreneurs at their fingertips through the power of the internet. Facebook is a particularly good place to join networking groups and draw on the wisdom of others on the same journey. Take advantage of this free knowledge, ask questions and share your experiences.
Fair Work Ombudsman
Fair Work is a government organisation that helps employers meet their obligations to staff and vice versa. The information they provide covers laws relating to pay, leave, termination of employment, pay awards and entitlements. It’s worth noting that each state has its own Fair Work department and rules may vary from state to state. You can read more here; https://www.fairwork.gov.au/
Starting a business can be stressful and highly pressured, particularly if you work alone and, like most, have financial obligations to meet. Finding a balance in those early days is important. Make sure you have adequate support systems in place paying attention to mental, physical and emotional health.
Starting a new business is one of the most exciting yet stressful times of a person’s life. Follow this advice to make sure it’s also one of your most successful.