How to start your business in Australia with no money
Starting a new business venture can be terrifying and exciting at the same time. Whereas at one hand, you are going to be your own boss, at the same time, you will be the creator of your own fortune. You will gain success in something you are really passionate about. At the same time, you are going to have a long list of things which you need to accomplish with an eye to kickstarting your business in a hassle free way. Whereas working in an office will make you free from all such responsibilities, you will be owning all the stress as you become the owner of a startup. Each country has its own set of requirements, regulations, laws and eligibility criteria that you need to accomplish for getting your business running. Thus, in case you are planning to start your business in Australia, you need to opt for the following measures:
Selecting the right structure for the business
The structure, you are going to select for the business is crucial and it has an impact on different things like the amount of tax, which you require paying, the level of control, the level of personal liability, safety and health regulations in the workplace.
There are primarily four structures in which it is possible to develop business in the country of Australia:
A partnership is formed when more than an entity or individual run a business, however not in the form of an organization.
It refers to an entity or commercial business that comes with separate legal existence to the shareholders.
It indicates that you are the explicit owner of the business. It indicates, that you carry responsibility for each and every legal aspect to run the business. However, you are entitled to hiring people, working for you.
Trust is recognized to be an entity which is in possession of income, property or other assets for the advantage of the third party.
It is a prerequisite to deciding on the business structure, prior to registering the same. Every structure is entailed to a unique step for doing the same. In addition to this, it should be noted that you may be able to alter the structure of your business in accordance with its growth over the due course of time.
Choose the type of business
With the proper structure of the business in place, you will have a better understanding of the kind of business, you require. There are a wide array of business types to select from. Few of the primary types are inclusive of the franchise, independent contractor and online business. Each industry has a unique set of regulatory requirements and legal obligations. Hence, it is indispensable to choose the type of business that suits the industry in the best possible manner.
Registering the name of the business while applying for ABN
An individual is not allowed to begin a business in the country of Australia until you are the owner of the ABN. It is essentially an eleven digit number which is unique to the business only and functions as the Government identity for the business. Now that you possess the ABN, it is possible to register the name of the business, claim taxes like GST, identification of business to different things such as the ordering of services and goods, or sending the invoices, get credits.
It is recommended to choose the name of your business prior to the creation of a logo, URL of the business and similar designs. Else, you may require changing each and everything with the change of the business name. In case you are willing to design a logo for the business, it is a must to decide on the business name at first in order to ensure that you do not fall prey to copyright infringement.
You can go for registering the name of your business and ABN in a separate manner. However, you can consider applying for both together.
Registration of a domain name
You can go for this step once you have finalized the name of the business and get your own ABN. It is due to the fact that you can get a .com.au address only in case you have a registered business in Australia. The name of the domain you have chosen should be relevant to the business in one way or the other owing to which it will be easier for your targeted audience to find you.
Find a source for funding
In case you are a startup, cash flow is going to be a major cause of worry for you. You might have the best plan for business in the world, however, you will not be able to make the most out of it, if you do not have the right funding. Hence, it is indispensable to find out what are the exact resources available for funding in order to make your growth for the business really easy.
Registration for the right taxes
In case you are willing to start a business in the country of Australia, it is a must to go for the registration for the right taxes with an eye to avoid any sort of legal implications. The taxes which you are going to register rely on the kind of business, which you are going to start.
Now that, you have accomplished all the steps, you can add your business to Ozdial. Registration of your business in Ozdial will help you in exploring your business. You will be able to reach the targeted audience in no time as you add your business here. We have a wide array of business listings in Australia. In case you are willing to build your brand image here, you should ensure to register on this website. Apart from enlisting your name, you can count on it as an effective medium to reach your potential audience at the least cut off from the pocket. We provide promotion opportunity to those businesses which are way better in comparison to different traditional marketing strategies.