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 on 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 that you need to accomplish with
an eye to kickstarting your business in a hassle freeway. 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:
Partnership
A partnership is formed when more than an entity or
individual run a business, however not in the form of an organization.
Company
It refers to an entity or commercial business that comes
with a separate legal existence to the shareholders.
Sole trader
This indicates that you are the explicit owner of the
business. This indicates that you carry responsibility for each and every legal
aspects of running the business. However, you are entitled to hire people, working
for you.
Trust
Trust is recognized as an entity which is in possession
of income, property or other assets for the advantage of a 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 is a
wide array of business types to select from. A few of the primary types are
inclusive of the franchise, independent contractors and online businesses. Every 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.
Register 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 and function as the
Government identity for the business. Now that you possess ABN, it is
possible to register the name of the business and 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 first in order to ensure that you do not fall
prey to copyright infringement.
You can go to register the name of your business and ABN
in a separate manner. However, you can consider applying for both together.
Registration of the domain name
You can go for this step once you have finalized the name of
the business and get your own ABN. This 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
If you are a startup, cash flow is going to be a major
cause of worry for you. You might have the best plan for the 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 the exact
resources are available for funding in order to improve your business growth process 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 that you are going
to register rely on the kind of business you are going to start.
Now that you have accomplished all the steps, you can add
your business to Ozdial. Registration for 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 you 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 promotional opportunities to those
businesses which are way better in comparison to different traditional
marketing strategies.
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