Key Point
- A business can operate as a sole proprietorship, corporation, or partnership.
- You do not need to register for GST until your income reaches 70,000.
- Australia offers a variety of funding options for aspiring entrepreneurs, including grants, loans and private investors.
Australia's vibrant economy and supportive business environment provides an excellent environment for entrepreneurs.
Whether you have a unique idea or a passion for turning it into a profit, starting a small business here can be rewarding.
Director Nadine Connell a believes that Australia is one of the most accessible places in the world to do business. There is a simple 10% GST system with competitive tax rates. Setup is easy.
There are many incentives from the government through grants. I think across Australia he is provided with over 70 billion, but there are very clear regulations and allowances for being innovative.
nadine connell
Sydney-based economic analyst Abdallah Abdallah says Australia's economy is stable and provides a foundation for any investor or entrepreneur.
Abdallah said, “Our economy has been steadily growing, except for a temporary recession caused by the coronavirus pandemic.However, for the past 30 years or so, it has been steadily growing. So this is a natural sign.” I will explain.
Mr Abdallah said Australia provided a strong legal framework to protect business owners, investors and entrepreneurs. This includes protecting property rights, intellectual property, and the fair rule of law that governs all.
“The legal system is transparent and, most importantly, the level of corruption in Australia is low,” Mr Abdallah said.
Economic Analyst Abdallah Abdallah
Industry
Before diving into business planning, it is important to understand the Australian business structure.
You can operate your business as a sole proprietorship, a corporation, or a partnership.
Abdallah says each industry has a different way of operating, depending on the business's aspirations.
Let's say you don't have a growth plan and want to run a small business that serves your local or suburban area. If so, consider operating your business as a sole proprietorship or partnership.
But if you want to grow the company as a brand in itself, create value for this brand, and then sell or sell part of it, Abdallah advises that a company is better in this case.
“We've seen a lot of companies that started very small in garages and now their brands are worth billions of dollars,” Abdallah said.
Once you have chosen your business structure, you will need to register your business and ensure compliance with local laws and regulations. Ms Connell says this is a manageable process and there are plenty of resources to guide you.
Most of the information you need to register as a sole trader and obtain an Australian Business Number (ABN) is available on state government websites.
You do not need to register for GST until your income reaches 70,000. Therefore, there is no need to set it up right away.
Abdallah Abdallah
If you need financial support to start your business, there are many people you can contact in Australia. credit: Solstock/Getty Images
On the other hand, if you plan to set up a company instead. In that case, Abdallah advises visiting your accountant to help set you up. In collaboration with the Australian Securities and Investments Commission.
“If you are a business, you must register a separate tax file number.If you are a sole proprietor, remember that your business is connected to your own business. ; There is no differentiation. But for businesses, businesses have to have their own TFN,” he says.
Connell explains that entrepreneurs should be aware of other legal and compliance requirements to avoid potential pitfalls, such as setting up insurance policies.
“There's general business insurance, and if you're providing a service, there's also professional indemnity insurance. If you're part of that business, you can get product insurance and food handling compliance.”
She said it depends on the type of business you're running. If you have people entering your business, you may need public liability insurance.
business plan
Another aspect to consider is a well-written business plan, which many consider a roadmap to success.
Connell says the first step is researching the market, knowing who your customers are and the size of the market.
“Who are your competitors? What are you trying to sell, your price, your products? So if you can clarify these factors, you can position your product or service in the market in the best possible way.” Yes, you can,” Ms. Connell added.
A business can operate as a sole proprietorship, corporation, or partnership. credit: Amazing Images/Getty Images
financial support
If you need financial support to start your business, there are many people you can contact in Australia. Ms. Connell shares insight into the various funding options available to potential entrepreneurs, including grants, loans, and private investors.
“There are a lot of subsidies in the world. There are over 70 billion in subsidies available to governments such as state and local councils. There are also private investors. In the end, it depends on who you know.” People who want to invest can also offer equity,” she says.
Ms Connell also said there were hundreds of grants listed on the Australian Government website. through various industry-specific grants and program finder tabs.
“People can search for them, but there are also state governments. All state government websites also have a list of grants online. And local councils in their local councils also have grants. They often have money,” she added.
Contact your state department for more information. Australia offers entrepreneurs a wealth of resources and government support. for example, A guide can guide potential entrepreneurs throughout the business launch process.
Nadine Connell – Australian Smart Business Plan Director
Cassandra Gibbens says it will help small businesses start, operate, grow and adapt for free.
Our business concierge service helps you find information about the financial support available to startups in various areas of government and connects you with grants and rebates available to your business.
Cassandra Gibbens
She added that each business concierge will sit down with customers to consider what is available on a case-by-case basis depending on their situation.
“They can identify the support available in different industry groups and connect startups with these opportunities. Business Concierge can also connect business startups with independent advisors. Business Who can give you all the information you need to get started?’ That includes advice on how to access finance,” Gibbens explains.
