Entrepreneurship in Australia: A Guide to Starting Your Business

Few Australians believe that they have a great business idea, and even fewer of those have the courage or patience to put their idea into action. It is undeniable that starting a new business can be scary, risky, and hard. But it also might just be the most rewarding thing you do in your life.

The best way to deal with the challenges of entrepreneurship is to take one simple step at a time. It’s much less intimidating that way. Sure, you should have a dream or an overarching goal, but break it down into bite-sized pieces and deal with them in order.

This guide walks you through the very first steps you should take when you’re starting a business in Australia. As you will see, none of them are particularly challenging if you take them one at a time, yet if you reach the end, you’ve already gotten further than most would-be entrepreneurs.

1. Make sure you’re ready

Before you get around to business registration in Australia, you need to ask yourself a few questions and be brutally honest. It’s important that you feel ready and confident to take on the challenge of your own business, otherwise, you won’t stick it out.

Ask yourself whether you have the knowledge and skills required to execute your idea, whether you have the funds, and if you are prepared to potentially forego a salary and work long hours and weekends. If the honest answer to all these is yes, then you can progress.

2. Analyse your idea and create a business plan

Just because you’ve decided that being an entrepreneur is right for you, it doesn’t mean the first idea that you have will be right for everyone else. No matter how prepared you are, you will fail if there is no demand for your product or service, or no viable way to make money from it.

Research your business idea. This can mean gathering data yourself through surveys and other methods, or using publicly available information. You should be trying to find out if there is a demand for your offering, if that demand is growing, if you can provide it and still make money, who is already providing it, etc.

3. Name and structure

If you’re satisfied that your idea is solid, then it’s time to start on the admin side. First, you need a name, and it must be one that isn’t already in use. You can also start looking for locations at this time.

Another big decision to make at this point is the structure, as this will affect how you are taxed and financed. For example, you can be a company, partnership, or trust.

4. Register

The last administrative stage of starting your own business in Australia before you can start operating is registration. This means getting an Australian Business Number and registering your business name and company (if that is the structure you chose), registering for taxes, and applying for any licenses and permits you need.

Conclusion

Once you’ve got all the above out of the way, you are a business owner in the eyes of the law. Then, it’s time to start turning your ideas into action by selling, hiring, or raising money.