Setting up your very own business can be exciting but it also comes with a lot of hurdles and responsibilities. From taking care of funds to managing your products and employees- a business takes a lot of time to establish itself.
Fortunately, Australia is a country that provides entrepreneurs with all the necessary tools to start their companies.
Did you know that 99.8% of businesses in Australia are considered small to medium enterprises? So, if you want are also willing to start a business in Australia, here are 6 key steps you should know.
- Plan out the business
One of the most important things to consider when establishing a business is to plan it out first. You don’t have to have anything too detailed in mind right at the beginning but if you jump right in without a framework, you’ll lose out on a lot of money and time.
Develop your business plan and create a separate plan for risk management, that is, what to do when your business faces sudden risks or threats. You should also have a marketing plan in mind to reach out to potential customers and attract them.
- See if you are ready
Simply creating plans and figuring out ideas isn’t enough. You have to check if you’re actually ready to go ahead with the business or not.
Getting into a business will significantly impact your life in terms of money, time, and energy. So check if you can afford to work tirelessly to establish your company.
Whether your business flies or fails will depend on how ready you are before diving in. Most entrepreneurs feel that they weren’t ready enough and that is why many companies fail.
- Register your business
The next step is to register your business and make it official. Get an Australian Business Number (ABN), which is a registered number unique to every business. Customers and tax officers will use the ABN to locate your business.
Next, think of a company name and register it with the authorities. The third step is to think of the tax registrations. Not all taxes will apply to your business so talk to a law firm to sort this out. For the best advice on legal matters, consult McMahon Fearnley Lawyers.
- Choose a business structure
Once the business idea is settled and viable, it’s time to choose a business structure. Spending on what sort of a business structure you have, your tax implications will vary. You can either go for sole trading, which means that only you will be the sole owner of the company and you shall be responsible for all liabilities. You may also go for a partnership that involves two or more people who work together and divide the profit equally. You can even choose a company or a trust, which are more difficult to set up but have their own benefits.
- Protect the business
You’ll obviously spend a lot of time and money on your business so it only makes sense to protect it. Get business insurance done so that your employees are protected even in the worst scenarios.
In case of emergency situations, you should be prepared for anything; so establish emergency procedures and protect your business assets accordingly.
- Market your company
Once the initial stages are done, it’s time to attract consumers and think of good marketing strategies.
Depending on what products you sell, you can ask your team to provide you with some unique ideas that will appeal to the audience. Take full advantage of social media and post relevant content like blogs, reels, photos, and videos regularly.
Communicate with your customers and maintain flawless customer service so that they keep coming back. Setting up a business website is also a good idea to make it easier for people to find you online.
Over to you…
There are a lot of crucial steps involved if you wish to create a strong foundation for your business and then expand it. With the right kind of strategies, your company can make a name for itself quite soon. Even if you don’t see immediate results, don’t be disheartened. It takes a lot of patience, hard work, and dedication to become a successful entrepreneur.