Do you often think of how badly you want to be your own boss? Having your own business is not only one of the pleasures of life, but one of the surest ways to wealth, and who doesn’t want to get wealthy, right? Besides, the satisfaction of having your own business is unmatched, and starting your own business may be one of the best decisions you make in your life.
So, now that you’re ready to take the plunge, where do you start? Starting a business in Australia is not a matter of making just one decision, but a series of decisions and a whole checklist of things to tick off before it starts running smoothly.
As long as you have a great business idea, a strong plan, and an even stronger drive to see things through, then you can successfully start your business even if you’re an ex-pat in Australia.
The Eligibility of Starting a Business in Australia
Regardless of the kind of business you want to start in Australia, you need to qualify first. The first thing you must do is get the right visa, and you have several options to choose from. The first is the Business Innovation and Investment Visa designed for people who already have proven business skills.
You’ll need to be nominated by the territory government of the state, and upon approval, you get the provisional visa that will be valid for four years. The second is the Business Talent Visa, and you’d only be eligible if you own or part-own a business overseas or if you’ve been granted a minimum of AUD 1 million as venture capital funding.
How to Start a Business in Australia
Starting a business as an ex-pat in Australia is a lot easier once you obtain a visa. Still, you must consider the legal implications and regulatory issues you have to deal with before you can finally establish the business. You should specifically be considered about the business structure, location, licensing, and protecting your intellectual property.
It’s advisable to hire a legal counsel to help with the regulatory and legal aspects of the business. You may find that you need assistance when it comes to securing a business premise, obtaining local approvals, or even choosing a business structure.
You may also need to obtain commercial property loans, and have your taxes in order, which a legal representative will help with.
Do Market Research
Now, since you’ve already decided that you want to start a business in Australia, I am assuming that you already have a business idea in mind. Do some research on the Australia market to see what others are doing about that business idea. If there are little to no entrepreneurs in the industry, what would be the reason?
Research on potential competitors, potential partners, and potential customers. Conduct interviews to find out whether there is a demand for the business.
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What factors do customers consider when purchasing the products or using the services? What suggestions would they have about it?
Choose a Business Structure and Type
Starting a business in Australia involves choosing the kind of business structure you envision. Ask yourself how much control you want, how much taxes need to be paid, what regulatory obligations need to be met, what level of liability you’ll have to incur, and what health and safety requirements must be met as well.
The answers to these questions will help you come to an informed decision. If you choose to be a sole trader, you’ll be fully responsible for every aspect of the business. If you choose a partnership, then your partner will shoulder half of the responsibilities.
You can also choose a company or trust, depending on the type of business you want to start in Australia. Beyond this, you need to consider whether you want to start a franchise or be an independent contractor and whether you want it to be an online business.
Apply for the Australian Business Number to Register Your Business
Starting a business in Australia is legally impossible without the ABN or Australian Business Number. It’s a number that acts as a government identifier for your business. Once you obtain it, you can then register your business, claim taxes, and avail credits such as energy grants.
Have a Solid Business Plan
A business plan is a crucial step in starting a business because you need to have the best-laid plans for it to succeed. A business plan should include the business name, an executive summary of the business, a business description, a marketing strategy, competitive analysis, development plans, financial factors, and management and operational plans.
Financing Your Business
Cash flow is always a significant concern for most people starting a business. Even with an incredible business idea, getting it off the ground without finance is not possible. It’s important for you to have resources that will help make the growth period easier.
There are several different ways you can do this. They include bootstrapping, pitching ideas to friends and family, requesting business grants, crowdfunding, finding angel investors, joining startup incubators, or seeking business loans.
Bring Your Business to Life
To start your business, you need to find the best location. For this to happen, consider several things, including your style of operations, foot traffic, demographics, and competition. Think about accessibility as well, proximity to other businesses, and overall utilities.
At this point, you can start developing your products or services. This is where you partner up with manufacturers, engineers, and designers, depending on your business type. You also need to start building a team because scaling a business means delegating responsibilities to others.
Whether you choose to get a partner, hire employees, or outsource services, you must ensure you’re on the same page when it comes to the business goals and the business culture. Set hiring protocols and follow them so you can end up with the right team.
Grow Your Business
Once you start making sales and closing deals, the most important thing you can do is listen to customers, find out what they want, and offer it to them. Identify your target market and launch your marketing strategy, especially online.
Regardless of the business, an online presence is vital, more so on social media, because it happens to be the one place everyone is. There are many marketing strategies you can implement. These include email marketing to social media marketing and SEO, and having a professional marketer could go a long way.
There You Have It!
Now you know what starting a business in Australia takes. Do your due diligence in all aspects and follow the steps to finally start your dream of being your own boss. Ensure you hire the right representatives to avoid legal problems and stay positive.
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