You are profoundly optimistic as you are all set with a business idea that you can’t wait for to start with.

And if you are in Australia, then it doesn’t get any better. Why?

Because Australian startups are doing very well since the past few years, and if you have a unique and innovative idea, it’s worth a shot. Refer to encouraging Australian Business Statistics in detail here. The number of actively trading businesses in Australia increased by 3.4% in 2018.

But still, it’s easier said than done. So, before you’re all set to become a boss, you need to consider the following tips:

1. Scrutinise your business plan

Many budding entrepreneurs mix their hobbies and interests with a business plan. Well, it’s favourable if you can get income out of it, but you also need to verify if your planned business products or services are in demand.

2. Research customer preferences

Along with studying the potential market, you also need to check your customers’ likes. A data-driven analytic profile can give you the best results. It includes spending habits, age, gender, etc.

3. Choose a business model

The 4 most common types of business structures in Australia are:

- Sole trader – the simplest structure with just one owner giving you full control
- Company – more complex with a requirement for at least one director and shareholder and more statutory requirements. Limits personal liability because it’s a separate legal entity
- Partnership – made up of 2 or more people who distribute income or losses
- Trust – where a trustee is responsible for business operations on behalf of the beneficiaries

Depending on the kind of business, size, how many owners, tax consideration etc. you need to structure your business using one of the above models.

4. Comply with legal requirements

Now if you decide to proceed as Sole Trader, we can help you with ABN and Business Name registration. If you choose to proceed with a company structure, we can get you up and running within 15 minutes with real-time DIY company setup.

The next step is your company registration in Australia.

Next, you should look into the insurance to minimise risk - insurance for professional indemnity, public liability, work cover, property and equipment, etc.

5. Go online

As of 2019, around 87% of the country’s population are active internet users. This makes it imperative for a business to have a website. We can help you to get your website up within 10-15 days. Check out our website packages here and choose one to get a structured website.

Over to you

Company4Me is here to assist you with your startup. We are a boutique firm and apart from the DIY services of Business Name Registration, ABN Registration, Company Registration we provide consulting to help you set up your accounting system and integrate your CRM/accounting system to the website. We will love to hear your idea and assist you along your journey; you can contact us by phone, email or web - https://company4me.com.au/contact/