​How to Start a Business in Australia and Save Money in the Process

Australia is a country of opportunities for entrepreneurs. Aside from locals who establish their own businesses, numerous overseas entrepreneurs also come to the country to invest in a foreign company in Australia. Regardless of the business type, everyone must know key tips in starting a business and save money as much as possible.

Key Procedures in Starting a Business

Starting a business in Australia will take business from the filing process up to its actual operations. Take note of these tips to lighten up the pressure that comes with establishing a business:

Know Your Preparedness in Starting a Business

Establishing your own business brand will take a lot of your time, effort and money. You must be fully prepared with the challenges that come with business for effective management.

Take some time to think whether you’re actually prepared for starting a business or not. Assess if you have startup money to launch your brand, the right mindset and skills, and even a group of people who will be your support system. If you think you’re not prepared with this aspect, Business.gov.au posted several resources to help you acquire skills needed for running a business. It listed resource centers and mentoring teams for aspiring entrepreneurs to consult.

Choose a Business Name

If you think you’re prepared for a business, start thinking of a business name. You will need it for filing later. Think of a unique, attention-grabbing name related to your business. List several name options because you might need them later.

Know Appropriate Documents

Business filing will require numerous documents. Documents usually include papers that will prove your citizenship, identity and financial capability to start a business. Look for these documents online and prepare them early for easy filing.

Set Your Business Structure

Business structure refers to the entity type behind the business. Most startup businesses’ structure is sole proprietorship, which means an individual entering, managing and owning the trade. Other structures are partnership, trust, and company. Look for these terms definition online to find out the best structure for your prospect business.

File for ABN

ABN refers to Australian Business Number. It’s a unique identification number distinguishing your business from others. Several documents will be needed for getting ABN. Don’t worry about processing expenses as filing for ABN is free.

Check for Business Name Availability

Have your business name on hand and search whether it’s available or not at the Australian Securities & Investments Commission (ASIC) online. It has a platform that lets you check for business name availability. If your chosen name is available, you can continue with the registration. If not, continue searching until you find an unused business name.

Take note that business name registration costs $34 AUD for a year. You can keep the business name registered for three years by paying $79 AUD.

Register Your Website

A website will serve as information source or shopping site for your business. If you plan to build a website, you need to register it. Business websites with extension names .com.au or .net.au can be purchased through domain name registrars. Registrars will require for ABN in purchasing these domain extension names.

Set a Time for Managing Your Business

Time is everything in managing your business. Once you decided to set your own business, make time to do the filing yourself and oversee the entire business operation to ensure its success.

Budget-Saving Tips for Startup Businesses

as a first time entrepreneur, you want to save as much money possible in starting your business. These tips will cut down your expenses.

Know All Documents to File Beforehand

Being prepared with information about documents beforehand will keep you from spending on copies that you don’t need. Take note of needed documents, validity and renewal.

Deal with Application Yourself

Some agencies may be willing to help file your application for you. Even your friends may also assist in sending your application. However, you will save money by filing for business yourself. Using an agency will charge you hundreds of dollars for something that may cost less if you did it yourself. And even your friend won’t ask money from you, you still need to pay for his expenses in processing like gas, transportation, and probably some money for his snacks in return for his effort. Doing things yourself will save you a lot of money since there’s no third entity to pay and have enough money to pay for fees.

Start Small in Everything

A startup business will have limited cash and limited needs for employees. This means you must start small in every business need.

Hire an employee that you need and do the other jobs yourself. For instance, in starting a bakeshop, you need to hire a baker and probably another assistant. Hire these experts then you do the rest of the tasks like manning the register, serving people, and others. Also, enlist the help of your friends or family members if possible, but be sure to set their expectation that they won’t get paid. You can hire more people once your business grows.

For business space, settle with a small space to save on rent. Share a small space with another business or better yet, use your home as your business space temporarily. This saves rent money on business. You can look for a new space once the business has expanded.

Build a Free Website Yourself

Having a website is a good way of introducing your name to more clients. It’s now easy to build a website, but it can cost some money to get a domain name and web host. For now, take advantage of free website platforms just to have an online page for business information. Use free blogs or websites offering free hosting services. You can migrate all website information later once you have your own website.

Take Advantage of Free Marketing

Free marketing will be a great help to save money. Allot a small amount for pamphlets and give them away. But if you choose to market online, promote your business through social media and free online directories. Social media will give your business better exposure and gain more clients. As a local business, listing your business in an online directory in Australia will be helpful in finding your business as people visit the site for establishment reviews.

Starting a business requires effort and money. However, these tips can simplify the process and save your money for important expenses.

References:

http://www.business.gov.au/business-topics/starting-a-business/Pages/default.aspx

http://www.businessspectator.com.au/article/2015/7/16/family-business/how-save-money-when-starting-out-business