6 Steps You Need to Take to Start a Company in Australia
by Emma L. Business consultantStarting a company has to be one of the most gratifying tasks you can ever tackle in your life. Finally, you are taking matters into your own hand and getting an opportunity to steer your career in whatever direction you see fit. That counts for something.
Still, even this tremendous sense of
satisfaction doesn’t change the fact that starting a business is also
nerve-racking, incredibly taxing on the owner. The different legal systems we
have to deal with across the globe and, in cases like Australia, even within
one country don’t make this story any simpler, either.
But, people have done it before and they have
done it successfully. Let's see what we can learn from their previous
experience and what steps you need to take to start your own gig Down Under.
Make
a decision on the ownership model
Although this decision doesn’t sound as
far-reaching as some other steps that are more concerned with workflow and
immediate activities, the ownership model is incredibly important for the daily
activities of your future company, especially legal-wise. So, let's quickly go
some of the most important options you have at your disposal:
·
Solo trader – You are the only owner and only
person responsible for the legal aspects and liabilities of your company.
·
Partnership – You run the company with another
person and run it through a shared investment fund. Financially less lucrative,
but easier than running everything on your own.
·
Company – A legal entity that is run by
numerous directors and shareholders which sets great foundations for future
growth but requires additional legal paperwork and considerations.
·
Trust – A very complex operation that effectively
diminishes the role of a founder in its daily work. Ideal for persons who enjoy
putting companies together but don't have experience in raising capital and running
a complex operation post-launch.
Comply
with the Australian legal procedures
In this case, the good news is that, even
though Australia is a federal country, the steps for registering your company
are the same in all states and territories and most steps can be tackled
through simple online forms. Here is what you need to do in proper order:
·
Apply
for an Australian Business Number (ABN)
·
Register
a unique business name
·
Register
for correct taxes
·
Apply
for credits like energy grants
Most of the forms you need to fill in can be
found in the Australian Government's Business Registration Service so give it a try. All these things, however,
don't mean that individual states may ask for additional legal compliances.
Still, you don't need to worry since legal professionals are well versed in
navigating this system – if you, for instance, hire an experienced lawyer from Essendon
you will get a representation even outside Victoria. So, you will be able to
easily trade and branch out from your native territory.
Identify
and establish funding sources
This move will largely be guided by the
decisions you have made in terms of business structure since the types of
ownership we have covered above often entail different funding channels. What's
important in all these cases, though, is to make sure that your organization
can rely on the uninterrupted cash flow even in spite of the occasional bumps
you can experience after the launch. So, look for diversified solutions that
won't put all the eggs in one basket. Here are some of the most popular options
at disposal:
·
Angel
investors
·
Government
business development grants and funds
·
Traditional
loans
·
Short
term trade finance loans
Register
a domain and start branding business
Consider this step as important as registering
your company with federal authorities. These days, a good professional makes
both starting and end points of every sensible marketing campaign. Make sure
then to nail this asset down. You can start with a short (no more than 14
characters), easy to remember, and effective domain name that doesn’t feature
hyphens or any kind of special characters. If you encounter some problem, try
using this neat tool.
When you are done, start thinking about what do
you want your future brand to stand for and how you can translate these broad
ideas into specific branding assets like logo, mission statement, slogans, and
visual identity. While you are doing that, you should also start laying down
the infrastructure for your future content strategy, SEO efforts, and other digital
marketing channels.
Pen
down a thorough business plan
A business plan is a document that compiles all
the aspirations and strategies you have about your future company into one
clear, and unequivocal document you can use for a whole variety of purposes
ranging from pitching the business to investors to setting up relevant KPIs and
keeping track of how the business is doing. All comprehensive and
well-thought-out business plans should cover the following topics:
·
Executive
summary and company description
·
Long-term
and short term goals and objectives
·
Ownership
and management structure
·
A
detailed description of products and services
·
Financial
and market analysis
·
Marketing
and sales plan
In
conclusion
From this point on, you should be able to start
performing concrete steps and working to bring your company closer to the
launch. We are living in a world that is very open to fresh ideas and new
startups. But, even in this favourable climate, the companies need to be put on
solid foundations to be able to endure the test of time. This process is very
long and taxing but, now that you know what you need to do it's all a matter of
patience and hard work.
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Created on Feb 22nd 2022 07:48. Viewed 332 times.