6 Steps You Need to Take to Start a Company in Australia

by Emma L. Business consultant

Starting 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.

Starting a company

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.