How to start a business in Australia: A checklist

Step 1

Brainstorm like a budgie (Research is your flock!)

Before taking the plunge, take a deep breath and research, research, research! Is your business idea unique, solving a problem people actually have? Who are your competitors? Are you ready to tackle the paperwork jungle? Answering these questions will set you on the right track. Think of it like planning a bushwalk – you need a map, supplies, and to know the weather!

Step 2

Choose your business structure (Pick your team!)

Just like choosing a football team, you need to make the right decision! How will you structure your business? Will you be a sole trader, the lone wolf showing off your skills? Or maybe a partnership, teaming up with a trusty mate? Perhaps a company, spreading the responsibility (and profits) amongst shareholders? Each has its pros and cons, so research and choose the one that suits your goals. Think of it like picking your backpacking crew – each member brings different skills and strengths.

Step 3

Name your game (Choose a catchy one!)

Time to pick a catchy, memorable name that reflects your brand. Remember, it needs to be available and registered with ASIC (the Australian Securities and Investments Commission). It’s like choosing a cool nickname for your camping gear – it should be memorable and represent who you are.

Step 4

Get licenced and registered (Get your permits in order!)

Like needing a permit to climb the Harbour Bridge, most businesses require licences and registrations. The Australian Business Licence and Information Service (ABLIS) can help you navigate this jungle. Don’t forget your Australian Business Number (ABN) and Tax File Number (TFN) – they’re essential for tax time! Think of it like getting your permits and supplies for your adventure – you need the right gear to tackle the journey.

Step 5

Write your winning pitch (Business plan, that is!)

Rather than writing an essay for school, this is a roadmap for success. Outline your goals, target market, marketing strategy, and financial projections. Think of it as your business bible, guiding you through thick and thin. It’s like having a detailed itinerary for your trek – you know where you’re going, what you need, and potential challenges you might face.

Step 6

How will you fund your start-up (Bootstrapping or Finding Investors?)

Bootstrapping? Great! But sometimes, you need extra fuel. Explore funding options like getting business loans, grants, or even crowdfunding. Remember, investors love a solid plan, so show them your winning pitch! Think of it like gathering supplies for your trip – you might need to save up or barter with others to get what you need.

Step 7

Create a buzz (Spread the word!)

Get your name out there, mate! Take advantage of social media, networking events, and even good old-fashioned flyers. Remember, your target audience is key. Don’t shout into the void – tailor your message to resonate with them. Think of it like attracting fellow adventurers to your campsite – show them why your journey is exciting and worth joining.

Step 8

Don’t go it alone (Find your support crew!)

Get your name out there! Take advantage of social media, networking events, and even good old-fashioned flyers. Remember, your target audience is key. Don’t shout into the void – tailor your message to resonate with them. Think of it like attracting fellow adventurers to your campsite – show them why your journey is exciting and worth joining.