The Costs Involved When Starting Business in Australia
Starting business in Australia enables you to take control of your life. Learn everything you need to know about how to set up, maintain, and grow your business to the point where you can quit your job and spend your life doing what you love.
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The cost of starting a business in Australia depends on many factors. Most people wanting to start an Australian business are under the impression they will have to give up their current job and their home life to succeed.
A good point of starting a business in Australia is you can do it with almost no initial outlay. In many countries, there is a requirement to have a specific amount of capital in order to be eligible to register as a business. In Australia however, there are only a few hundred dollars of registration costs involved. Of course, this depends on the corporate structure that you choose, but in general, you don’t have to be wealthy to start your own business in Australia.
Prior to doing anything, you need to develop a business plan. It doesn’t have to be extremely detailed; as long as you have some sort of strategy in mind.
Do your homework. Look at others in the same type of business to get a feel for the market. Looking at other companies gives you an idea of changes that could be modified to make your business more marketable. This kind of research can largely be done online, costing nothing but time, which is one resource every entrepreneur must dedicate 110% of when starting their own business.
Do everything by the book. This will protect you, the business and any employees. Australia’s legal system is one of the most advanced in the world. Spend a few hundred dollars to see an attorney if you’re not clear about any of the initial legal issues which come with setting up a business in Australia – the piece of mind is worth it. Do you need any licenses? What are the limitations of your liability? Are you properly prepared / insured? What kind of legal documents do you need between clients / employees etc?
You should also see an accountant, and ask them things such as: what company structure is best for you? What kind of paperwork do you have to keep? How often should you visit them to stay on top of taxes / BAS / PAYG / super for employees etc? Expect to pay a few hundred dollars for this initial consultation – but again, it’s worth every cent in the long run.
If you decide to go ahead and start your own business in Australia, you must complete an “Application for registration as an Australian Company”. After completed, you will be given an Australian company number (ACN). There is an AUD 400 charge to complete the application and it takes one day for completion. This will entitle you to be registered as a propriety limited company.
After receiving the company number, depending on what kind of business you will be running, you may need to register for an ABN with the tax office. There is no charge for the registration. There are different taxation requirements depending on location and circumstances of the company, so if you’re not sure whether you need to register for an ABN or not, ask your accountant.
Next you need to consider your company presentation, which includes your own website, business cards, stationary, and any promotional advertising. Expect to pay anywhere from $500 to $10,000 for all this, depending on who develops it, and how particular you are about your company image. In general, starting small is always a good idea, until you can tell if the business is going to succeed or not. Test the waters by investing in a basic but functional website, cheap but reasonable-looking business cards, and simple advertising that gets to the point, without too much flourish or grandeur. Providing good service leads to word-of-mouth advertising, which is more effective than a flashy expensive website that no one visits.
Starting a business in Australia doesn’t always mean huge capital investment. Start small, live within your means, and don’t over-extend yourself. With as little as a few thousand dollars, you can get your business off the ground enough to establish whether there’s a future for it. After that, you’ll find investing the extra capital you need to expand will be much easier, as you’ve already got small-scale proof that it works.
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