Today, more people believe that starting their own business is better than staying in an office cubicle as an employee. If you have your own company, you will have more opportunities to pursue what you want and be your boss. But starting a new business venture can give you mixed feelings of excitement and nervousness all at the same time.
While it can give you the thrill of embarking on an important step to become successful, it will also give you a lot of tasks that you need to do before you can fully operate. Here are the things that you need to know to register a company and other responsibilities as a new business owner.
Select Your Business Structure
It is essential to choose your business structure since it will have a direct effect on how you want to control the company. It will also let you determine the amount of taxes that you must pay and other regulatory obligations in the government. Your own business structure will also allow you to plan the health and safety requirements in your office space.
In Australia, there are four types of business structures. The first one is the Sole Trader when you register a business entity run by a single person. It means that you are responsible for all the legal aspects of running a business, even if other people work under your supervision.
If you want to register a company, it means that you and some shareholders have the responsibility to keep the business running. On the other hand, a Partnership has more than one person running the business together but not as a company. Meanwhile, a Trust is a business structure that runs with the help of a third party.
Choose A Business Type
After picking your structure, you also need to think about the type of business that you want to set up. You may opt to have an online business, where most of your transactions happen through online exchanges like emails, chats, or apps.
You may also want to franchise an existing business, so you no longer need to go through all the legwork of starting a new one. An independent contractor could also be a good option if you want to provide services to an existing company but not as a regular employee.
Get An Australian Business Number (ABN) And Register Your Business Name
All businesses in Australia need to have their own ABN before starting their operations. The unique 11-digit number will serve as the business’ government identifier for any transactions. After getting your ABN, you can begin the process of registering your business name to set it apart from the other businesses. To know if you can register your chosen name, you must check first if that name is available in the government records since you cannot register a company name that already exists.
Also, you have to make sure that your chosen name will make a mark in your target market to set it apart from your competitors. Then make sure that you file all the necessary documents to make your business legal in the country.
After going through all the necessary steps in starting a business, you need to make sure that you have a funding source to keep your business afloat. You should also know that starting a business can be tough. Yet you can find ways to make your life easier by asking for help from friends or family.
You also have the option to delegate some tasks to other service providers who can provide you with all the assistance that you need from registering your business to running it. The success of your own business will rely on how you choose to make it work.
