Highlights
- Once the concept for your business is in place you’ll need to register a name with the Australian Securities and Investments Commission (ASIC).
- As an entrepreneur you need to work out who are your potential customers and what sort of resources you need to develop the business.
- A small business loan is different to other loans, and interest rates are likely to be higher than what you can expect.
In Australia a small business is identified as a venture or a company that employs less than 19 people. Most small businesses are owner-operated, also known as sole trader-operated.
But before you plan a new business, you must find out if you're eligible to start one.The Australian Government bars certain people from owning a business. This includes people who have claimed bankruptcy or have been convicted for a crime.
“The starting point is what's the vision for the business. Then once they’ve decided what they want to do there might be some legal or other requirements to set up a business in a certain way for certain people. Some businesses can be operated as a sole trader and there's very little requirements around what you're going to do to start setting up the business. Other businesses you need to set up a company or a trust or some other legal structure to be able to operate the business, " said Bruce Mcfarlane.
