How can you start a small business in Australia?

How to start a small business in Australia?

Source: Getty Images/Maskot

Starting a small business is an exciting venture, but it’s a one that comes with numerous challenges. Let’s take a look at how you can make this process simpler and more gratifying.  


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. 

 

 


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