The Basic Recipe for Business Success

Here are the basic ingredients every business needs for success:

With the right ingredients, your business will rise rapidly. Source: Supplied

1. Register with ASIC

It’s important that you register your business name before you build your business. Head to the ASIC website and you can also see if your business name is already taken. If your business name is your given name then you don't need to register.

Australian Securities and Investments Commission website

2. Get an ABN

A business doesn’t need to have an ABN, but it’s highly recommended to register for one. If your business doesn’t turn over more than $75,000 a year, it’s not necessary. However, if it surpasses that threshold, your business must register with GST, which can only be done if you have an ABN. You also don’t have access to the government’s PAYG system.

Australian Business Register website

3. Register your Intellectual Property

IP Australia ensures your business idea, invention, design or trade mark is protected. This is particularly important for startups and innovative small businesses with original ideas. The website also allows you to check whether you can trade mark your business.

IP Australia website

4. Check your business licences

Every business will differ in compliance and regulations, so visit the Australian Business Licence and Information Services to find out which registrations, permits and approvals your business needs to comply with.

Australian Business Licence and Information Service website

5. Marketing and branding

Gone are the days of traditional marketing and branding. You no longer need to spend thousands on radio, TV and print advertising when you have the power of Google and social media on your side.  

We’ve written two quick explainers on how to use the internet for your branding and marketing needs:

How to get your business on Google

How to manage your online presence

 

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