Australia’s business landscape overwhelmingly consists of sole traders and small businesses. It’s safe to say that small business is the heart of our national economy, in much the same way that it is in the Philippines.
As there are already so many small business owners in Australia, there are plenty of support systems and resources set up to help get startups, sole traders, and other small business ideas off the ground. Yes, setting up your own business in Australia can be daunting, but it’s by no means impossible. You just need to do your due diligence when it comes to laying your business foundations.
In this guide, we’ll be outlining the essential steps to setting up your own business in Australia, covering everything from foundational measures like registering your business and securing insurance, to launching your enterprise and establishing yourself in your industry and/or market niche.
Step 1 – Business Registration & Legal Considerations
One of the first steps towards officiating your new enterprise is simply registering your business with the Australian Business Registration Service (ABRS) and securing your company’s ABN (Australian Business Number). You must register your Australian Business Number (ABN) for tax purposes along with your business name.
When registering your business, you will also be required to define its business structure (i.e. sole tradership, company, trust, partnership, etc.). Defining your structure can protect your business from legal risks and aids in compliance for tax purposes.
Finalising your business registration is also the perfect time to apply for any relevant permits or licenses for your business to tick all essential legal boxes. If you’re concerned about maintaining regulatory compliance in an industry that’s heavily regulated (i.e. financial services, for instance), then it may also be worth attaining ISO Certification. For instance, securing ISO 9001 Certification in Australia can be a potent trust signal for your business, alongside helping to ensure your business better maintains high-quality management practices.
Step 2 – Goal-setting and Planning
The foundations of your business should be built on research and product development. Start by identifying your value proposition and target market, highlighting your short and long term goals. Analysing your competitors and researching trends in the market through a SWOT analysis can help you expose opportunities and analyse potential threats.
Ask yourself, who is my product or service for? Where are my customers located? How saturated is the market for my business? How much are people willing to pay? How will I market my business?
A detailed business plan can guide you in making difficult decisions, whilst attracting investors and securing funding for early growth and long-term security. Identify startup costs, financial projections and potential marketing strategies to clarify creative direction. The Australian Government’s Business Planner can assist you in setting the foundations of your business, otherwise an accountant or financial advisor can be helpful in assisting you in the process of your startup.
Step 3 – Establishing Robust Operations
For credibility and consistency, the systems and operations behind your business must be reliable and scalable to better support sustainable business growth. Here, future-oriented measures like enforcing management tools and performance tracking processes can be critical in improving customer satisfaction and demonstrating reliability over the long term.
Establishing quality assurance, documenting workflow and monitoring performance can support operational success and longevity, fostering a culture built on growth and development.
Reducing environmental impact by switching to sustainable materials, reducing waste and utilising energy-efficient lighting can also better position your enterprise to qualify for loans or financial support if it’s ever needed, and even qualify for government tenders or contracts – again, ISO Certification can help here too.
Step 4 – Launching & Expanding
All of the late nights researching and mapping out your business plan have paid off – it’s finally time to launch your business! With a solid marketing plan and a growing customer base, your business may have everything it needs to start experiencing exponential growth.
Start by leveraging your knowledge of the local market, connecting with brands and businesses to support you in your journey. And don’t be afraid to lean on your local and industry networks as well. Turning friendships into partnerships can be a surefire way of strategising for growth.
Note too, that responsibilities like marketing and reputation management are ongoing, so following the launch of your business, responsible business owners would also be looking at expanding their team and building for the future. If you feel it may be time to strengthen your team with dedicated in-house marketing specialists and customer service staff, then consider looking to your network to find industry talent.
Step 5 – Management & Ongoing Compliance
Finally, as your marketing and growth strategising provides strong returns, keep in mind that compliance requirements for your expanding enterprise may also shift and change with your business growth. Complying with tax for new business structures, adhering to workplace health and safety regulations, and updating data and record management processes are all essential components of making sure your business stays scalable.
To simplify these logistical growth concerns, consider implementing annual review processes. Alongside being part and parcel of ISO compliance, these annual reviews can also help identify any undetected growth opportunities, and help your business maintain a proactive approach to risk management.
Similarly, investing in training and equipment when it comes to environmental practices can reduce long-term costs and demonstrate a genuine commitment to reducing carbon footprint. The future of industry in Australia is very much going green, so investing in eco-friendly practices should be a staple of your company’s growth strategising.
Turn your Passion Project into Profit with these Business Foundations
Starting a business in Australia takes passion and persistence, but business success comes from careful planning. By establishing a strong business plan that not only takes a strategic approach to growth but also accommodates compliance and other ongoing logistical considerations, you can make sure your business can thrive in one of the world’s fastest growing economies. And who knows? Once you dominate your local business landscape, you may even consider taking your operation statewide or even nationwide. Anything is possible with the right gameplan in place.
