Is the Australian entrepreneur in you calling?
Is the Australian entrepreneur in you calling?
Recent reports show that the number of people working from home and conducting their work online has increased in Australia. It has also been confirmed that working from home can encourage higher levels of creativity and productivity.
In addition, these businesses also enable the creation and availability of an unlimited amount of goods and services. Currently, Australian home-based entrepreneurs, including both micro and small businesses, are driving the production of retail products and construction services, which are highly efficient and productive.
The Australian Small Business and Family Enterprise Ombudsman reported that the number of small and micro businesses in Australia has significantly increased from 2.06 million in 2016 to 2.3 million in 2020. These numbers are quite evident.
Alternatively, the Australian Bureau of Statistics reported that as of June 30, 2021, there were nearly 2.4 million businesses actively trading in the Australian economy, an increase of 3.8% or 87,806 businesses from the previous year.
If you are considering starting a home-based business in Australia, here are some tips to help you get started:
Create a Solid Business Plan
To successfully start a work-from-home business as an Australian entrepreneur, a well-defined business plan is essential. This plan should include a clear business structure and help to differentiate your business from competitors. It should also identify key factors for achieving success.
In your entrepreneurial business plan, it is crucial to include key details about your business, such as its values and goals. Additionally, you should research and outline your competition in the market. Finally, include strategies and plans for growth and development of your business.
The final business plan must be regularly reviewed and once it is finalised, it is necessary to move forward with implementing it.
If you want to start your own home business in Australia, you can apply for funding through the government. This can include grants from the Australian government website www.business.gov.au to help with initial costs.
Find out what business structure is right for you.
One of the factors to consider while establishing an online business in Australia is its legal structure.
It is crucial to determine whether you will establish your business as a sole trader, a company, or some other entity before proceeding.
It is crucial to consider the purpose of your business and seek advice from experts before deciding on the best way to set up your online business. A consultant, solicitor, or accountant can provide valuable insights and help you achieve successful results.
Once you have decided to register your business, it is necessary to register the business name. Similarly, obtaining an Australian Business Number (ABN) is required for starting a business. Additionally, having a Goods and Services Tax (GST) is necessary for your business. However, you can consult with your accountant for assistance with this process.
Apply for insurance
As an Australian entrepreneur, you may need business insurance to protect your company. There are various types of business insurance available, so it is important to educate yourself on the options. You can also consult with a financial adviser for assistance with your business needs.
Assess your office space and equipment needs
To operate a successful home business in Australia, it is essential to have a dedicated office space, an online presence through a website and social media, and a professional email address or business domain. Remember to maintain professionalism in all these areas.
In addition to the necessary equipment, having a dedicated phone line for your online business is crucial. This business phone will not only establish structured business hours, but it will also help establish your business as a separate entity from others.
In conclusion, it is crucial for your Australian entrepreneur business to have a strong brand with a consistent visual identity, including a well-designed logo and uniform colour palette. This will ensure that your business has a distinct and recognizable presence across all of its assets, such as websites and invoices.
Conclusion
Establishing an Australian entrepreneur business online requires dedication of time, space and effort. However, the rewards can be significant once it is successfully set up.
If you want to start an online business in Australia, Small Business Australia, the Australian Securities and Investments Commission, the Australian Taxation Office, and Money Smart can be helpful websites to visit.
Becoming an Australian entrepreneur can bring great rewards, but it’s crucial to follow the proper steps when setting up a business. Don’t rush the process, as setting up a business is not a daily occurrence. Every successful work-from-home business starts with an idea, so start working on yours today and create a steady income stream.
