What does it take to start a business in Australia?

From time to time, everyone has thoughts about starting a successful business and striking it rich. We all have ideas for products or services that we might be able to sell. We don't, however, all have the courage to drop everything and actually go through with the process of launching a new startup.

If you're one of the few who are actually ready to take that plunge, what do you need to know? What are the steps you need to take to get your company started, and how can you improve your chances of success? We have answers to all those questions and more.

The building blocks of a new business

The idea of starting a business and finding success is an exciting one, but there's a whole lot of ground work that must go into business development. According to the Department of Industry, Innovation and Science, there are a few things that any aspiring entrepreneur needs to do before getting started.

These steps include logistical matters such as applying for an Australian Business Number as well as registering for a business name, trademark and website domain. Beyond that, you also need to think about tax considerations, insurance needs and other financial roadblocks that stand between you and a thriving business.

A fighting chance in a competitive climate

The business world is competitive, especially for a new startup that is just setting out. The Sydney Morning Herald has estimated that approximately 95 per cent of new Australian businesses fail. The good news is that with some careful strategic planning, you can guard against setbacks that might hurt your business.

The majority of new businesses in Australia struggle to survive.

Having a solid financial plan is important, first of all. Where will your business obtain its capital in the early going, and how do you plan to grow your nest egg over time? These are key questions. Additionally, having a sound approach to tax services, including a tax ID number and a plan for making required payments, is essential.

Good advice can be invaluable to you

As you go about getting your business off the ground, you may decide that you need professional help to guide the process. At Wilson Porter, we can offer that. By meeting today with a business development consultant, you can get the assistance you need to steer your company in the right direction.

Guiding a company from its initial founding to a point of survival and stability is a difficult long-term process. If you need some advice on navigating it, all you need to do is reach out and ask.