Venturing into a new business is both exciting and terrifying in equal measure. On one hand, you’ll finally be the boss, the master of your own destiny who’s pursuing success in something that you’re truly passionate about. On the other hand, you now have a laundry list of things that you need to tick off before you even start to ensure everything kicks off smoothly.

Whereas working for someone else alleviates these responsibilities, the startup owner takes on all these stresses themselves. Not only that, every country has different laws, regulations and requirements to get your business up and running. So, even if you’ve started a business in one country, you’ve still got to do a pile of research to make sure you do it properly in another.

To help you out in Australia, at least, we’ve put together a list of the main things you need to sort out when starting a business Down Under:

How to Start a Business in Australia:

1. Choose your business structure.

Ask your accountant or tax agent to explain the tax and legal implications for your circumstances before choosing a structure.

2. Pick a business type.

With a structure in place, you can better understand the type of business you’re likely to need. There is a myriad of business types to choose from, and some of the main types include:

• An online business
• A franchise
• Independent contractor
• Every industry has a different set of legal obligations and regulatory requirements, so it’s crucial that you pick the business type that best suits your industry.

3. Apply for an Australian Business Number (ABN) and register your business name.

You can’t legally start a business in Australia unless you own an ABN. This is an 11-digit number that is unique only to your business and acts as a government identifier for the business.

Once you’ve got an ABN, you’ll be able to:

• Register your business name
• Identify your business to other entities for things like ordering goods and services or sending invoices
• It’s best to decide on your business name before you go about creating assets like your website URL, logo or any other designs. Otherwise, you’ll need to change everything in the event that your business name changes. If you do create a business logo, it’s worth considering if you need to patent it to protect yourself from copyright infringement.

You can register your ABN and business name separately if you wish, but it’s easier to apply for both at the same time here.

5. Choose your software stack.

As you get started building your business, you have a lot of big decisions to make. One of the most important choices is strategically choosing software that can make your life easier as you scale.

While your exact software choices depend a lot on the type of business you are building (a bookkeeping company will require slightly different tools than a coffee shop), there are several tools that are worth considering for every business.

Nearly every company should utilise a CRM to keep track of important customer information in one central repository, an accounting or bookkeeping software to keep finances in order, and an analytics tool to measure business growth.

6. Check your registrations.

Talk with your tax agent about which registrations apply to your business. We can help with bookkeeping and BAS records once your setup is confirmed.

With the above essentials sorted, you’re almost good to go. But, we do have one last tip for you – starting a business is a tough task that’s made a lot easier if you can find ways to save money and build a solid network of peers and partners to work with.

A great way of doing both is to set up shop in one of Australia’s many coworking spaces. You’ll save a tonne of money on office costs and also open the door to networking opportunities which can lead to other benefits down the line.

Whatever you do and wherever you decide to start your business, we wish you the very best of luck!