In Australia, a small business is identified as a venture or a company that employs less than 19 people. Most small businesses are owner-operated, also known as sole trader-operated.
But before you plan a new business, you must find out if you're eligible to start one. The Australian Government bars certain people from owning a business. This includes people who have claimed bankruptcy or have been convicted for a crime.
Once you have a concept for your business in a place you’ll need to register a name with the Australian Securities and Investments Commission (ASIC).
Bruce Mcfarlane is CEO of Blue Rock, a professional services firm in Melbourne. His team provide advice to budding entrepreneurs on their finances, accounts, and practical support to get your business off the ground.
Mr Mcfarlane says if you want to start a new venture you need to ask yourself a few hard questions, such as, “What is the problem I’m going to solve with my business?”
Or if it is an existing idea that you have a different take on, you must ask yourself, “Will my idea attract enough attention and bring in money?”
“The starting point is what's the vision for the business. Then once they’ve decided what they want to do there might be some legal or other requirements to set up a business in a certain way for certain people. Some businesses can be operated as sole traders and there are very few requirements around what you're going to do to start setting up the business. Other businesses you need to set up a company or a trust or some other legal structure to be able to operate the business.”
Click on the player above to listen to this settlement guide in Punjabi.
