If there are any certifications you need for opening your business or attracting the clients you want, now is the time to get them. If you don’t already have one, you can apply for one here. When you register with ASIC, you’ll need to provide your Australian Business Number (ABN). This is required if you operate under any name other than your given name. Once you’ve chosen a business name, you can register your business with the Australian Securities and Investments Commission (ASIC). You’ll need a tax file number (TFN) to register your business, so it’s a good idea to get one now. This is required to register your business. You’ll need to decide on a name for your business. Tackle administrative action items Choose a business name Trust: A business that a trustee manages for a third party (usually a beneficiary).Ĭo-operative: A member-owned business with at least 5 members, each of whom shares control and responsibilities. Partnership: More than one person or entity runs the business, but it’s not a company. Sole trader: The business owner holds all the responsibility.Ĭompany: The business operates as a legal entity separate from its shareholders. In Australia, your business structure options include: This determines how much you’ll pay in taxes and your level of personal liability, so it’s important to spend some time on this. ![]() Next, decide how you’ll structure your business. Read this next: How to write a business plan in 12 steps (2023 edition) 2. This is a lot to include on a single page, so keep each section brief. Your business plan should outline your value proposition, target market, competitors, basic sales and marketing strategy, major milestones and funding plan. You can then expand your plan as you build your business. Start with a one-page plan that covers the basics. The first step when you start a bookkeeping business (or any business, for that matter) is to put together a business plan. You’ll need to complete administrative tasks to secure funds, and select software that helps manage your business. ![]() Starting a business isn't just about finding customers or opening an office.
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