Doing Business in Australia,
Doing business in Australia, you need to decide on the business structure that best suits your business needs. This decision will determine what type of registration procedures you need to take.
Obtaining legal or other professional advice can help you understand your own particular circumstances. The four main types of business structures commonly used by small businesses are:
Sole trader: an individual trading on their own
Partnership: an association of people or entities carrying on a business together, but not as a company
Trust: an entity that holds property or income for the benefit of others
Company: a legal entity separated from its shareholders.
Before you get started, find out if people are interested in buying your products or services. Find out who your competitors are and whether the market can sustain your business.
Conduct some research to see whether your idea is really feasible. This will involve gathering, analysing and evaluating information to help you formulate your business goals.
Some questions to consider are:
What product/service will you provide?
Is your idea feasible?
How will you protect your idea?
Is there a market for your product/service?
What skills do you need?
Who are your competitors?
What difference will you bring to the market?
Do you have the financial capacity?