A Beginner’s Guide to Setting Up a New Business

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6. Buy your business domain name (website address).

It doesn’t matter whether the business will be online or a brick and mortar store, but you will need a website, which means securing a domain name. When selecting a domain name, go for a name that is easy to remember, represents the business and is three syllables or less. To register the domain name, head to the .au Domain Administration Ltd site for links to resellers and registers, and to confirm current options and fees. This is where you can also use the domain name to create email and social media accounts for the business.

7. Purchase an insurance policy.

Employee compensation insurance is a mandatory requirement for employers in Australia. The premium rate will depend on the nature of the company’s main business. Also purchasing a good insurance for your business before you open it is something that you should consider. Dealing with unforeseen incidents like customer lawsuits, theft or property damage can be very expensive, and you need to be assured that your business is protected.

8. Register for GST.

Business.gov.au states that “As a business owner, it’s your responsibility to register for GST if your turnover exceeds the $75,000 threshold or is likely to exceed it. The ATO advises that if you’ve just started a new business and expect it to earn $75,000 or more in its first year of operation, you should register for GST.”

A GST or Goods and services tax “is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia.”

9. Grow your business.

Launching your business is just your first job as an entrepreneur. For your business to stay afloat and make profit, you will need to grow the business. And one of the best ways to achieve growth is by collaborating with existing brands. You can also reach out to established bloggers or other related businesses and ask for promotion in exchange for a free service or product sample.

Good luck!

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