There are a number of things that you will have to do before you can make a start and open your doors for trading.
- Get an Australian Tax File Number (TFN)
A TFN is needed for the Australian Tax Office (ATO). If you are a sole trader then use your own personal TFN; nothing more to do. Partnerships, companies and trusts need a separate TFN; the easier way to do this, is at the same time you apply for an ABN. You can do this through NAB Startup and our partnership with EasyCompanies or at the Australian Business Register.
- Register for AUSpay so you can conduct tax activities (GST, BAS filing) online to handle your tax payments easily and efficiently.
- Check what licenses or permits you’ll need.
The Australian Business Licence and Information Service (ABLIS) can help you find the government licences, permits, approvals, codes of practice, standards and guidelines you need to know depending on your industry.
- Review any intellectual property issues
Be aware of anything that could get you into trouble later, such as copying another business name by mistake, or their ideas, logo or process that you didn’t realise was protected. Visit IP Australia for more information.
What else do you need?
All businesses are different, but in general it’s important to:
- Set up an accounting system so you know what’s happening to your money. Products like Xero, Reckon and MYOB offer cloud solutions so you can get real time data, and you can integrate them with your NAB Business Everyday Account.
- Check with your lawyer, Business banker and accountant – they’ll ensure you haven’t missed anything. They’ll also go over your business plan with you so it’s in great shape.
- Obtain business insurance – it’s important that your business is covered by the right insurance. We’ve got a comprehensive range of options for all businesses.
- Have a back-up plan. Once you’ve worked out how much capital you require, it’s time to decide if you’ll need financial assistance. Some typical options small businesses adopt include:
– Using supplier finance; order product/materials and negotiate to pay for them later.
– Using credit cards for initial purchases.
– Accessing Vehicle and Equipment Finance if you need machinery and equipment.
– Getting a Business Overdraft or a NAB QuickBiz Loan if you’re unsure exactly what your monthly shortfall will be.
