Starting A New Retail Business In Australia: Things You Need To Know

by Startacus Admin

Starting up in retail in Australia - here are the basics to consider

Starting a new business should be an exciting time, but it can also be one of stress. The way that you start your business and plan its initial launch will have a huge impact on your chances of success. Here’s what you need to know to launch a successful business in 2020 Australia.

Decide On The Legal Structure

Before you can launch your business and start trading properly, you need to decide what your legal structure is going to look like. Some people will be the sole owner and operator of the business. Other people are going to be involved in partnerships or bringing on board a number of other management-level workers.

In Australia, there are four different legal structures upon which a business may be built. These are the sole trader, which we covered above, a registered company, a partnership, or a trust. The legal structure of your business needs to be defined before you can register your business. Every type of legal structure entails a different process for registering, and if you plan on changing the structure later, you may have to go through the process again.

If you don't know what legal structure your business needs, then you should consult with an attorney before you proceed. If there are other people involved in the running of your business, make sure that they are a part of any discussions that you have and that everyone is on the same page.

Choose Your Business Type

Whether your business operates entirely online, entirely offline, or a combination of both will be up to you. Given the wonders of modern technology, there are many businesses that can provide their products and services on an e-commerce basis today that would have been unable to do so just a few years ago. Of course, you always have the option of starting out as an online or offline business and then branching out as your business grows.

Some businesses lend themselves better to one of these arenas more than another. However, it is best to choose the agreement that you think will be the most effective. If you believe that you need one-on-one interaction with customers to let your natural sales skills shine through, then a physical retail outlet is probably the best move.
However, if you have a much more in-depth understanding of e-commerce and wanted to take advantage of that knowledge, you should consider an online business instead.

Apply For An ABN

Before you are able to start a business legally in Australia, you need to register for an Australian Business Number or ABN. Your ABN is an 11-digit number that is unique to your business. Both state and federal government agencies will use your ABN to identify you.

After you have received an ABN, you will be able to register the official name of your business against it. You also need to have an ABN in place before you are allowed to do business with other entities. There are also certain tax breaks available after receiving an ABN.

Register Your Name And Domain Name

Once you have an ABN and an official name for your business, you will want to register it as soon as possible. Some businesses prefer to register their domain names before they apply for their ABN as you don’t need the number to register a web address and build a website.

Choose The Right Premises

If your business is going to operate out of physical retail premises, then you will need to think carefully about the location that you choose. Not only do you need to find premises in a suitable part of town, but you'll also need to spend some time working out the physical layout of your store. It is hard to overstate just how much of a difference the layout of a retail store can make to its fortunes. A well laid out retail store will find it significantly easier to attract customers and make sales.

The right kind of outlet for your business will depend on the type of business you run and the demographics of your target clientele. Of the specifics, there will be a number of features and considerations that are universal for all businesses when choosing retail space. You want to choose a space in a relatively secure area. You want to minimise the chances of your store suffering any kind of breaking or vandalism during the night.

Once you have identified the best part of town for your business and the right premises to move into, you then need to make the space your own and that you have appropriate security in place. 

For example in Australia, a company like Roller Smart Roller Shutters can help keep your store more secure without spoiling the aesthetics from the outside. 

Planning is everything when it comes to launching a new business. Australia is a land of opportunity where savvy business people can thrive. If you are thinking about starting a business in Australia, then make sure you take the time to plan its launch properly.

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Published on: 13th August 2020