Startups 101: Tips on Starting a Business

Everybody dreams of becoming a business owner, and most successful businesses today started with a group of people who shared the same goal and passion. When you decide to register a business, there are factors that you need to think about and steps that you need to follow. There are several processes that you need to do early on, so you will not have to think about most of the nuances that you should know when putting up a business.

The Price of Putting up a Business

General Fees

An ABN, or an Australian Business Number, along with a business name, is required when you want to open a business in Australia. It is free to get an ABN, but you have to pay for the business name, which may set you back $35 for the first year and $82 for the next three years if you are registering for a Sole Trader or Company business structure.

When registering for a Company, though, there is a required fee of $479 and may be higher depending on the type of business structure that you choose for your startup.


When you register a business, you would most often need people to work for you. Salaries are then a necessity that you have to consider as a cost of doing business. Even for a sole trader business structure, there will always be that other person that you have to hire to help you out in the industry.

You also need to consider the rent that you will pay for office space. If you own the building that you work in, there are other financial aspects that you need to remember, such as taxes. Apart from this, curbing your miscellaneous expenses can also help in strengthening your financial situation. And opting for cash discount programs can help you with that. According to the experts at, such programs help in eliminating merchant processing fees during your business transactions.

Equipment and Miscellaneous

Even if your business is entirely online, you will still need to buy hardware or equipment to maintain your business. You might need a printer or an additional computer, or a separate workspace for the other people you will be hiring.

As people are usually on their mobiles, having a website or an app is the next best thing that businesses can ever hope to have, so that they can have an additional link to potential customers. The cost of starting a website or creating an app is also one of the factors you need to consider.

Putting a Name to the Face

Aside from the probable cost of doing business, one important link that you need to have with your company is its name. The name of your business will be the flag that can separate itself from the existing companies that may have the same niche as yours. So make sure to think long and hard for your business name.

Your business name will also be the most prominent detail about your company. It will be included in your emails, business cards, and other paraphernalia that will be distributed by your company.

It will also be a way for the government to know about your business and will be the primary information that is needed when it comes to bank paperwork.

Do not forget to do your research when it comes to starting a business. You need to remember that there are legalities that you have to be aware of, so in the long run, you will not have any problems with the government.

Remember to understand the financial aspects as well, especially if you will need loans to get your business off the ground. You would not want to be straddled with unnecessary costs in the long run.

Jack Sylvester

Jack Sylvester is a freelance writer, He is extremely fond of anything that is related to ghostwriting, copywriting and blogging services. He works closely with B2B businesses providing digital marketing content that gains social media attention. His aim to reach his goals one step at a time and He believes in doing everything with a smile.

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