How to Set Up a Home-Based Business the Right Way

Operating your own home-based business requires hard work, dedication, and intense focus. It is not easy running a business, whether small or a multimillion dollar company. But every successful enterprise has to start somewhere, right? If you want to start a small business from home, there are a few basic essentials you must never ignore to avoid snags and complications once your business is up and running.

One of the most common tips you will get from experts when planning to set up your own home-based business is to do a substantial market research. Determine whether or not you have a sustainable market for your product or the type of service you are providing. Figure out whether or not you will be able to establish your business in the current condition of the market. If there are too many players or competitors, setting up your business in that particular market may present more challenges.

If you are confident about your product or service, and believe it can stand toe-to-toe against more established competition, then you should consider studying your potential rivals in order to gain an advantage over them once you settle in with your business. Finally, you might also want to find out in advance how you are going to market your product or service to potential customers. Again, learn from what your competitors are doing. If you can’t develop a new marketing strategy, at least improve on an already existing marketing scheme.

Once you have done your research, established a feasible marketing strategy, and developed a good business plan, the next thing you need to think about is the legal matters like registering your business to make it legit. There are a lot of things you still need to consider before you can begin entertaining clients and buyers. Among them is registering a business name for your home-based company, registering a tax file number (TFN), and acquiring an Australian Business Number (ABN).

Getting an ABN is quite easy. Nowadays, registering a business name and applying for an ABN number is already a linked process to make it more convenient for small business owners. You may also apply for ABN online, if you prefer a quick and easy method of securing an Australian Business Number. It only takes less than 24 hours to obtain a valid ABN number online.

In addition to the business name, TFN, and ABN registration, you should also learn and understand your tax and legal responsibilities as a business owner. Having a good understanding about goods and services tax (GST), pay-as-you-go (PAYG) withholding tax, fringe tax benefits, and payroll tax – if you’re planning on hiring employees, will only help make your business more compliant to the rules and regulations associated with running a business in Australia.

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A Business Start-up Checklist for First Time Entrepreneurs in Australia

Starting a small business in any country requires a serious amount of research, meticulous planning, and a tenacious attitude to persevere and execute what needs to be done in order to achieve your goals and eventually turn your business into a success. Before you dive in with both feet, you should learn about the basic essentials in running a business in Australia.

Do a thorough research regarding your business. Just because the business worked for someone you know on the other side of the globe doesn’t mean that it will work for you, too. There is a reason why some products or services work well in certain countries while failing miserably in other markets. Determine if your business idea is viable in your current demographic. In other words, you should ask yourself: “Will my product or service bode well with the Australian market?”

Develop a good business plan and study your potential competitors closely. Whatever type of business you are in, you will always have competitors who may threaten the survival of your business. Study them religiously and figure out what they lack, what works for them and what doesn’t. Sun Tzu’s “The Art of War” states that “if you know your enemies and know yourself, you will not be imperilled in a hundred battles”. This principle is not only applicable to battles; it can also be applied to almost any aspect of life, including running a business successfully. You cannot gain an advantage over your competitor if you don’t know his strengths and weaknesses.

Doing ample research on your target market is also vital to the success of your business. Whatever product or service you are planning to sell, you need to be certain that there is a market for it, right? And if there is potential market for your business, you need to determine next how you plan on reaching your target audience.

Another aspect of the business you have to deal with is the appropriate permits, licences, and other legal requirements. You need to register your company, register a business name, and obtain Goods and Services Tax (GST), Tax File Number (TFN), and an Australian Business Number (ABN). Although the latter is not compulsory, getting an ABN is still quite beneficial to a variety of small business, especially those operating online, since an ABN will allow you to obtain a domain name for your online business. You can conveniently apply for ABN online, free of charge.

Before you open your doors to the public, make sure that you have all the necessary business licenses and sales permits to avoid legal complications and other problems later on.

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Moving to Australia – Where to Live

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Australia continues to be a favourite among immigrants and expats from all over the world. If you’re one of those people who are planning to move to Australia sometime in the future, then one of the decisions you’ll have to make is where in Australia you’ll be moving to. The good news is that you have a number of excellent choices, and here we will discuss two of them.

Melbourne

This city traces its humble beginnings back to 1935, when it was officially established. Today, it has become a highly industrialized city that serves as a crossing point for commerce, education, sports, entertainment, tourism, culture, and the arts. It is, in fact, hailed as the continent’s cultural capital and financial centre. The city is home to many of the country’s leading banking institutions and insurance companies. Therefore, if you are a lover of the arts and/or sports, and you work in a financial industry, then this could be the ideal Australian city for you.

Brisbane

Located in Australia’s Eastern coast, this city is among the country’s first penal colonies and traces its history way back to 1824. Today, its doors are open to a variety of industries and it has embraced a lot of major sporting events from all over the world. It is bursting with opportunities in such industries as information technology, higher education, financial services, and public administration. You’ll also find a good number of opportunities in blue-collar industries such as paper milling, petroleum, railway building and maintenance, and metallurgy. If you work in any of those industries, then Brisbane may be the right place for you.

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Whether you choose to move to Melbourne or Brisbane, you’ll most probably require the assistance of a reliable moving company. It is perhaps a good idea to hire removalists Melbourne or removalists Brisbane, depending on your city of choice, as opposed to hiring movers based in other locations. The reason for this is that movers based in the city you plan to move to will most likely be familiar with the city and the specific neighbourhood where your new home is located. This makes for an easier and more efficient move.

Remember as well that moving companies now offer services beyond the actual loading and transporting. In fact, the best moving companies also offer relocation consulting services, where you will be given valuable tips and advice regarding the process of relocation and the place you plan to move to. By hiring movers based on your chosen city, therefore, you get the opportunity to learn more about what there is to see, where to go, and what to do when you get there.

The relocation consultant could also give you some helpful recommendations as regards applying for work and looking for a good school for your kids, if necessary. Of course, you’ll have to make sure the moving company you hire is a reliable one. Among other things, check for experience. A company isn’t likely to stay in business for long unless it offers excellent services, so it may be best to go for movers who’ve been in operation for at least ten years.

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