Business Structures and Registration

One of the first things to do is get an ABN (Australian Business Number). If you are buying materials and products at full retail prices it’ll eat into your profits big time. Getting an ABN will allow you to purchase from some businesses as a wholesale customer so you pay considerably less. Be careful as once you have an ABN your business name becomes public knowledge and many businesses will contact you when it’s renewal time to offer to renew your business registration. The problem with that is they charge more. Always go directly to ASIC website which is the link below.

The relevant information can be found here

Before you do this you need to decide what business structure you want to trade as. Many start ups trade as sole trader. Being a sole trader is a simple set up, gives you full control of your business and you can use a personal bank account not a special business one that usually comes with fees. More information can be found here:

Information on other business structures can be found here: