How much does it cost to start a business in Australia?
Starting a business in Australia can be very exciting and overwhelming at the same time. With many regulations and laws to comply with, it's essential to do your research and have a clear idea of your goals, budget, project cost, and business components.
5.8% of the Australian population is setting up a new business.
Launching a business in Australia is relatively cost-effective compared to other countries, with the average cost estimated at $3,000 - $5,000 starting a small business. It can be up to $22,000, depending on your sector and the size of the business. As a starting point, you can even launch a business in Australia for under $200.
However, some hidden costs can quickly add up, so it’s essential to be aware of these before starting.
The most common costs associated with starting a business in Australia are:
- Supplies and equipment
- Utility connections
- Business name registration
- Solicitor fees.
The cost depends on the type of business and the sector you’re about to start. For example, If you're starting a plumbing business, you need to have the tools of the trade. If you’re creating an online home business, like selling products on Shopify, you should have got your tools of the trade.
If you’re starting a restaurant business, you need to list the estimated costs of the rental or the purchased property or the place of the business, the equipment, the decoration, the ongoing bills, and the payroll for the staff.
Our team at NameCorp can offer you a complete package of support in finishing the paperwork processes required to start your business to ensure all the steps are done smoothly and quickly regarding the business name registration. All business name registrations come with free start-up and budgeting planner templates so that you can plan your business funding requirements from the start.
NameCorp specialises in delivering fast, effective, and mistake-free business name registrations. Our NameCorp business experts have decades of experience working with ASIC and the Australian Government.
If you’re an Australian business looking to register a business name, we can help you get it done quickly, smoothly, and with no messy paperwork. Let's get in touch.