Whether you’re just getting started on your online business, or you’re looking to expand your current business, there are a few things you need to know. Read on to learn about the steps you’ll need to take to start an online business in Australia.
E-books are poised for strong growth in the Australian market
Despite the Covid-19 crisis, the Australian book market has continued to grow. In fact, the year ended in July 2020 saw sales grow 4.1% on the year. This figure is more than double the pre-Covid years of 2019.
Amazon has become Australia’s top online retailer, but its entry into the Australian market will not be without its share of pitfalls. While Amazon may soon overtake eBay as the country’s leading online shopping website, it is also a company that uses its size to dictate terms to publishers and other book sellers.
E-commerce is growing in Australia
During the past five years, the eCommerce industry in Australia has seen a significant influx of new entrants. This has helped the industry grow significantly, with revenue estimated to reach US$32.3 billion by 2024.
With increased Internet penetration, Australian shoppers are increasingly interested in purchasing apparel online. They want to buy from ethically sourced retailers and prefer to shop at a digital native retailer. Moreover, their needs for athleisure, gifts, and self-improvement are also increasing.
GST/Tax implications of starting a business in Australia
Having an Australian Business Number (ABN) is a prerequisite to starting an online business in Australia. The ABN is used for many purposes, including registration for GST and other taxes. You can register for an ABN online. You can also register by calling the ATO.
Businesses in Australia need to register for GST if they generate more than $75,000 in gross income in a year. This is a fairly simple process. If your gross income is below $75,000, you are not required to register for GST. However, you will still be required to submit a BAS every quarter.
Government grants for an online business startup
Creating a new business can be a challenging process. Even the smallest business needs capital to get started. Finding a startup grant is one way to get the funding you need. The Australian government has many programs that can help your business get off the ground. Choosing the right one can be a game changer for your venture.
The Entrepreneurs’ Programme is a national program that offers grants to startups. It connects startups with private-sector advisers and provides access to a network of innovation experts.
Costs of setting up an online business in Australia
Creating a business is an expensive undertaking and it can be hard to determine how much it will cost to start. Luckily, there are many ways to navigate the initial costs of starting a new business. Some expenses are one-time while others recur regularly. Knowing what your costs are upfront can help you get started and will reduce stress in the early days.
One of the simplest ways to determine your costs is to use a spreadsheet to calculate the total cost. This will tell you how much you need to start your business and also help you budget for any additional expenses.
Legalities pertaining to intellectual property
Whether you’re planning to open a new business online or simply expand your existing business, there are many legalities pertaining to intellectual property that you should be familiar with. Having a good understanding of these laws will help you create a solid foundation for your business.
Intellectual property includes everything from business names and logos to artwork, designs, trademarks, copyrighted materials, and registered design work. IP rights are protected by copyright and patent laws. There are also trade secrets laws that protect intellectual property.