My answer is YES—but there’s a catch.
Business Registration: Simple & Straightforward
Registering a business in Australia is relatively easy:
✔ Sole Trader: Free to register an ABN (Australian Business Number)
✔ Company (PTY LTD): Costs around $1,000 if you do it yourself or $1,500–$3,000 with professional services.
However, the real challenge isn’t registration—it’s understanding the market, attracting customers, and keeping the business running long-term. As a business advisor, I’ve worked with many aspiring entrepreneurs, and I’ve seen firsthand that success comes from proper planning, market research, and strategic decision-making.
Business Landscape in Australia
According to the Australian Bureau of Statistics (ABS):
📌 As of June 30, 2024, there were 2,662,998 actively trading businesses in Australia.
📌 With a population of 27,204,809 (source), this means about 1 in 9.8 people runs a business.
📊 Business Entries and Exits (July 2023 – June 2024):
✔ 436,018 new businesses started (16.8% entry rate).
✔ 362,893 businesses closed (14.0% exit rate).
Many people intend to start a business, but not all follow through. Even those who do may struggle to survive their first three years.
Why Do Small Businesses Fail?
According to the Australian Banking Association, common reasons include:
❌ Poor leadership and management
❌ Lack of market research
❌ Weak financial management
❌ Underestimating competition
❌ Issues with products or services
Additionally, choosing the wrong location can be a costly mistake. For example, opening a café in an area with low foot traffic, limited parking, or too many competitors can make it difficult to attract customers.
Another critical issue is a lack of business knowledge. Many new entrepreneurs don’t fully understand:
📌 The difference between Sole Trader vs. Company structures
📌 Their tax obligations and legal responsibilities
How to Prepare for Business Success
Proper preparation increases your chances of success and helps you develop the right mindset to handle challenges. Here are some free tools that can help:
1️⃣ Assess Your Business Idea’s Financial Viability
👉 Check feasibility analysis
2️⃣ Conduct Market Research
👉 Learn how
3️⃣ Understand Business Structures & Types
👉 Explore your options
4️⃣ Create a Business Plan
👉 Get started
5️⃣ Set Your Pricing Strategy
👉 Learn pricing tactics
6️⃣ Learn About Tax Obligations (Free Course)
👉 Small business tax education
Conclusion
Starting a business is easy—but running and sustaining it is a long journey that requires research, preparation, skill development, and adaptability.
If you invest time in learning and planning, you’ll build a strong foundation for success. 🚀
Jolie Linh Nguyen | Business Advisor
6 Mar 2025
Read more» Starting your business in Australia: A comprehensive guide to success
