To start a small business in Australia, one must plan, research, and register their business. Initial steps include defining business structure, gathering necessary licenses and permits, naming the business, and registering for an Australian Business Number (ABN).
The importance of starting a small business in Australia lies in its potential for economic growth and job creation. Small businesses contribute significantly to the Australian economy, fostering innovation, competition, and local employment opportunities. Historically, small businesses have played a crucial role in shaping the country’s economy and continue to be vital to its future prosperity.