A BEGINNERS GUIDE FOR A STUDENT ENTREPRENEUR
A BEGINNERS GUIDE FOR A STUDENT ENTREPRENEUR
WELCOME TO VENTURE!
Are you new to the entrepreneurship space? Have an idea and would like to know where to start? This guide contains the basic info and checklist to go through when launching your entreprise or idea. Ready to get started on your journey?
Are you at the idea stage of your startup or business? Not sure where to go next or need a bit of direction? Not to fear Venture has got your back! Find out how to develop your idea with the information below. Three ways of receiving support and investment through hackathons, incubators and accelerators. Still developing your idea? Then maybe consider participating in a hackathon. Hackathons are fast paced workshops where people in the same fields of study work together to form innovative solutions to problems. Have a business plan or marketable idea? Incubators usually target startups who require a little more support. Incubators are for when you have the idea and are in the early stages of building your company or business. Once your idea is developed and ready you can pitch or present your idea to potential investors and corporates to turn your idea into a product! Already have an existing start up with a business model that seems promising? Accelerators are designed for this. Accelerator programs help strengthen skills through intensive training and mentoring through investors , or a cohort of companies. Here at Venture we currently provide support as an incubator.
Read more to find out how to categorize your startup legally... For Profits exist to gain profit by receiving payments from customers or clients and spending less on the cost for providing the product. Profits can be kep by the owner or if there are employees or partnerships they should be paid accordingly,
DEFINING YOUR ENTERPRISE
Have the idea? Read below to fund out which category you enterprise would be defined under. Social enterprises do not have a legal definition. There are no leg requirements specific to social enterprises but social enterprises have conventional business structures and must comply with the legal requirements applicable to all businesses. Social enterprises can be operated to generate profits to fund charitable causes, or alternatively the business itself can be the charitable or community cause, or both. Some examples of social enterprises are: commercial business developed as a method of training and providing work for the unemployed commercial business developed to provide employment for people with a disability businesses designed purely to benefit the local community businesses created to provide access to financial products for
businesses designed purely to benefit the local community businesses created to provide access to financial products for people who find it difficult to access mainstream financial services an income-generation arm of a charity.
other NFP organisations that are not charities such as sporting and recreational clubs, community service organisations, professional and business associations and social organisations. Not for profits operate to provide services or profit to disadvantaged groups in the community. They can either be Charities must register with the Australian Charities and Not- for-profits Commission (ACNC) before they can be endorsed by us for tax concessions or apply for certain categories of deductible gift recipient (DGR) status.
Legalising your non for profit. Ready to register your enterprise to make it official? Follow and make sure you’ve done the relevant steps below.
1.Registering for an ABN
You’re eligible for ABN if your running or carrying on a social enterprise in Australia. An ABN helps you when dealing with the ATO and other government agencies. If you have an ABN, you can also apply to be a deductible-gift recipient (DGR) or a tax concession charity. It is an 11 digit number that identifies your business. With an ABN, you can also register for: GST, fringe benefits tax, PAYG withholding, other taxes you may need to pay.
1.How do I get an abn?
Apply online via https://abr.gov.au/For-Business,-Super-funds---Charities/Applying-for-an- ABN/ For more info on how to apply https://abr.gov.au/For-Business,-Super-funds--- Charities/Applying-for-an-ABN/ Through the Australian Business Register Phone the ATO on 13 92 26, or apply through a registered tax agent. Ensure any changes in your enterprise are notified to the ATO.
2. Registering for GST and other taxes
If your enterprise needs to register for GST, FBT or PAYG withholding, you can select these options on the ABN application form. If your enterprise already has an ABN and needs to register for GST or other taxes, there are other application forms you should use. Your not-for-profit organisation must be registered for GST if its GST turnover is more than $150,000. Any business that makes less than $50,000 sales each year isn’t required to charge GST, but if you intend to have more than $50,000 in sales over the financial year you will have to register for GST.
You can apply for the GST online via Online services for business https://www.ato.gov.au/business/gst/registering-for-gst/. or y phone on 13 28 66 through your registered tax agent or BAS agent If you're a grant receiver for your for profit, or social enterprise you will need to apply for a GST. If a non proft you won't need to. by completing the Add a new business account (NAT 2954) form.
You can order a form using our online publication ordering service If you’re a non resident business check out this link below to register for GST. https://www.ato.gov.au/Business/International-tax-for-business/Non-resident-businesses-and- GST/ For more comprehensive information on starting a bsuiness with ATO, go on their webisite with this link or a google search. Check out this link for a more comprehensive information. https://www.ato.gov.au/Business/Starting-your-own- business/
3. Registering your business name
If you’d like to officially own your business name you can register it with The Australian Securities and Investments Commission. You can register your business name online at http://asic.gov.au. Registering the business for one year costs $34, or you can choose 3 years for $79.
Registering your business name as a trademark cost a minimum of $220. More information about trademarks and international property rights in Australia is available from http://www.ipaustralia.gov.au.
5. Licenses & Permits Every state across Australia has different requirements for licensing and permits. For more information on what is required in your state or business type visit https://ablis.business.gov.au.
7. Assistance from professionals Some aspects of your business may be better dealt with, such as an accountant who can help you with taxes and ensure that you are always in compliance with your tax obligations. This may be more efficient, saving time and money.
A budget can enable us to set short and long term goals for business growth, track revenue, expenses and cash flow, have a record for finances and prepare for slow or busy periods.