Over 700,000 small businesses are thriving in New South Wales, making it a fantastic place to launch a new venture. The state's economy is expanding quickly, and robust pipelines for infrastructure and housing construction coupled with steady population growth mean that all the groundwork is there for a successful enterprise.

However, if you want to make the most of the opportunities that lay out there, you'll need to prepare a business plan, choose the most suitable legal structure, set a budget, raise funds and more before opening your new company in NSW. Although the process can feel overwhelming, there is great help available. For instance, the specialized and individualized Business Connect program of the NSW Government offers independent business advice and events to assist New South Wales business owners in starting, operating, adapting, or expanding their small enterprises.

This guide contains everything you need to know about launching your own business in New South Wales.

1. Refine your business strategy in a business plan

Any successful business owner will tell you that to launch an enterprise the right way, you will need a business plan. A thorough business plan will transform your initial ideas into a workable strategy, highlighting any gaps where assistance may be required. What’s more, prior to funding your new firm, the majority of lenders will demand to see a thorough business plan.

Use your business plan to define your ideas, examine the market, and plan a SWOT and competitor analysis.

2. Decide on a corporate structure

You must select a business structure for your new endeavour before launching it in NSW. Your choice of business structure will have an impact on your legal responsibilities, taxes, and liabilities; each choice has advantages and disadvantages.

The sole proprietorship, company, partnership, and trust are the commercial entities most frequently utilized in New South Wales. You can discover a comprehensive guide to choosing the ideal structure for your new business on the New South Wales Government website. In the future, you can adjust your organizational structure to account for business development and growth.

3. Research funds and assistance for companies in NSW.

The NSW government offers a variety of forms of assistance to people beginning or expanding businesses. Small enterprises in NSW may apply for a number of grants, including:

• Grants for the development of the Minimum Viable Product (MVP). The MVP is designed to help potential technological firms that haven't yet made any money. For further details and to submit an application for a Minimum Viable Product (MVP) funding, go to the NSW Government website.

• Funds for Building Partnerships: These grants assist NSW startups and SMEs in growing by obtaining a crucial client or distribution network. More details on Building Partnerships funding are accessible on the website of the NSW Government.

• Grants from the Western Sydney Investment Attraction Fund: If your startup is located in a designated local government area, you may be eligible for this grant, which was created specifically to stimulate the Western Sydney economy. For more information and to receive notifications when the Western Sydney Investment Attraction Fund is accepting applications, go to the website of the NSW Government.

Aside from grants, the NSW Government offers a number of initiatives and programs to help small businesses in the state of New South Wales. These consist of:

• Women in Business is a joint project of the NSW Government and TAFE NSW that provides a fully funded online program for women wishing to start or already running a small business. You’ll find more information, including details on the qualifying requirements, on the TAFE NSW website.

• Sydney School of Entrepreneurship: TAFE NSW and universities in the state of New South Wales fund the Sydney School of Entrepreneurship, a non-profit organization. They provide courses in innovation, design thinking, and entrepreneurship, as well as activities like a Virtual Startup Internship. The SSE website has more details.

• Business Concierge: An excellent service for small business owners who want assistance with starting, operating, expanding, or changing their enterprises, applying for government grants and licenses, comprehending legislation, and interacting with local authorities.

4. Submit applications for any necessary licenses or registrations.

To run a business in NSW, you require particular licenses and registrations. You can look for the licenses, rules, council approvals, and other compliance needs that may apply to your new business on the Australian Business Licence and Information Service (ABLIS) website based on your business type, industry, and area.

Businesses in New South Wales frequently need to:

• Obtain an Australian Business Number by registering (ABN). You may register an Australian domain name and get credits for energy grants and Goods and Services Tax, among other things, with an ABN.

• Create a Goods and Services Tax account (GST). If your GST turnover is $75,000 or more, you must register your firm for GST.

• Get a Tax File Number. You must apply for a business Tax File Number if you've selected a corporation, trust, or partnership structure for your organization. You must apply for a personal Tax File Number if you plan to operate as a sole trader.

• Create a PAYG withholding account. If you need to deduct tax from payments you make to workers, independent contractors, or other businesses that haven't given you an ABN on behalf of the Australian Tax Office, you must register for PAYG withholding.

5. Purchase liability insurance

Although liability insurance is not a legal requirement for all businesses, your business may benefit from public liability insurance NSW in the event that there is property or person damage or harm. Other insurance options include public liability, professional indemnity, and product liability.

6. Choose where you’ll operate

Your business may be purely online, or it may be run from an office, home, or commercial building.

If you manage an online store, you'll need a designated area in your house or rented office space where you can pick and pack orders.

You will need to rent or own business space if your new venture is a retail store. In addition to applying for a fire safety certificate, construction certificate, zoning certificate, or to install a street awning or business sign, there are a number of other factors you may need to take into account when developing your property that are listed on the New South Wales Government website.

Even though you won't need to select a location for your home-based business, there are still a few standards that must be met. A thorough list of advice for home enterprises is available on the New South Wales Government website, including information on whether you require local council approval to operate your business from home.