Very good question! As you mentioned, every business is unique and it’s very difficult to say how much it costs to start a business without knowing the type of business you want to start, industry, where you’ll operate from and whether you need to employ staff among other factors. Some businesses like dropshipping, for example, can be started with minimal startup costs, while others such as brick and mortar retail shops or cafes require more startup capital. In other words, how long is a piece of string?! That being said, research shows that the average startup cost for Australian businesses typically ranges between $3,000 to $10,000. Again, the upfront investment could be considerably more depending on the factors discussed above.

Just to give you an idea, some of the startup costs you’ll need to think about include:

1. ABN, business name and tax registration 

2. Commercial lease/rent 

3. Shopfitting/office furniture and supplies 

4. Utilities 

5. Insurance

6. Website design and domain registration 

7. Inventory 

8. Marketing 

9. Payroll

As you can see, the costs can quickly add up! Many of these expenses are non-negotiable and you either need to have savings ready to invest in your business or think about raising capital, whether it’s through a business loan, equipment finance, investor funding or business grants. It’s always worth exploring the different grant options available as many small businesses don’t know they are eligible for certain grant programs and miss out.  

Hope this helps!