More and more people are hoping and aiming to run and own a business. Of course, who wants to be an employee for a very long time? Also, by owning a business, you are giving yourself the chance to earn apart from the income you get from your regular job.
If you are planning to own a business, it is best if you initially think about creating an abn. Some do not take this very seriously as they think that they can operate peacefully and better without it. Yes, a business can operate without an ABN but there are a lot of restrictions they need to face if they do so.
Just in case your business does not have an ABN yet, it is time that you get one today. To convince you further about it, here are some of the benefits of having ABN:
- It gives you the right to register a business name
Running a business without a unique name will not give you higher chances to succeed like those who have permanent business names. Of course, how can you make your business succeed if in the first place, you cannot tell your target market who you are and who do they need to look for.
Having a business name is a necessity for businesses and if you do not have ABN, you have no chance of owning a name only your business owns.
- It will allow you to use the domain “.com.au”
To get higher trust rating from your target market, it is highly recommended that you create a website with a domain name “.com.au”. One of the requirements for you to own a site with that domain is creating or registering an ABN.
More and more people are becoming dependent online, hence, if you do not have a website they can visit, or a website that has a trustworthy domain, there is a small chance that you will get noticed.
- It lets you collect GST tax credits
The credits you can collect when you have ABN is more than enough to help you sustain your other finances in your business. Why would you deprive your business with it, if in the first place you can grab it just by creating an ABN.
Worry not as much to those business owners who claim they are always busy and have no time getting ABN as now, they can create ABN in just few clicks away. This they can do in front of a PC or any internet able device.
The ease of creating an ABN should make every business owner find time and interest getting one for their business. Make sure though that you are working with a third party vendor that can truly help you create an ABN legally.
Once you already registered for an ABN, you also need to know that you have responsibilities to shoulder after that, like issuing invoices to your customers and paying all necessary taxes to ATO.