Pre-planning is the key to the success of your business. This checklist provides all the steps to give your new business the best possible start.
Do market research
Market research allows you to identify your customers, your competitors and your industry. The results of your research will give your business direction and help you stay on top of what your customers want, and how much they're willing to pay for.
Decide on your business structure
Depending on the nature of your business, choosing the right business structure can help put your business in an advantageous tax and legal position.
Strategise and plan
Take time to write your business plan – this is a crucial step in establishing a new business.
Your business plan helps crystalise:
- what your vision for the business might be
- your product/service offering
- your marketing strategy
- your business structure
- your finances
- your action plan.
Based on the market research you've done, define your marketing strategies and tactics to help you define the overall direction and goals for your marketing. The strategy should articulate how you propose to deliver your products or services. You'll also need to work out tactics to sell your products/services.
Estimate your costs
What are the set-up costs associated with starting your business? A business plan will help you to work out the common costs when starting a business to determine the amount of financing you'll need.
Set up your financial tracking tools
Learn how to do your own books to track your profits, losses, sales, stock, and cash flow. Useful templates for a business include the financial statement template and cashflow forecasting template.
Determine the location of your business
Think about whether you want to lease or buy a premise or run your business from home. Use our Set up your premises guide help make the right decision for your business.
Determine if you need a business name
If you intend to use your personal name as a business name, there's no need to register it with the Australian Business Register.
Find out more information on registering a business name.
Find out what registrations you need
Use the Australian Business and Licences Information Service (ABLIS) to help work out the registrations, licences and permits you'll need for your business. Registrations that you may need include an Australian Business Number (ABN), Tax File Number (TFN), Goods and Services Tax (GST) and Pay As You Go (PAYG) Witholding.
Protect your business name and idea
Registering your business name does not give you proprietary rights for the use of the trading name. If you register a business, company or domain name, you don't automatically have the right to use that name as a trade mark.
You can gain an edge over your competitors by protecting your business idea.
Get the right insurance
Different businesses have different insurance needs. Find the right insurance to ensure you can continue to trade during business interruptions such as fires, injuries and litigation.