10 KEY steps start your new business

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.

1. Research
Researching the market 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.

2. 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.

3. Strategise and plan

Business 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.
A clear and well-thought out business plan helps secure
investors and funding.

Market 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.

4. 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.

5. 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.

6. 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 Checklist: Setting up your
premises to guide you in your decision.

7. 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.

8. Find out what registrations you need
Use the Australian Business and Licences Information Service
(ABLIS) External link (opens in same window) 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.

9. 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.

10. 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.