Getting Started

Legal Considerations
Setting Up Your Finances
Operating Your Business
Promoting Your Business
Keeping Pace
More Information 

To download the Getting Started leaflet in PDF format click here.

Once you have determined that you are ready and able to take on identified viable business opportunities, there are many practical things you need to put in place right at the start to establish your business on a sound footing.

Our Getting Started checklist covers:

• Legal Considerations
• Setting Up Your Finances
• Operating Your Business
• Promoting Your Business
• Keeping Pace

Some tips on how to avoid business failure:

• Don't underestimate the capital you need to start up the business.
• Understand and keep control of your finances - income earned is not the same as cash in hand.
• More volume does not automatically mean more profit - you need to get your pricing right.

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Legal Considerations

• Decide how your business will be legally structured.  See Business Structure for more detail.
• If you choose to be a sole trader, you can trade using your own name or register a business name with the Office of Fair Trading.
• If your business is a company, your company name needs to be registered with the Australian Securities and Investment Commission (ASIC).
• Register for an Australian Business Number (ABN) with the Australian Taxation Office.  You can register online for an ABN at the Business Entry Point.
• Register for the relevant taxes, including GST and PAYG.  See Taxation for further information on what relevant taxes apply to your business.  You may also do this via the Business Entry Point.
• If you intend to employ, obtain information on awards, superannuation policies, workers compensation, PAYG taxes, as well as other relevant employment information.  See Employment Conditions.
• Check on what licences/registrations may be required for your business through the Office of Fair Trading.
• Check with your local council regarding zoning, health regulations and whether you need to lodge a Development Application or Building Application.
• Develop an Intellectual Property register for logos, trade marks, patents, copyright and designs.  Contact IP Australia for more information.
• Register your website domain name if you want a strong Internet presence.  You need a legitimate business or company name, eg through the Office of Fair Trading, to get a .com.au address.  You can search for and register a domain name at www.auda.org.au/domains/au-domains/.
• Draw up your Will, especially if you are a sole shareholder/director.

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Setting Up Your Finances

• Set up a business bank account (if you have registered a business name you will need to have your Certificate of Registration of Business Name).
• Discuss your financial position and any loan arrangements with your lender.  Raising Finance will help you think through what type of finance you should be seeking.
• Consider credit arrangements (for instance EFTPOS and credit facilities for your customers).
• Choose your accountant and set up your financial record keeping system.
• Set up a system to monitor the financial performance of your business, eg cash flow budget.   Consider benchmarking your business against profiles available from your local Business Advisory Service.

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Operating Your Business

• Identify the benefits and disadvantages of purchasing property versus leasing property versus working from home.  See Commercial Leases on what to take into account when negotiating leased premises.
• Negotiate and sign any lease/purchase documentation in consultation with your solicitor.
• Arrange for business insurance, including public liability, vehicle, fire, burglary, professional indemnity and sickness.  See Insurance for further detail.
• Arrange for connection of utility services, such as electricity, water, telephone and gas.
• Purchase business equipment, fittings and furniture.
• Develop an asset register.
• Order and purchase stationery, tax invoices, letterheads, business cards and record keeping book.
• Arrange for a suitable filing and accounting system.
• Order and purchase trading stock and determine terms of payment, delivery and freight.

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Promoting Your Business

• Make sure you identify and promote your business at every opportunity, eg through your stationery and other promotional material.
• Determine your advertising and marketing needs.  Decide on the cost/benefit of using an advertising agency.
• Think about how you could network with other businesses to promote your products or services.
• Determine how e-business could work for you.
• Develop a marketing plan that will not only sell your products but also promote your business.  Marketing, Advertising and Promotion and Customer Service should assist.

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Keeping Pace

• Make sure you have a well-prepared business plan, one that you review over time as your business develops.  See Business Planning to help kick this off.
• Join a trade association/chamber of commerce.
• If you are in a partnership, consider obtaining a Power of Attorney for you and/or your partners.
• Review your Will from time to time to ensure it reflects any change in your circumstances.
• Stay up to date with changes in your industry, customer preferences and business regulation system.
• Undertake further training and build professional relationships to build your business capability.

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More Information

• Office of Fair Trading:  call 13 32 20 or visit www.fairtrading.nsw.gov.au.
• The Australian Securities and Investment Commission can be contacted on 1300 300 630 or visit www.asic.gov.au.
• Industry Associations and your local chamber of commerce and industry offer advice and services to members.
• Your local Business Advisory Service can offer you one-on-one advice on the practicalities of setting up your business.  It also offers low-cost business workshops, such as business planning, marketing and financial management.  Call 1300 650 058.