Sometimes it can feel overwhelming when you are starting a business. There is so much to think about to get set up correctly. From making sure all the legal and financial boxes are ticked to market research and competitor analysis.

Starting a business is more than having a great idea. But don’t worry, you’ve come to the right place. This page will guide you through the essential steps to get your business up and running.

What’s your big idea?

Every business starts with an idea. Maybe you’ve got a passion you want to turn into a career, or you’ve spotted a gap in the market. Whatever your inspiration, it’s important to ensure your idea is viable.

Tips to test your business idea

• Research the market: Who are your potential customers? What do they need, and how will your business meet that need? Use online tools like ABS statistics or conduct surveys to gather data.
• Analyse the competition: Who’s already offering something similar? How is your product or service different? What’s your unique selling point (USP)?
• Start small: Can you trial your idea with minimal investment? This could be as simple as setting up a market stall or offering services to friends and family.

Resource

• Idea Validation Checklist

Writing a business plan

Sure, a business plan might sound intimidating, but think of it as your roadmap. It doesn’t need to be 100 pages long. Write up a straightforward plan clarifying your goals and who your customers will be. Include any research and financial plans.

What to include in your business plan:

• Executive summary: This is a short outline of your business and what you want to achieve.
• Business description: Make sure to relay what problem you are solving and how.
• Market research: Who are your customers, and what do they need? Include insights into your competitors and industry trends.
• Marketing plan: How will you reach your audience? People need to know about your business. Include details on social media, email marketing, and any planned promotional activities.
• Financial plan: Do you have basic forecasts for revenue, costs, and projected profits? Break this down into monthly projections for your first year.

Resources

• Business Plan Template
• Business Plan Checklist
  Double-check that your plan includes all the key elements before you shop it around to potential investors.

Making it legal

The legal side of starting a business might not be the most exciting, but it’s absolutely crucial. Getting this step right from the start will save you headaches (and money) later.

Key steps to setting up a business:

• Choose a business structure: Are you going solo as a sole trader or setting up a partnership or company? Each option has different legal and tax implications. Learn more at business.gov.au.
• Register your business name: Pick a name that’s memorable and aligns with your brand. Then, check if it’s available and if the answer is ‘yes’, register your name with the Australian Securities and Investments Commission (ASIC).
• Get an ABN (Australian Business Number): You’ll need this for tax purposes and invoicing. Apply for free via the Australian Business Register.
• Understand your obligations: Certain sectors of business are governed by additional regulations. For example, food businesses may require health permits, while tradespeople often need certifications. Learn about licences, permits, and any industry-specific regulations you must comply with at ABLIS.
• Consider insurance: Protect your business with insurance tailored to your industry. Public liability insurance and professional indemnity are common starting points.

Resources

• Business Setup Checklist
  This is an easy-to-follow checklist outlining each step.
• Guide to Australian Business Structures
  This outlines the pros and cons of each business structure explained.

Managing your finances

Managing money is a big part of running a successful business. From opening a bank account to tracking your expenses, you’ll want to get organised from day one.

Financial basics include:

• Separate your finances: Open a dedicated business bank account to keep things clean and simple.
• Set up a bookkeeping system: Whether you use software like Xero or hire a bookkeeper, staying on top of your finances is crucial.
• Know your tax obligations: Register for GST if required and stay informed about BAS (Business Activity Statement) reporting.
• Create a budget: Estimate your start-up costs and plan your spending carefully.

Resources

• Start-Up Budget Planner 
  Download this handy worksheet to map out your initial costs and keep track of your spending.
• Cash Flow Tracker
  Keep your finances in check with this simple tool.
• ATO Small Business Support

Building your brand

Your brand is more than just a logo; it’s the personality of your business. A strong brand helps you stand out and connect with customers.

Steps to build your brand:

• Define your mission and values: What do you stand for? What makes you unique? Share your story to create an emotional connection with your audience.
• Create a visual identity: Think about your logo, colours, and fonts. Make sure they align with the vibe of your business.
• Craft your messaging: How will you communicate with customers? What tone of voice will you use? Keep it consistent across all platforms.
• Build your online presence: A website and active social media profiles are must-haves for most businesses today.

Resources

• Brand Development Workbook
• Social Media Strategy Checklist 

Finding customers

You’ve got your idea, plan, and brand—now it’s time to find your customers. Marketing doesn’t have to break the bank. Start small and focus on building relationships.

Marketing ideas:

• Social media: Socials are a great way to connect with customers. Just remember to be authentic and only post on the platforms your audience hangs out on. There’s no point being on X if you’re a toy store – head to platforms where your tribe is engaged. Socials are also great for gauging interest in new products, sharing behind-the-scenes content, or offering customer giveaways.
• Networking: Have you considered a partnership with other businesses in your area? Join your local business group or chamber of commerce and attend events to make connections.
• Referral incentives: Word of mouth is one of the most powerful and trusted forms of marketing. Encourage your customers to post reviews, and if they refer a customer, reward them!
• Local advertising: Flyers, posters, or a listing in your community directory can work wonders for small businesses.
• Email marketing: Build an email list and send regular updates with valuable content, promotions, or special offers.

Resource

• Marketing Plan Template

Overcoming challenges

We’d be lying if we said starting a business is all smooth sailing. There will be bumps along the road. The key is to stay agile and learn from any mistakes.

Common challenges and how to handle them:

• Cash flow issues: When it comes to your cash flow, you need to be eagle-eyed. Monitor your budget and consider setting up a rainy-day fund.
• Burnout: Running a business is hard work. Make sure to set boundaries and take time to recharge.
• Unexpected setbacks: GFC … Global pandemic … Sometimes things happen that are completely out of your control. In times of crisis, you need to learn to pivot and adapt.

Resources

• Problem-Solving Toolkit
  Access tips and strategies for tackling common small business challenges.
• Crisis Management Checklist

Your next steps

Starting a business is a big leap, but you don’t have to go it alone. Use the tools, resources, and advice we share here to guide your journey.

Remember, every successful business started with someone taking that first step, and now it’s your turn. Good luck!