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Thinking about starting a business, but not sure where to start? Pre-planning is key to the success of your business. This health check gives you all the steps you need to start your business right - deciding on a business structure, writing business and marketing plans, financial management, setting up your premises, registrations, protecting your IP and business licences.
Do your planning
- Before you start your business, research your business data to see if it's feasible.Also, there are other options besides starting a business from scratch - consider buying an existing business or starting a franchise. You may also consider setting up as an independent contractor with your own Australian Business Number.
- determine the best structure for your business - learn the difference between sole traders, partnerships and companies. Understand the different tax and legal implications for each structure
- draw up your business and marketing plan - apart from helping you to secure finance, your business plan will act as a feasibility study and give you an idea of how viable your venture is. If your business offers products and services, these plans will also help them get off the ground
- estimate your start-up costs by using the establishment costs template. Use the financial statement template to produce balance sheets, profit and loss, and cash flow statements
Choose the right premises and insurance
- make sure you've chosen the right location for your business. Decide if you want to lease or buy your business premises. You may also want to assess if your home is suitable as a business premise. If you are modifying an existing retail or office premise, our office and shop fitout changes healthcheck will help you step through the process.
- insure your business to safeguard your ability to continue trading and limit your liabilities
Find your registrations, licences and permits
- choose a business name and find out if it is available. If required, register your business name
- consider protecting your business name or idea to safeguard your intellectual property, whether it's your business name, idea, process or product
- use the Australian Business Licence and Information Service (ABLIS) to find the licences and registrations your business needs and build a personalised information pack to save, email or view online. This includes how to apply for an ABN