Starting a business

Starting a business can be rewarding, both personally and financially, but it can also be risky. Not all new businesses succeed. Before focusing on how to start a business, you need to be sure you are ready to start one. Consider how the potential personal costs of setting up a business, such as a reduced income, and less free time, could affect you and your family, and how you can prepare yourself to meet these challenges.

Preparing for a new business

Starting a business requires careful planning and preparation. Increase your business skills and knowledge so you will know how to start a business that has the greatest chance of succeeding. Information, training and advice is readily available on all aspects of business management such as business planning, resource and risk management, budgeting and decision making.

Location

Think about where you will set up your business. Starting a business in a location that is convenient and accessible to your customers will give it a much greater chance of succeeding. However, location may not be as important if you are starting a business that is home or internet-based.

Legal requirements

When you start a business you are required to meet certain legal requirements. To comply with the law you may need specific licences, permits and registrations. You will also need to register your business name with the Australian Securities and Investments Commission (ASIC) and register your business for taxation purposes with the Australian Taxation Office.

Professional advice

Professional advice is essential when starting a business. Enlist the help of business advisers such as accountants, financial advisers, insurance brokers, bankers and solicitors. They can advise you on all the issues above that relate to starting a business, how to legally structure your business (sole trader, partnership, company etc.) and on other important legal, financial, and tax matters.

For further advice on how to start a business:

  • email our Business Support Services team at Business@dtesb.qld.gov.au
  • phone 13 25 23 if you live in Queensland
  • phone (07) 3404 6999 if you live interstate.

  • Before you start

    Topics: are you ready, evaluating business idea, turning idea into business, 7 steps to success, guide to operating

  • Start-up options

    Topics: due diligence, buying, franchise, home business, online, legal structures, not-for-profits, joint ventures, start-up guides

  • Establishing a business

    Topics: business name, licensing, tax, rights, codes, insurance, costs, funding, risk, records, skills, advisers, banking

  • Business licensing thumbnail.

    Business licensing

    Topics: Australian Business Licence and Information Service (ABLIS), getting the right licences and registrations, guide to operating

  • Business planning thumbnail.

    Business planning

    Topics: business plan, planning support, business vision, business values; processes, procedures and standards

  • Meeting legal obligations

    Topics: legal obligations, Competition and Consumer Act, legal and ethical selling, guarantees, protecting privacy

  • Market and customer research

    Topics: benchmarking, market research, competitive advantage, competitor profile, researching customers, SWOT, research resources

  • Business premises

    Topics: finding the right location, leasing premises, buying or leasing industrial land, security and crime prevention

  • Working with suppliers

    Topics: importing, finding the right suppliers, stock control