Consider your start-up

Have you considered all legal and regulatory issues of starting a business?

• Have you considered what business structure you will use (e.g. sole trader, partnership, company)? You should seek professional advice before you decide.
• Find out what licences, permits and registrations you need to operate your business by visiting the Australian Business Licence and Information Service (ABLIS).
• Check with your local council about town planning, zoning and usage rules that may affect your business.
• Find out how transfer (stamp) duty might apply when acquiring business assets.
• Do you have an Australian Business Number (ABN) from the Australian Taxation Office?
• Check with your local council about water restrictions and other environmental issues which may impact upon your business.

Do you have the necessary resources to get started?

• Make a list of the essential items you need to start. You can buy non-essential items later.
• Have you considered the type and cost of insurance? Talk to an insurance broker - if you are not insured, you could lose everything.
• Consider what staff you will need if you grow quickly.
• What sort of access to finance do you have? Prepare contingency plans now before problems arise.
• Consider opening a separate business bank account to keep personal and business income separate.
• Suppliers can often be a great source of information on what your competitors are buying. Learn more about finding the right suppliers.

Do you have the best location you can afford?

• Make a list of features that are important for your location, such as main road, space, low cost, and parking facilities.
• Consider a number of potential business locations and assess the advantages and disadvantages of each. Use our business premises checklist to help compare and assess different locations.
• Learn more about finding the right location for your business.
• Read about leasing premises. Before signing a lease, make sure you know your rights. Contact your solicitor for assistance.

Also consider...

• View our 7 steps to business success e-learning series and find out how to improve your chances of business success.
• Use our market research kit to find key economic, demographic and statistical information about your industry.
• Use our business planning kit to help develop your business plan.
• Compare your performance against other similar-sized businesses in the same industry by benchmarking your business.
• Learn more about establishing your business, including business rights and responsibilities, tax requirements and business insurance.