Starting a small business is one of the most exciting career moves you can make, and potentially also one of the most daunting. We’ve put together the ultimate checklist to point you in the right direction and help you set yourself up for success.
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Be aware of standards and codes of practice
You can achieve best practice by following Australian and industry standards, codes of practice and also benchmarking your business against others in your industry.
Resource: Australian Government Standards and Codes of practice checklist for businesses -
Understand the employment obligations of hiring staff
Fairwork outlines the rights and obligations involved of employing a team in Australia.
Resource: The Fair Work Ombudsman's Rights & Obligations Fact Sheets -
Ensure your have adequate insurance cover
Running your own business involves risk. Ensuring that your risks are mitigated by taking out insurance that meets the needs of both you and your business is a wise move.
Resources:
- Australian Government's guide on Insurance for home-based business
- Imalia's My Home Business Insurance provides a solution for people that operate a business from the home they live in. -
Manage your legal requirements
Licenses, registrations, contracts and leases all need to be understood thoroughly, and meticulous records kept.
Resource: Australian Government's Legal Essentials For Business -
Make a plan to meet your taxation obligations
Use accounting software or set up a book-keeping system to record and manage your income and expenses. Schedule your quarterly, semi-annual or annual calculations and payments.
Resource: Australian Government's Understanding And Registering For Taxes -
Protect your intellectual property
Make sure you are not infringing on any copyright or trademarks and then protect your own.
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Register for GST and/or other business registrations and licences
Meeting your regulatory and tax obligations are essential. Make sure you’ve registered your business with the appropriate governing bodies.
Resource: Australian Goverment's Goods and Services tax (GST) -
Apply for your ABN
Resource: Australian Government's Register for an Australian Business Number (ABN)
Applying for an Australian Business Number is an important step you need to take to set your business up as a legal entity. -
Register your business
If you don’t want to work as an independent contractor and you’re definitely going to start a business, you will need to start a company. When doing this, make sure you:
- Have decided how will your company operate – know the best company structure for your business
- Understand your obligations as an officeholder
- Get consent from your officeholders, members and occupiers
- Register your company with ASIC
Resource: Australian Securities & Investments Commission's (ASIC) - How To Start A Company -
Register your business name
Just because you’ve decided on a name for your business, doesn’t mean that name is available and you will be able to use it. Make sure you’ve done the research to ensure your business name is available and when you’re ready, purchase that business name to secure it for your business.
Resource: Australian Securities & Investments Commission's (ASIC) - Registering a Business Name -
Know where to find advice and support
Have you engaged a support network whom you can go to if times get tough, or if you’re lacking motivation? Do you have access to resources, networks, communities and other like-minded souls doing the same or similar things to you so that you can draw on such information or networks in times of need.
Resource: The Wolfpack offers support and advice from other like-minded women. -
Consider whether you prefer to work alone or in a group
Starting a small business often means spending a lot of time alone. For some individuals, this will be ok. For others, being in company and the stimulation of a group environment makes a big and positive difference. Consider whether it will be better for you to run your business from home or find an office or co-working space where you will have company. -
Stress test your theories
How good are you at dealing with uncertainty, and have you ever stress-tested yourself in practice (as opposed to in theory) in this context? -
Have a back-up plan
If your business idea doesn’t take off as quickly as you anticipate and you run out of cash, what is your plan B? -
Ensure you cover your business-related expenses
Do you know exactly how long you will be able to cover your expenses if you don’t generate income while you’re getting your business off the ground? -
Ensure you cover your personal expenses
How much revenue do you need to generate to be able to cover both your personal and your business-related expenses? -
Know your competitors
Have you done your research on your competitors? Do you understand the benefits of their product or service, how they market and sell to their customers, what demographic their customers are in and how their customers prefer to be engaged? -
Know who your target audience is
If your business is selling to other businesses (B2B) as opposed to selling directly to customers / individual consumers (B2C), this will also have a significant impact on the way you will need to run and market your business. -
Understand your target audience
Do you understand your target market; what they want, what they need, what their demographics are? -
Have a Unique Selling Proposition (USP)
Can you explain what you do in one succinct sentence? Nailing your USP before you start is one of the most important aspects of starting your business on the right foot. -
Carefully structure your business and market your idea
How you structure your business and market your idea depends on whether you’re selling a tangible product or a service, which tends to be more intangible and sometimes harder to explain. -
Consider whether you really need to start a full business
Perhaps, in the beginning it will be easier to start out as an independent contractor and see how it goes before setting up a company. There are less regulatory requirements and less cost involved in being an independent contractor. -
Have business goals and objectives
Sometimes it is possible to generate income from your favourite hobby without actually turning into a business and having it be your sole source of income. Be clear about why you’re going into business and what you want to achieve. -
Consider all the skills required to run your business
Often, starting a business requires you to wear many hats and juggle multiple roles. Can you manage marketing and sales as well as accounts at the same time as servicing your customers? -
Purchase a domain name
Make sure that you are able to purchase a domain name that matches your business name so that you can set up a website for your business. -
Find out if you are eligible for grants or financial assistance
Both the government and private sector provide grants and financial assistance for different types of businesses. It is worth investigating whether you can benefit from this type of assistance.
Resource: Australian Government's free Grants & Assistance tool for businesses - Protect your financial future
Imalia and Thirdview have partnered to offer you Financial Planning for the whole of your life. Both organisations understand that women often lag behind in planning for their financial security and are committed to transforming that situation for all women.
Resource: Imalia's Financial Life Planning -
Plan your first 12 months, 3 years and 5 years
At a minimum, create a business plan and a sales and marketing plan to map out your vision and how you will achieve it. 1 year, 3 year and 5 year goals provide good yardsticks against which to measure your progress. -
Build your brand by creating a digital footprint
In the digital age, you are who Google says you are. At a minimum you will need a website and a social media accounts. You will need to build an online presence that tells the story of your brand, lets your potential customers know who you are and what you’re about and gives your audience a way to actually purchase what it is you’re selling. -
Set up your office
What is the best location for your business – at home, or in an office / co-working space? If you’re working from home:
- Can you conduct the type of business you want under local council regulations?
- What are your legal obligations?
- Will your home-based business allow you to balance your work and family life?
By the time you’ve worked through the above checklist you will deserve a medal AND a party! Be sure to make the time to celebrate your new venture and share your good news with your friends, family and network.
Find out more about Imalia's My Home Business Cover.
If you are inspired and would like to join the revolutionary movement that Imalia is creating, you can request to join our Facebook group The Wolfpack, to share ideas and learn from other like-minded women.