Starting your own business checklist
Starting a business for the first time is exciting and daunting all at once. To help you navigate your way to the start line, we’ve compiled a checklist with links to support you through this process.
Before starting up your business
• Confirm that you are up for the task.
• Research the size of your market.
• Identify your core competitors.
• Understand your customers.
• Conduct a SWOT (strengths, weaknesses, opportunities & threats) analysis.
• Identify your set up costs.
• Estimate your net cash flow.
• Identify your breakeven position.
• Develop a business plan & set out your goals.
Start up your business
• Choose a business structure. (How to Choose your Business Structure)
• Choose a business name and register it. (Choosing a Business Name, Registering a Business Name)
• Register a domain name. (How to register a domain name)
• Apply for an Australian Business Number (ABN) (Do you need an ABN?, Applying for an ABN)
• Check with your local government regarding business licences or permits (there are limitations to the size and type of business that can be home based). See here for licensing and permit information for businesses in The City of Salisbury.
• Seek out business advice and support. Here are some organisations that can help.
The Polaris Centre
The Adelaide Business Hub
The Stretton Centre
• Join your local business association. For example The Salisbury Business Association.
• Keep an eye out for grants or subsidies that might be available to your business. (City of Salisbury Grant Hub)
• Develop a marketing plan (and a clear competitive advantage within in this).
• Create your brand and logo (if applicable).
• Build a website. (Does your business need a website? Here are five reasons why)
• Set up a unique email address that matches your website.
• Register your business with Google My Business. (Why You Need to be on Google My Business)
• Sign your business up to appropriate social media channels.
• Set out a short and medium term Marketing Action Plan, with a budget and put it into action.
• Plan funding needs.
• Develop an annual budget.
• Develop a monthly cash flow budget with profit and loss.
• Speak to your accountant about your systems and 12 month tax plan.
• Keep the right records.
• Learn how to lodge and pay for tax.
• Talk with your Business Advisor about your budgets and planning.
Protecting your business
• You may need to consider a variety of insurances, depending on your business type, this is an area to get some advice on, you may need a variety of building, professional indemnity, contents, motor vehicle etc.
• Protect your Intellectual Property.
• Prepare your business for an emergency (bushfire, flood, financial crash, pandemic etc), there may be risks/emergencies particular to your business or industry that you will need to consider.
Know the law
• Learn the legal essentials for business.
• Understand fair trading laws and your obligations.
• Learn the laws of your industry.
• Understand contracts.
• Learn about hiring employees and your obligations such as Work Cover, Superannuation, awards, insurances etc. (Fairwork Australia - Hiring Employees)