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Starting your business

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


  • Develop a marketing plan (and a clear competitive advantage within this)
  • Create your brand and logo (if applicable)
  • Build a website (does-your-business-need-a-website-five-reasons-why-msn.docx)
  • Set up a unique email address that matches your website
  • Register your business with 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


  • 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 Mentor 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