How to Start a Business in 6 Easy Steps

Research the market

Market research is a method of gathering information about potential customers and businesses already operating in your area. Take advantage of that information to improve your business.

Prepare a business plan

Your business plan lays the foundation for your success. It provides a roadmap for how to structure, run, and grow your new business.

Fund your business

Determine how much money your business will need with the help of your business plan. If you don’t have that amount, you will need to raise funds or borrow money.

Establish a business structure

The legal structure you select for your business will impact how much tax you pay, the requirements for registration, and your personal liability. Don’t forget to apply for your ABN. An accountant can help you with this.

Set up a business bank account

You can use a business account to handle legal, tax, and daily issues. It’s easy to set one up if you have the right registrations and paperwork in order.

Register your business

You need to register a business name if you conduct business under a name other than your own. Protect your brand once you’ve chosen your perfect business name and register it via the ASIC website.

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