Starting a business checklist

Starting a business can be overwhelming but you don’t have to go it alone. Get set-up guidance from experts now to save you time in the future.

• Engage trusted business advisors, including lawyers, insurance advisors and accountants.
• Talk to an ANZ business banking specialist
• Attend business networking events and training seminars.
• Explore small business grants and programs
• Find a business mentor

Before you start your business, you’ll need to decide on a business structure that suits you. An accountant can help with this if you’re unsure. Common business structures include:

• Sole trader
• Partnership
• Trust
• Company

Learn more about which business structure is right for you

You’ll need to set up an ABN to do business. Find out if you’re eligible and how to apply.

Put simply, your business name is the name you use for trading. All business names need to be registered nationally. We explore what you need to be across to ensure you get it right.

• Learn more about how you can choose and register your business name
• Steps to register your business name

The next step in starting your business is to develop a simple, practical business plan, so it’s easy to implement. The effort you put in now will help keep you focused on your business goals and objectives into the future.

• Business plans and templates: How to get started

Knowing the upfront costs for essentials like equipment, inventory and operations is important. It will help you organise your finances, ensuring you’re well-prepared to launch successfully.

• Know the costs of starting a business

Set up a financial record-keeping system (e.g. accounting software like MYOB and Xero) and a business banking account now, to save time on business admin and get a clear view of your finances. Your tax deductions will be clearer, your personal savings won’t be at risk and you’ll draw the line between your personal and business credit histories.

• Organise your business finances now to save time later
• The importance of accounting software for any business
• ANZ customers get a bonus 11 months free with MYOB when they pay for one month

ANZ business banking

• Book an online appointment with a business banking specialist at a time that suits you
• Open a business transaction account
• Set up online banking

Taking customer payments

• Set up ANZ Worldline Payment Solutions
• Set up ANZ App
• Set up BPay
• Set up Direct Debit
• Set up Pay ID

For more details on payments, including setting up staff pay, visit ANZ Business Support

Stay on top of financial ups and downs

• Business finance
• ANZ GoBiz | Easy Online Business Loans and overdrafts
• Business Overdrafts
• Vehicle and Equipment Finance

Tax and GST are important financial considerations for your business. Tax time can be stressful for small business owners, it’s helpful to get professional advice from an accountant of you’re unsure of your obligations. 

Explore the following resources:

• Make BAS time simple – understanding GST and BAS for small business
• Tax for your business
• How to register your business for taxes
• Why accounting software providers (Xero and MYOB) make tax time easier
• Systems and habits to develop for small business success

It’s important to know how many products or services you’ll need to sell to cover your costs and make a profit each week. We help you with developing a pricing strategy to suit your business and explain how to calculate your break-even point.

Explore the following resources:

• Pricing
• How to calculate break-even point

It’s essential that you understand the importance of cash flow, as every small business should have enough cash to meet its financial obligations. A cash flow forecast helps you predict profits and losses over the year, so you can plan ahead.

Explore the following resources:

• Download our Cash Flow Business Checklist
• Cash flow forecasts and templates: What you need to know
• Small business profit and loss forecasts and templates
• Learn about the importance of small business cash flow

This is the most exciting part of starting a business. You’re telling the world who you are and that you’re open for business.  

Consider the following:

• Create marketing plan
• Marketing on a shoestring action plan checklist
• Develop a website
• Create a Google Business Profile
• Create social media profiles
• Get started with digital marketing
• Tips to define your competitive advantage
• Tips on using market research to make decisions for your small business

It’s important to be aware of certain regulatory and legal requirements to ensure that you and your business are protected. The effort you put into business operations is integral to the long-term success of your business.

Learn more about your responsibilities:

• Occupational health and safety (OH&S)
• Fair Trading Laws
• Intellectual property
• Business cyber security
• Environment, Social & Governance

It’s important to consider the risks involved in running your business. Most small businesses will consider insurance to help protect their assets.

Find out what types of business insurances are available to small businesses by visiting BizCover.com