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Starting a business is an exciting time, but it does come with challenges. We’ve brought together some tips to help things run smoothly, along with some common pitfalls to avoid.

Do make sure you're ready

Starting a business takes a lot of effort. Before you start, take time to understand what running a business involves and whether it’s right for you. Use our Are you ready to start a business? page to help you evaluate yourself and make sure you're ready.

Once you've completed those steps, use our Guide to starting a business to help you prepare for your business journey. It will take you through each step and help you understand what's involved when starting and running a business.

Don't try to do it alone

Running a business doesn’t mean you must do everything yourself. There are support services available so don’t be afraid to ask for help and advice, especially in the early stages.

You can use our Adviser finder to search for a business adviser or expert relevant to your interests and location. You can chat to a business adviser or expert online, over the phone or face-to-face. Some mobile advisers can even visit your business.

You can also search our Events finder and your local government events listings for networking opportunities with other business owners and industry experts.

Do get all the relevant licenses and registrations

Your business will need registrations, licenses and permits. These help you follow the law and meet your tax obligations.

Common registrations include getting an ABN and registering your business name, but there can be more depending on your business type and industry.  We have a handy tool to help you work out your business registrations. Just answer some simple questions and it will generate a list of registrations your new business may need. 

You’ll also need to check the Australian Business License and Information Service (ABLIS) for other things you might need, including licenses, council approvals and compliance requirements.

Don’t neglect your finances

Setting good financial habits is crucial in the starting phase. Knowing things like start-up costs and how to set up an effective cash flow will help to set you up for success down the line. 

Our Setting up your finances checklist has all the information you need when starting, including:

  • calculating start-up costs
  • creating a budget
  • setting up a record-keeping system
  • understanding financial terms.

Do protect your new business

Putting protections in place early helps you prepare for anything that might happen.

Protecting your business starts with understanding the risks that could impact your operations. This includes anything from safety issues and natural disasters to cyber incidents, legal problems or staffing challenges.

Early steps you can take to protect your business include creating a risk management plan, making sure you have the right insurance, and registering for any relevant intellectual property protections.

Check out our Guide to protecting your business as your first step.

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