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Starting Your Business Checklist

This checklist has been designed to help you think about the actions you need to take to start your business.

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1. I have researched and tested my business idea
2. I know where to find advice and support
3. I am buying a business
4. I am buying a franchise
5. I am developing a business plan
6. I have chosen a suitable business structure
7. I know how and where I can obtain finance
8. I have decided upon the location for my business
9. I understand the essentials of running my business from home and have obtained council approval
10. Leasing commercial property (I have obtained legal advice before signing)
11. Will I/my staff be classed as an employee or independent contractor?
12. I have applied for my Australian Business Number (ABN)
13. I have registered my business name
14. I have a Tax File Number (TFN), have registered for GST and other applicable taxes
15. I have the required licensing registrations and permits
16. My staff and I are aware of the standards, codes of practice and registrations applicable to the industry
17. I have checked that my products meet Australian product safety standards
18. I have arranged insurance/s to cover myself, my business, my employees, my suppliers and the public
19. I have registered and protected my Intellectual Property (IP) (trademarks, patents, copyrights, logos. etc.)
20. I have registered my internet domain name (i.e. your internet address)
21. I understand my legal obligations and the law that applies to my business
22. I understand my rights and obligations when employing staff
23. I have developed my Marketing plan
24. I understand business privacy laws and how to manage personal information
25. I understand how to set up and conduct business online safely and securely to protect my business and my customers
26. I have set up record keeping (including customer and employee) and financial accounting systems
27. I have set up record keeping (including customer and employee) and financial accounting systems
28. Inventory Control – I understand how to manage my stock
29. I have researched applicable business grants / funding
30. I understand how to manage my cash flow
31. I have chosen my supplier/s and documented the terms of trade in a written contract signed by all parties
32. Risk management process – I have identified, assessed and prioritised the risks (incl: financial, operational and environmental, legal, strategic, privacy and information) and monitor them regularly
33. I understand my legal obligations and requirements when importing / exporting goods or services