Develop a business idea
Define your business concept, including the products or services you plan to offer, your target market, and your unique value proposition. Conduct market research to assess the viability and potential demand for your business idea.

Create a business plan
A business plan outlines your goals, strategies, financial projections, and operational details. It helps you clarify your business vision and serves as a roadmap for future growth. Include sections on marketing, sales, operations, and financial management.

Choose a business structure
Select a suitable business structure for your venture. Common options include a sole trader, partnership, company, or trust. Each structure has different legal, tax, and financial implications. Consider seeking advice from a professional, such as an accountant or business advisor, to make an informed decision.

Register your business name
If you operate as a sole trader or partnership and plan to use a business name other than your personal name, you’ll need to register your business name with the Australian Securities and Investments Commission (ASIC). This process ensures that your business name is unique and not already in use.

Register for an Australian Business Number (ABN)
An ABN is a unique identification number for your business. Register for an ABN through the Australian Business Register (ABR). Having an ABN is essential for various business activities, including invoicing, tax obligations, and dealing with other businesses.

Register for Goods and Services Tax (GST)
If your business expects to have an annual turnover of $75,000 or more ($150,000 or more for nonprofit organizations), you must register for GST. This is a value-added tax applied to most goods and services in Australia. GST registration is done through the Australian Taxation Office (ATO).

Set up necessary licenses and permits
Depending on your business type and industry, you may need specific licenses, permits, or registrations. Research the regulatory requirements for your industry at the federal, state, and local levels. Examples include health and safety permits, food handling licenses, or specific industry certifications.

Understand employment obligations
If you plan to hire employees, familiarize yourself with employment obligations, such as taxation, superannuation (retirement savings), workers’ compensation, and fair work conditions. Ensure compliance with employment laws and regulations enforced by the Fair Work Commission.

Organize business finances
Set up a business bank account to separate personal and business finances. Implement an accounting system to track income, expenses, and financial records accurately. Consider seeking professional advice to ensure compliance with tax regulations and optimize financial management.

Obtain business insurance
Consider appropriate insurance coverage to protect your business from potential risks and liabilities. Common types of business insurance include public liability insurance, professional indemnity insurance, and product liability insurance. Consult an insurance broker or agent to assess your specific needs.

Seek professional advice
Throughout the process, it’s advisable to consult with professionals such as accountants, lawyers, or business advisors who can provide guidance on legal, financial, and regulatory matters. They can help ensure compliance and offer valuable insights tailored to your specific business requirements.