Starting a business can feel overwhelming if you’re unsure where to begin. This guide plus the assistance of our friendly team will help you get your business off the ground.
1. Clarify Your Business Idea
Every successful business starts with a solid idea. Ask yourself:
- What problem does my product or service solve?
- Who is my target customer?
- How is my offering different from others in the market?
Start small—test your concept with a minimum service offering before scaling. Our accounting for startups division led by managing director, Mert Karabardak, can help you evaluate your idea and give you a checklist to tick off when accounting for startups.
2. Create a Business Plan
A business plan helps you organise your ideas and serves as a roadmap. Key elements include:
- Executive summary
- Description of your products/services
- Market analysis
- Marketing and sales strategy
- Financial projections
- Operational plan
You may have heard of a SWOT analysis standing for Strengths, Weaknesses, Opportunities and Threats. It’s a simple analysis but can be quite useful in establishing whether your business idea is likely to be successful. Please do not hesitate to contact us if you need any assistance.
3. Choose the Right Business Structure
In Australia, your options include:
- Sole Trader – Simple, low-cost setup; you’re personally liable
- Partnership – Shared control and responsibility
- Company – Separate legal entity; slightly more complex and regulated
- Trust – Offers asset protection and tax flexibility
The right structure depends on your goals, risk appetite, and tax situation. Consider getting advice from an accountant Melbourne, such as Nobel Thomas. We offer no obligation discussions to help decide the best structure for you.
4. Register Your Business
Here’s what you need to legally operate in Australia:
- Apply for an ABN (Australian Business Number). You can register yourself at abr.gov.au. Often though we find mistakes made by those who self register, so for a small fee, an accountant Melbourne can register for you.
- Register a business name if it’s different from the company, trust or your own name.
- Register for GST if your turnover will exceed $75,000 for the upcoming 12 months
- Register for a TFN or company tax file number. This often is best registered by your accountant Melbourne, as again, we often notice mistakes when clients do attempt it themselves.
5. Set Up Business Finances
Separate your personal and business finances from day one:
- Open a dedicated business bank account
- Use accounting software (e.g. Xero, MYOB, QuickBooks)
- Keep records of all income and expenses
- Secure cash flow. Nobel Thomas, can help you secure finance for your startup if required, whether debt or equity.
6. Understand Your Legal and Tax Obligations
Depending on your business type, you may need:
- Licences or permits (e.g. food handling, building, childcare)
- Insurance (public liability, professional indemnity, workers comp)
- To lodge BAS statements for GST or PAYG
- To pay superannuation for employees (or yourself if via a company)
Again, our accounting for startups division, can help you by providing or running through a checklist with you during our no obligation meeting.
7. Build Your Brand and Online Presence
Modern businesses need visibility:
- Create a logo and brand style
- Build a website
- Set up social media profiles
- Claim your business on Google My Business
Please do not hesitate to contact us if you need help with budgeting and to help determine how to use you’re your limited funds on marketing and brand presence.
8. Start Selling and Build Relationships
Whether it’s through a retail store, online platform, or service-based business:
- Focus on delivering value to early customers
- Ask for feedback and reviews
- Build an email list to stay in touch
- Use free or low-cost marketing channels to grow
Our clients have used different methods to achieve success including, SEO, Influencers, Google and Facebook advertising.
9. Monitor, Improve and Stay Compliant
Your job doesn’t stop at launch:
- Track your financial performance with the help of an accountant Melbourne
- Reassess your marketing and sales strategies
- Be open to pivoting if something isn’t working
10. Don’t Be Afraid to Ask for Help
Starting a business is a journey—don’t go it alone. Tap into:
- Business mentors and advisors like Nobel Thomas
- Government support programs (e.g. business.gov.au) accounting for startups
- Networking groups and local chambers of commerce
Nobel Thomas is only a phone call away.
