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Guide to starting a business

Setting up your own business is exciting, but can also be challenging if you're not prepared. This guide will take you through each step of starting a business and help you understand what's ahead.

Step 1 of 6: Make key decisions

Get a checklist version of this guide as a Word document.

1. Make key decisions

The decisions you make early on can affect many areas of your business, including the licences you need, how much tax you pay and the volume of paperwork required.

Decide on a business structure

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Business structures

Checklist

  • I have chosen a business structure for my business.
  • I have sought advice from a professional business adviser, lawyer or accountant to ensure I have chosen the appropriate business structure.

Know if you are an employee or contractor

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Employee or contractor? Understanding contracts

Checklist for

  • I have checked my employment contract with a professional to ensure I am an employee, not a contractor
  • I have considering contributing to my own superanniation
  • I understand my tax obligations as a contractor
  • I understand my rights as a contractor

Choose your business location

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Choose your business location

Checklist for

  • I have registered for home-based business licences and permits.
  • I have made sure my insurance covers home-based businesses.
  • I understand how running a home-based business affects my tax.
  • I have found appropriate premises to run my business from.
  • I have checked the rental contract to ensure I understand my rights.

Choose a business name

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Choose a business name

Checklist

  • I have chosen my business name
  • I have checked to see if my business name is already taken
  • I have registered my business name with ASIC
  • I have registered my domain name

Get a checklist version of this guide as a Word document.

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