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How to start your business

There's a lot to think about when starting a business. From writing a business plan to understanding the red tape, we've got tips and resources to make sure you have the necessities covered.

Write your business plan

This is the most important tool in your toolkit, so its worth investing some time in.
1

Download a template

You don't need to start from scratch. Download our template (word) to get started.
2

Have a planning day

Spend some time clarifying what you want to achieve from your business to make sure your plan can take you into the future.
3

Think like an investor

Make sure your plan shows investors that you have a viable business solution.

Choose your business type

There are four structures to choose from.

Sole trader

As the only owner, you'll have control over the decisions and profits of your business
  • Benefit from the simplest and least expensive set up process
  • Business profits are treated as personal income, from which you'll deduct your own super contribution
  • Only pay tax on profits using your own tax file number
  • Find out more about being a sole trader.

Partnership

The partners share responsibility for decisions, payments and profits
  • With two or more people involved, you might have access to a larger pool of funds to start your business
  • The partnership doesn't pay income tax on the income it earns - each partner pays income tax on their share of the profits
  • Each partner is individually responsible for making their own super contributions
  • Find out more about setting up a partnership.

Company

A company is a legal entity run for the benefit of its shareholders by an appointed Director
  • Setting up and operating a company has higher costs and more reporting requirements, but means less personal responsibility for your business debts and more flexibility with your profits
  • Companies pay their own income tax (using their company TFN), but PAYG instalments are credited against the total income tax its liable to pay
  • You still pay tax on the wages, director's fees or divedends earned from the company as part of your individual tax return
  • Find out more about setting up a company.

Trust

An agreement where a trustee commits to hold your business as an asset
  • The trustee can be a person or company and is responsible for managing the trust's tax liabilities and obligations. The profits of the trust are distributed amongst the beneficiaries.
  • Most trusts do not pay income tax and aren't liable to pay PAYG instalments (but the beneficiaries or trustees might be)
  • A formal deed is required to outline how the trust will operate
  • Find out more about setting up a trust.

Red tape checklist 

Make sure you cover the formalities. 

Setting up

Tax and super

Legal stuff 

  • Find out the level of insurance you should get 
  • Set up any necessary contracts (such as a partnership agreement or a trust deed) 
  • Open a business account to keep your business and personal finances separate. 

Getting your business off the ground

Here's a few things to think about. For more handy tips and resources, check our business tools.

Consider your current income

Do you plan to keep your current job for a bit longer? It could help out with initial costs.

Discover your borrowing power

If you have enough equity in your home or an established business, you might be able to borrow some money.

Start from home

It'll save money on renting another space, plus you might be able to claim tax deductions on your housing expenses.

Brainstorm your options

Government grants, capital investors and crowd funding are possible ways to get yourself started.

How can we help?

Business Specialists Team

Speak with someone from the team today

Business Banking Specialists

Here’s how to get in touch

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