I have a business idea! What’s next?

Got a business idea but no idea where to go next? Well, congratulations on completing the first step – coming up with a fabulous idea!

Now it’s time to put that idea into action. This is where the real work begins.

1. Get an ABN
Apply for an ABN on the Australian Business Register. Its quick and it’s free.

2. Decide on your business structure
Decide on your business structure – are you a sole trader, partnership, trust or company? Get some advice from your accountant if you are unsure.

3. Register your business name
Look up the ASIC website to research and register your chosen business name. There is a search option to ensure that a similar or same name is not already registered. Fees are nominal just $34 for one year or $80 for three years.

4. Research your domain name
It is worthwhile at the registration of your business name stage to research available domain names to match. There are many domain and hosting providers such as Crazy Domains on the market. Search for your desired domain and you can purchase ahead of time even if you are not ready to set up your website yet.

5. Start your business plan
The Australian Government offer lots of brilliant small business resources to help new businesses off the ground. Download their Business plan template and guide to get you started.

Now it’s time to get on your way and turn your idea into a reality!

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