How to start a business

There are no rules for how to start a business. All you need is an idea, a plan and some money to get it off the ground.

  1. Write a business plan
    This will help focus your idea. You need to identify target customers, research competitors, and plan how to grow your business.

  2. Decide how to manage your finances
    Keeping track of your money is an important part of running a business. Choosing the right accounting software and working with a bookkeeper or accountant is a great way to track your cash flow. It’s also important to open a separate business bank account to avoid mixing up personal and business finances.

  3. Register your business
    Depending on your business structure, you may need to register your business. The ATO website has more detail for the requirements of each business entity.

  4. Create your brand and logo
    This will help make your business stand out. There are plenty of affordable design agencies online that can help you design something professional.

  5. Build a website
    This will help you market and possibly sell your product or service. You can make your own website using resources like Squarespace or Wordpress. You could also hire a professional to build a website from scratch.

  6. Launch your business
    It’s natural to feel underprepared – starting a business is a big journey. But doing your homework and using the tools that are right for you is a great way to hit the ground running.

     

Related terms:
How to write a business plan
What is business accounting?

Related Xero feature: 
Get paid faster with online invoicing software

Related Small Business Guide: 
How to start a business

Accounting Terms

Accounting terms and how-tos for beginners. Let us walk you through all the basics that you need know.

How to start a business

There are no rules for how to start a business. All you need is an idea, a plan and some money to get it off the ground.

  1. Write a business plan
    This will help focus your idea. You need to identify target customers, research competitors, and plan how to grow your business.

  2. Decide how to manage your finances
    Keeping track of your money is an important part of running a business. Choosing the right accounting software and working with a bookkeeper or accountant is a great way to track your cash flow. It’s also important to open a separate business bank account to avoid mixing up personal and business finances.

  3. Register your business
    Depending on your business structure, you may need to register your business. The ATO website has more detail for the requirements of each business entity.

  4. Create your brand and logo
    This will help make your business stand out. There are plenty of affordable design agencies online that can help you design something professional.

  5. Build a website
    This will help you market and possibly sell your product or service. You can make your own website using resources like Squarespace or Wordpress. You could also hire a professional to build a website from scratch.

  6. Launch your business
    It’s natural to feel underprepared – starting a business is a big journey. But doing your homework and using the tools that are right for you is a great way to hit the ground running.

     

Related terms:
How to write a business plan
What is business accounting?

Related Xero feature: 
Get paid faster with online invoicing software

Related Small Business Guide: 
How to start a business

Showing 35 more questions for all topics