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How to start a business: your checklist

Starting a new business is one of the most exciting and fulfilling things you can do, but it can also be daunting. Whether it’s an online business or a small business from home, taking the first step might seem overwhelming. It doesn’t have to. Enterprising Me has been created just for you. We know you’re busy juggling home life, study, family and even other jobs, so we’ve brought together some of the tools and steps you’ll need to take your entrepreneurial concept from brilliant idea to actualisation, and help you achieve success.

Tools for your Growing Business

There are a number of strategies and tools you’ll need to help start and run your business.

A business plan

A business plan is the best place to start when setting up your business. A high level overview, it ensures you’ve closely considered your business purpose, unique value proposition, strategy and objectives, financial targets and market opportunity. It’s also an important tool if you’re seeking a business loan, grant or investment. There are plenty of free templates for business plans available online. Check out MYOB or Microsoft Office Templates.

A catchy business name

What’s in a name? A lot! A memorable name that encapsulates your business concept and one with keywords that will appear in online searches takes out a lot of the hard work – consider the businesses Enterprising Me has profiled: Buy from the Bush, Our Travel Curator or The Ageing Revolution. Don’t forget to trademark the name, then buy a domain name that reflects it, if you plan to build a website. AI name generators like namelix not only help you brainstorm and suggests different names based on your keywords, it even lets you know if the domain name is available.

Your business idea - start small

It’s great to have a grand vision but you need to start small – at least initially – to ensure your business idea works in the real world, not just on paper. “Think of it as a ‘pilot’ like they do in TV before commissioning a whole series,” says co-founder and CEO of Young Change Agents Margaret O’Brien. “What is the pilot of my idea and how can I make sure it’s tested before I fully launch it?” Don’t be afraid to seek advice from others in the industry, particularly women, you’ll be surprised how supportive they can be.

Business and funding models

Whether you’re planning an online business or running your business from home you need to consider your business and funding models. eCommerce, bricks and mortar, hybrid or subscription based, business models are an essential tool that will help you consider your key objectives, target market, value proposition and go-to-market strategy, among others; while funding models are equally as important for business success. Stylefactory offers comprehensive information on both, and starting a business in general.

Register your Business

If you choose to become a company there are a few legal requirements you’ll need to take care of, including registering both your business and company name with the Australian Securities and Investments Commission (ASIC), applying for an Australian Business Number (ABN), a company Tax File Number (TFN) and register for GST once your business reaches the threshold (currently $75,000). To keep across the latest updates and double check your requirements visit the Government’s Business Registration Service site.

Technical, finance and productivity tools for growing your business

Today there are a number of technical tools available to help set up and run your new business, and they don’t have to cost the earth: simple, off-the-shelf software, often designed locally, that helps you build and reflect your business in a lean, effective way.

6 Steps to Elevating Your Energy:

Here are a few suggestions but there’s plenty more:

Enterprising ME is here to help you

We offer an evolving series of blog posts; while our sister site Enterprising Women has an evolving line-up of in-person and online events, panels, mentoring sessions and opportunities to help you effectively start and grow your new business. So sign up to our socials and subscribe to our site to ensure you don’t miss a thing.

Want to Know More? Read On:

gov.au is a great how-to resource, everything from a guide to starting your business to how to use social media to promote your business
MYOB business toolkit
Interview with x from Buy from the Bush

As women in business, managing our energy effectively is essential for success and overall well-being. By implementing the above strategies, you will be on your way to not only protecting but elevating your personal energy.

Jessica Ritchie

Jessica Ritchie is the founder of Transformational Brand Lab, an award-winning Brand & Marketing Expert, Speaker, Business Mentor, and a six-time international award-winning best-selling author. Over the course of 17 years, she has collaborated with Australia’s leading brands, assisting organisations, leaders, and teams in making their mark in the world, sparking change, and igniting their true potential. Her expertise and guidance empower individuals and businesses to leave the legacy they deserve, personally and professionally.