Resources from Business Victoria's workshop on what you need to know to make sure your new business gets off to a sound start.

2. Before we start I’d like you to
answer a few questions
Why are you attending the workshop?
Do you have any questions you would like
answered in the workshop? Please list them
on page 1 of your workbook

3. Will My Business Work?
Evaluating yourself
Setting up your business
Business planning
Financing the business
Marketing the business
Extra support available

4. Taking the First Steps
Assess the feasibility of your business
complete the checklist on pages 2 and 3 of your
workbook
Get support from workshops and seminars
a range of low cost workshops and seminars are
available across metropolitan and regional Victoria
Pages 2-6

5. Taking the First Stepscont.
What do you want your business to be known
for?
How will you make that happen?
Complete the exercise on pages 4 - 5 of your
workbook

6. Test and Develop your Product/Service
Will you be filling a gap in the market?
Are you entering a market where demand is
greater than supply?
Can you offer something different from your
competitors e.g. Convenience, location or
better quality?
Page 6

7. –Business Victoria business.vic.gov.au
–IBISWorld ibisworld.com.au
(free access available at a Victorian Government
Business Office near you)
– INNOVIC innovic.com.au
Market Research and Start Up Help

8. –As a group, what are some low-cost,
practical, market research strategies you
can come up with to implement in your
businesses?
Complete the exercise on page 8 of your workbook
Market Research

9. Assess and Manage your Risks
What are the risks that could have a negative
effect on your business?
How likely is each risk?
How serious could the impact be?
What can you do to either prevent it from
happening, or to reduce its impact?
Use the risk assessment table on page 9 of your workbook to consider the
risks for your business.

10. Start from scratch, buy an existing business or go into a
franchise – which is best for you?
Page 11

11. Choosing your Business Structure
Sole trader
Partnerships
Company
Trading trusts
Cooperatives
Incorporated
associations
Types:

12. Choose the Best Structure for your Business
Sole trader: one business owner
Partnership: more than one business owner
Proprietary limited company: separate legal body with its
own tax return
You may also wish to consider trusts or cooperatives
Pages 13-15

13. Choose your Business Name
Unless you are using your own name i.e. your
first name and surname, you need to register
your business name.
Choose a name that:
is unique and easy to remember
stands out from those of your competitors
emphasises what your business actually does.
Pages 16-17

14. Register your Business or Company Name
Business names are registered with Australian Securities and
Investment Commission (ASIC)
Go to asic.gov.au
Company names are registered with the Australian Securities and
Investments Commission
Go to asic.gov.au
Check with IP Australia re trade marks
Go to ipaustralia.gov.au
Find out about domain name registration and availability at
auda.org.au
Pages 16-18

15. Register for Taxation
Common tax registrations for new starters:
Tax File Number (TFN)
Australian Business Number (ABN)
Goods and Services Tax (GST)
Pay As You Go (PAYG) withholding
Register for taxation. Go to ato.gov.au
Pages 21-23

16. Tax File Number (TFN)
Partnerships, companies
and trusts need to have
a business TFN
Apply for a business TFN
at: abr.gov.au
If you operate as a sole trader, you can use your own TFN
for your business

17. Australian Business Number (ABN)
You may not have to apply for an ABN, but if
you do not have an ABN, other businesses can
withhold 46.5% of payments to you
You will need to apply for an ABN if you are
registering for GST
To register go to abr.gov.au
Page 22

18. Goods and Services Tax (GST)
You may choose to register if you are carrying on a business
and your turnover is below the registration turnover threshold.
You must register for GST if:
you are an entity carrying on an enterprise (if you are
in business and not a hobby you probably meet this
requirement), and your annual turnover is at or above,
the registration turnover threshold of $75,000; or
you supply taxi travel in carrying on your enterprise

19. Australian Business Number of your business
the words ‘Tax Invoice’
a section where the amount of GST charged is recorded (if
you are registered for GST)
When your business prepares an invoice to
send out to your customers the following must
be included somewhere in the invoice:
What is a Tax Invoice?

20. PAYG Withholding
If you pay employees and directors, you will
need to be registered for pay as you go (PAYG)
withholding
Page 24

21. Business Activity Statement (BAS)
What is it?
Where do I find out more?

22. Registrations, Licences, Permits
The type of licences, permits and registrations
you will require will depend on the type of
business you are running
The Registration and Licence Finder provides
information on the local, state and federal
licences, permits and registrations you require.
Go to business.vic.gov.au/licences
Page 26

23. The Registration and Licence Finder
Permits and licences you may require
include:
liquor licensing
permit for a food premises
building codes
design standards for products
environmental licensing
signage permits
customs registrations for import and export
and many more

24. Choosing the Right Premises
Things you’ll need to consider in choosing your premises:
Will you need a planning permit and are you in the right
zone for the intended use?
Does your business set-up involve any building work?
Should you buy or lease your business premises?
What is the best location for your business to be profitable?
Are you thinking of running the business at, or from, your
home?
Pages 27-31

25. Running a Business From Home
You will not generally need a council planning
permit to operate your business from your
residence if:
you employ no more than one other person who does not live
there
you use no more than 50 sq metres or 1/3 of the total area of
your home
However, there are limitations on some types of businesses operating
from your home.
Check with the Planning Unit at your local council.
Page 30

26. Insurance Considerations
Insure your business premises and contents
Other insurance to consider is:
Pages 30-31
public liability
product liability
professional indemnity
motor vehicle
personal injury and income
protection
WorkSafe Injury Insurance is required if:
you pay or expect to pay more than $7,500 in wages, salaries,
benefits and superannuation for employees or contractors
you employ apprentices or trainees

27. Writing a Business Plan that’s
Right for You
Write a business plan that works
Use the business plan template provided in
your workbook on pages (BP1 – BP21)
On the pages opposite your business plan,
there is an example business plan to guide
you through

28. What Should be in a Business Plan?
1. Clear achievable business objectives.
2. Marketplace information – including competitor analysis,
research on who your customers are
3. Infrastructure, resources and logistic requirements
4. Financial requirements and budgeted financial performance
5. Action Plan

29. Get your Finances Right
1. How much cash do I need to get started?
2. How much cash do I need to operate?
3. When do I get my cash back? What is my breakeven point?
4. When is the business operating on its own cash?
5. How much return will I get on my investment?
The measure of success is when a business is:
1. cash flow positive and
2. when investors or owners get their money back
Before you start you need to ask:

30. Understand Financial Statements
Profit and loss
statement
Cashflow statement
Balance sheet
Breakeven analysis
Why are these
important?
Pages 34-35

31. Action Plan
Break the major tasks into
smaller ones
Decide what needs to be
actioned within the next 6
months
Use the table on p.39 as a
guide for your action plan
Use the workbook as
your checklist

32. Find Information and Support
Business Tips on the Business
Victoria website
Small Business Mentoring
Service (SBMS)
Victorian Government
Business Offices (VGBOs)
Find an Adviser
ATO Tax Basics Seminars
Pages 56-61

33. FREE Mentoring Session
Business mentors help you to identify a clear direction for you
and your business
Business mentors can also advise you on how to:
conduct market research
work out your breakeven point
price and/or cost your products or services
develop an effective marketing strategy
use other business management tools
To arrange a free mentoring session with a business mentor complete the
evaluation form and select FREE Mentoring Session on page 2. You will then
receive an email with details on claiming your free mentoring session.

34. Questions?
Thank you for attending
Check out
business.vic.gov.au/events
for more workshop information