Launch your business in Australia with confidence using this comprehensive 7-step checklist, covering essentials like opening business bank accounts, simplifying payments and writing a business plan.
1. Assess your business funding requirements
The funding you need to start your business depends on your initial set-up costs and the amount required to cover expenses before generating revenue. Begin by calculating the following essentials, and use this handy business loan repayment calculator to determine any funding requirements.
Identify your startup costs
This can include items like vehicles or equipment, initial inventory, marketing materials, and any other expenses incurred before you even open your doors. Here is a useful business viability calculator) to help you identify initial startup costs.
Estimate your cash buffer
Determine the amount you need in the bank to cover monthly overheads, salaries, and drawings, until your business starts generating sales.
Conduct a break-even and profit analysis
This analysis will help you determine if your projected revenue will cover all costs and yield a profit. Use this break-even calculator to find out how much you need to sell in order to achieve a return.
Forecast your cashflow
Create a cash flow forecast to anticipate monthly sales and expense fluctuations. This will help you predict periods of cash surplus or shortfall. Use this cashflow forecasting template to assist you with this.
2. Simplify payments for your business
Make it convenient for both your customers to pay you and for you to pay your suppliers. Offering multiple payment options increases flexibility and overall customer satisfaction.
3. What you need to start a business in Australia
There are several things you need to do before getting started.
Visa requirements to start a business
For migrants looking to start a business in Australia, you’ll need a visa that permits work and business activities. The Business Innovation and Investment Program offers several streams with specific requirements related to investment, experience and innovation.
The Temporary Skill Shortage visa (subclass 482), might be an option for those with an approved sponsor and a business related to their nominated occupation.
Keep in mind that you should explore all visa options and consult with a registered migration agent to receive personalised advice in determining the best fit for your circumstances.
Get an Australian Tax File Number (TFN)
A TFN is a necessary required from the Australian Taxation Office (ATO). If you’re a sole trader, you can use your own personal TFN.
Partnerships, companies, and trusts require a separate TFN, and the most efficient way to obtain one is when you apply for an ABN. You can do this when setting up your business through the Australian Business Register.
Check what licenses or permits you’ll need.
The Australian Business Licence and Information Service (ABLIS) can help you find information regarding any government licences, permits, approvals, codes of practice, standards and guidelines that you may require, depending on your industry.
Address potential intellectual property concerns
Protect your business by making sure you’re not unintentionally infringing on another company’s intellectual property. This includes avoiding the use of a business name, ideas, logos, or processes that may already be legally protected. Visit IP Australia for more information.
4. Develop and write an effective business plan
A well-crafted business plan is essential for setting clear business objectives and staying focused on the goals of your business. Writing your business plan helps you consider each aspect of your business and identify any potential challenges or risks that may be associated with getting started.
Your plan should include market research, a marketing strategy, and a plan to establish a digital presence, since operating online can significantly expand your reach. When it’s time to launch, a business plan with solid financial projections can also be instrumental in securing funding from investors and lenders.
This plan will serve as a roadmap, outlining what’s most important for your business’s success.
5. Manage your business bank accounts
You should consider opening a business bank account that is separate from your personal one. It’s important to separate your business income and expenses from your personal account for better cash flow management, reconciling your BAS and tax returns, and for establishing your business as a professional entity.
Compare bank accounts to determine which account is right for your business, whether it’s a business bank accounts for a startup, or another type of business. This simple side-by-side comparison tool compares the features and costs of transaction, savings, and specialised bank accounts.
6. Organise your business admin tasks
Each business has unique needs, but in general, it’s important to consider the following:
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Set up an accounting system so you know how your money is being managed. This gives you an overall picture of activity. Once this has been implemented, you can integrate your accounting package with your business account to make bank reconciliation fast and easy.
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Check with your lawyer, Business banker and accountant to ensure that you haven’t missed anything important. They’ll also go over your business plan and provide any recommendations to ensure you are heading in the right direction.
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Obtain business insurance. It’s important that your business is covered by the right insurance just in case any unexpected issues occur.
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Have a back-up plan. Once you’ve worked out how much capital is required to start your business, it’s time to decide if you’ll need financial assistance.
Typical options for small business financing include:
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Order product or materials using supplier finance and negotiate to pay for them later.
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Using business credit cards for initial purchases.
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Accessing vehicle and equipment finance if you need machinery and equipment.
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Getting a Business Overdraft or a Business Loan if you’re unsure of what your monthly shortfall will be.
7. Understanding Australian tax laws
All Australian business owners are required to register for an Australian Business Number (ABN) and Goods and Services Tax (GST) if their annual turnover is $75,000 or more.
You may also need to register for other taxes such as Pay As You Go (PAYG) withholding and Fringe Benefits Tax (FBT). Failing to comply with these tax obligations can result in hefty fines and legal consequences.
Contact us if you have any questions.
Source: NAB
Reproduced with permission of National Australia Bank (‘NAB’). This article was originally published at https://business.nab.com.au/ https://www.nab.com.au/business/small-business/moments/starting-out/new-business/starting National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. The information contained in this article is intended to be of a general nature only. Any advice contained in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this website, NAB recommends that you consider whether it is appropriate for your circumstances. © 2026 National Australia Bank Limited (“”NAB””). All rights reserved. Important: Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.
