Setting up your own business is exciting, but can also be challenging if you’re not prepared. This guide will take you through each step of starting a business and help you understand what’s ahead. 1. Make key decisions: The decisions you make early on can affect many areas of your business, including the licences you need, how much tax you pay and the volume of paperwork required. 2. Plan your business: You’ve analysed your idea and yourself. Next you can plan your future and see how it all comes together. Develop your business plan, create your risk management plan, write your marketing plan. 3. Help for your business: Find resources to help you with your business, from general business advice to finance assistance and support for your mental health and wellbeing. 4. Register your business: To make it official, you’ll need to register. This makes sure your business gets taxed at the right rate, avoids penalties and protects your brand and ideas. Australian Business Number (ABN), Business name, Tax registeration for your business, Licences and permits, Company registeration, Trade mark. 5. Prepare your finances: It’s essential to take charge of your business finances and know how to manage your cash flow. It could make or break your business. If you need help, consider speaking to a financial adviser.Develop a pricing strategy, learn about invoicing and payments 6. Know the law: Finding out your business isn’t entirely above board can cost you time and money. Start off strong by setting up and protecting your business legally. Consider speaking to a legal professional to help you along the way. Learn the legal essentials for business, understand fair trading laws, understand contracts. 7. Protect your business: You invest too much time and money in your business to lose it. Protect your investment by planning ahead. Manage work health and safety, understand business insurance, prepare your business for an emergency, protect your intellectual property, protect your business from cyber threats. 8. Prepare for tax: Getting on top of your taxes now can make things easier in the long run. It can help you avoid penalties and make sure your business is taxed at the correct rate.Keep the right records, understand taxation for your business, learn how to lodge and pay for tax. 9. Set up operations: Setting up your business operations properly will save you trouble in the long run, and give you more time to focus on running your business. Learn about hiring employees, manage your suppliers, consider going online. 10. Market your business: Promote your business and brand to your target audience to grow your customer base. How to market your business, communicate with customers, set up a business website, establish your brand, plan your social media presence.