How to Start a Business in QLD in 6 Easy Steps

Congratulations! You’ve decided to chase your business dream and start your own business in the sunshine state of Queensland. Whether you decide to be a tradie, a mobile hairdresser, or opening up a café, starting a businesses should begin with a plan in place. There’s plenty of things to consider, so here’s a guide that covers some of the basics.

1. Choose a business structure

There are 4 main types of business structures in QLD:

• Sole trader
• Partnership
• Company
• Trust

One of the most common types of structures, a sole trader set up usually involves the business owner conducting business activities without assistance. As a sole trader, you will also be legally and financially responsible for the business.

A partnership involves 2 or more business owners working together with the intention to make and share the profits.

A company is one of the more involved business structures and can be a bit more costly.

A trust involves a legal relationship with a trustee (this can be an individual or company) that conducts business for the benefit of other people (the beneficiaries).

To establish any of these structures, you will likely need:

• Australian Business Number (ABN)
• Business name registration
• Trademark registration

2. Develop a business plan

Here are some of the reasons it’s important to have a business plan:

• You may be asked to produce a copy of your business plan if you are applying for financing through your bank
• It creates a realistic insight into different areas of your business. A business plan also shows you where you may need to invest more time, money and resources
• When you map out your goals and milestones in a business plan, it can become a blueprint for your business journey

3. Research the market

Now it’s time to understand your competitors. Study their businesses, and get to know their marketing approach, products and pricing.

Set aside some time to be familiar with your business’ strengths and weaknesses too. Ask potential customers what they would like to see from your business and what products and services would be of benefit to them.

4. Be compliant – Queensland licences and registrations for businesses

For some Queensland businesses, you may be required to have certain licences and registrations in place before you can start operating. These will vary from industry to industry, so it is always important to check with your relevant industry board.

5. Grants and support in QLD

There are different grants and assistance schemes available for Queensland small businesses, so do some research to find out what you may be eligible for.

Recommended reading: 7 smart ways to finance your business

6. Get business insurance

One of the main priorities when setting up your small business should be getting your insurance sorted. There are many different cover options available so it is important to ensure you have the right policy to fit your business needs.

Some of the main types of business insurances include:

• Public Liability insurance*
• Professional Indemnity insurance*
• Business Insurance*
• Personal Accident and Illness insurance
• Cyber Liability insurance*
• Tax Audit insurance*

Tick one more thing off the to-do list and get your insurance sorted with BizCover today. Compare multiple quotes from Australia’s most trusted insurers online in minutes.