Mumpreneurs Roadmap: Essential Steps for Starting a Business

Today, in 4 minutes or less, you'll:      

1. Find out seven crucial steps for launching your business, including securing your business name, obtaining an Australian Business Number (ABN), and acquiring web domains.    
2. Discover how to protect your business and safeguard sensitive information effectively.    
3. Learn how to start your business on the right foot!  

In this edition, I'm sharing essential steps every mum considering setting up an online venture needs to know. These foundational steps ensure you start on the right foot, minimising potential pitfalls, such as operating under a business name already taken. While the following advice is tailored to Australian regulations, remember to adapt these guidelines to your country's requirements.   

Step 1: Business Name Registration    

Ensure your chosen business name is available by checking web domain registers, the Australian Business Register (ABR), and trademarks with IP Australia. Registration requires a credit card, email address, Australian Business Number (ABN), and your proposed business address. Once you have registered your business name, you must renew it periodically. I have also found this video from ASIC about registering a business name very helpful.   

Step 2: Tax Registration – Australian Business Number (ABN)    

Register for an ABN through the official Australian government website to streamline your tax obligations. You will not need to account for GST until your revenue exceeds $75,000. However, you will need an ABN to secure specific domain extensions for your website and registering early also secures the ABN for your chosen business name.  

Step 3: Website Domains    

Secure relevant domains through providers like GoDaddy (Microsoft links) or Google, ensuring they will link to your preferred email provider. Remember, specific domain extensions such as '.com.au' and '.net.au' require an ABN for registration. Once secured, these domains will need to be renewed periodically.   

Step 4: Licenses    

Explore industry-specific licenses necessary for your business, such as liquor service or outdoor dining, through resources like the Australian Business License and Information Service (ABLIS).  

Step 5: Insurance    

Another important tip I want to give you is to update your home insurance policy if you start running your online business from home. I read in the media about a couple whose insurance was voided after their house burned down because they had not declared they were selling goods from home, so I took action for myself.     

When you first took out your home and contents policy, you likely would have ticked a box that said you do not run a business from home (as I did). However, if you start registering a business name, domain name, ABN, etc., at your home address, you must update this clause in your policy. I rang my insurance company, and because I had no employees and was not holding stock at my house, there was no change to my insurance premium to update my policy.     

You may also need additional insurance when you commence your business, which is best to speak to an insurance broker about. Such insurance may include Public Liability Insurance, business insurance to cover stock loss, and motor vehicle insurance.   

Step 6: Legal Policies    

When I launched my business, I put three policies on my website: a Privacy Policy, a Cookie Policy and Website Terms of Use. I engaged an online legal firm, Sprint Law, who completed all the work with me via email and Zoom. They also work with many other online businesses and have had solid experience with what I require. I have found them to be very professional and thorough, and the work they have produced has been a very high standard. I have since also engaged them to create an Online Course Agreement.     

It is important to have these legal policies in place. They cover the rules of engaging with your website and resources and cover you for any liability. Once you start collecting data about and from customers, you must be transparent about what you are doing through your policies. It is also essential to have them in place when you start exchanging your goods and services with customers for money.     

Step 7: Privacy and Security    

When establishing your business, consider renting a PO Box as your business mailing address. I wanted one because I am running my business from home and wanted to keep my address private. I can now use a PO Box address throughout my business, including email footers, invoicing, and receipts. I can also use it as my ASIC and ATO business address.       

I filled out a form I downloaded from Australia Post to begin the process. Then, I went into my local post office, submitted the form, showed some business identification, and paid the annual fee ($20 setup fee and $144 annual fee for a small box). I was then handed two keys and shown to my PO Box. The whole process was very straightforward!  

Also, implement robust data security measures as early as possible, including regular data backups, keeping passwords safe, downloading email contacts regularly, and using two-factor authentication for your online accounts.   

These tips will give you a good starting point for your business setup. Please reach out if you have any questions.