Cultivate your clever idea with the MYOB Starting a Business Guide

Discover essential tools for planning, building and running your dream business.

New businesses get 50% off MYOB Business Lite plus free access to our New Business Basics course

Download the free guide to find out how to...

  

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Ensure your business idea is a promising one

Put your idea to the test, so you can develop a compelling business strategy.

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Approach planning and gather resources

Attain essential support, whether it's expertise or funding.

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Successfully launch your business and garner customer demand

Put your internal processes to work effectively so you can switch your focus to the external, like marketing and communications.

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Stay in operation and scale your business

Make it last, make it better and if you want, make it bigger.

1. Dream it: creating a viable business concept

A cartoon woman sitting with a dog in her lap, thinking.

First, the fun stuff. You start out with a great idea, and you're ready to turn your passion into profit. This is the time to flesh out your ideas, to brainstorm, to think and then rethink. 

But equally important is ensuring the strength of your idea. You need to do the research required to get a sense of whether your business will survive in the current market.

Key themes:

  • Identifying your points of difference
  • Scoping out the competition
  • Identifying your audience
  • Building your network

2. Plan it: working out the details and gathering resources

A cartoon man and a cartoon woman using watering cans to water a small factory, depicting the concept of cultivating an idea.

Now you're ready to start putting the wheels into motion. You've got a clear vision, and it's time to devise the logistics that will make it a reality.

It's important to gather resources during this stage, and put them to use in a strategic way.

Key themes:

  • Implementing the right funding options
  • Budgeting and forecasting
  • Choosing a business structure
  • Meeting legal and tax requirements
  • Choosing your style and location of operation
  • Formulating your business plan

3. Launch it: building your business and reaching your customers

Two cartoon women holding puzzle pieces and fitting them together.

It's time to start operating! Now you have a real, up-and-running business.

To operate effectively, you need the right people and the right business processes. Once you've got your internal foundations, it's time to get your name out there, and make your business known to your customer base.

Key themes:

  • Recruiting the right people
  • Effective business processes
  • Digital software for business processes
  • Marketing and advertising

 

Looking for software to help run your business?

4. Run it: staying afloat and scaling your business

A cartoon man and a cartoon woman using watering cans to water a small factory, depicting the concept of cultivating an idea.

Now you're in it for the long haul, and it's time to focus on making your business last, and perhaps growing your business.

Over time you'll face challenges and mitigate unexpected situations, learning as you go. With practical experience, you'll gain insight into how to best scale your business.

Key themes:

  • Establishing work-life balance
  • Building your brand
  • Re-evaluating business goals
  • Fostering business growth
  • Maximising revenue

Resources for starting a business

  

Writing a business plan
Writing a business plan

Not sure where to start with your business? Download our free business plan template and start planning.

Download template
Developing your business idea
Developing your business idea

Have an idea or a skill you think you can turn into a business? Take the steps to build it out.

Start course
  Financing your business
Financing your business

Looking for different ways to fund your business? Here are five, with added pros and cons.

Read article