The Tyro Blog

8 August 2022 - 6 min read

Business Strategies

Launch a business in QLD with these 4 steps

Opening a business is an exciting time but it can also be a bit overwhelming considering all the steps you have to take to make it official. To shed some light on the process, and because requirements differ state to state, we’ve scoured the web and compiled a list of things you need to do before setting up shop in Queensland.

Before starting business in QLD

The first port of call is evaluating if you’re actually ready to start a business before you commit. You might have the motivation but you also need the right resources to get it off the ground (and keep it there). This is the time to ask yourself the hard questions you might not have considered yet: do I have the right skillset?; do I have plenty of time to devote to the business?; do I have access to the essential elements I need to get going?

From here, you’ll need to analyse the potential and viability of your business idea (in other words, if it’s actually a good one that will bring profits rather than debts). Some questions to ask yourself at this stage include:

  • Is there a genuine want or need for my product/service in the market?
  • How difficult will it be to develop my idea?
  • Is my idea financially viable?
  • How will I protect my idea?
  • Who are my competitors?
  • What’s my backup plan?

Answering these questions will not only help you decide if your idea is worth executing, but it will also allow you to create a solid base for a business plan if you decide it’s a goer.

When you’re ready to register a business in Queensland, you’ll need to work out whether your activities fall under a business or a hobby, as different tax, legal obligations and insurance come into play depending on which category you’re in.

It’s also worth brushing up on Business Queensland’s resources – covering topics from location to licensing – to really crystalise how to start a business in QLD.

Steps for starting a business in QLD

Given yourself the green light? Make sure to follow these four important steps, so your launch is successful.

1. Create a business plan

A business is only as good as its foundations. Carve out some time to create a solid business plan, fit with your vision and mission, branding, market research, competitive edge, financials, and legal and regulatory requirements, to give it the best chance at success. Business Queensland has a handy resource on preparing a business plan to get you started.

2. Choose your business structure

The next thing you’ll need to sort out is how your business will operate (aka it’s structure). We’ve listed out the six main business structures to choose from when starting a business in Queensland. For more information regarding business structures, please visit – Setting up a business structure | ASIC – Australian Securities and Investments Commission

Sole Trader

The simplest and easiest to set up, this structure means you’re the sole manager of your business – with full control over your operations. Although you technically trade on your own, you can still hire employees and build a team should you choose to.

Company

A company is a legal entity that’s separate from you. If you decide to go down the company route, you’ll need to register your business with the Australian Government Business Registration Service and with ASIC.

Partnership

A partnership is when two or more people go into business together with the view to make money. Each co-owner should manage the business equally and act on behalf of each other when conducting business activities.

Trust

A trust is a legal relationship where a trustee (an individual or company) carries out business for the benefit of beneficiaries.

Incorporated associations

Incorporated associations are typically set up for charitable, recreational or cultural purposes. Made up of at least seven members, all profits are to be put back into the association’s activities.

Co-operative

A co-operative is a democratic organisation owned and controlled by at least five members. Each member plays a part in running the organisation and shares the investment and operational risks, all the benefits, and any losses.

3. Complete the necessary paperwork

To register a business in QLD, you’ll need to register for regulatory identification and documentation. Depending upon the entity structure different requirements may apply, including:

  • Australian Business Number (ABN): this is a unique 11-digit code that identifies your business. While not mandatory, having an ABN allows you to claim Goods and Services Tax (GST) credits, energy grants credits, and acquire a domain name
  • Tax File Number (TFN): companies, partnerships, trusts and other organisations, such as co-operatives and incorporated associations, require a business TFN, while sole traders require a personal TFN
  • Business name: a business name is the title or name under which a person, or other legal entity, carries on business
  • GST: this is only required if your expected annual turnover exceeds $75,000

4. Set up shop

Once you’ve registered your business, you can go ahead and lease a premises, secure licenses and permits, and employ workers to seal the deal; and, if needed, set up a payments solution (Tyro EFTPOS is a super solid one for fast, simple, and secure payments).

Leasing a business premises

If you’re opening a retail and commercial business, it’s important that you find an appropriate place to operate it. Before you start searching, it’s important that you understand your rights and responsibilities when it comes to leasing a premises (you discover them here).

Licenses and permits

To run your business the right way, you’ll need to have the right licenses and permits. Work out which ones you’ll need for your industry and location here.

Employing staff

If you’re hiring staff, you’ll need to take into consideration certain factors such as employment obligations, health and safety laws and insurance requirements. You can find out more through Fair Work Requirements.

Ready for liftoff?

Once you’ve ticked off all the boxes on your ‘starting a business in QLD’ to-do list, it’s time to start selling. When you’re ready to start accepting payments, a Tyro EFTPOS machine can streamline all your payment and banking needs. Visit tyro.com or call 1300 00 TYRO (8976) to learn more.