After helping hundreds of business owners get their act together (and watching plenty crash and burn), here’s what I wish someone had told me on day one.
## **First Things First – The Boring But Critical Stuff**
You know what kills most businesses? It’s not the competition. It’s not the economy. It’s the paperwork they didn’t do right from the start.
Here’s your non-negotiable checklist:
– **Business structure** – Sole trader? Company? Trust? This isn’t just bureaucracy. It’s about protecting your house when things go sideways
– **ABN and tax registrations** – The ATO isn’t known for their sense of humor. Get this sorted NOW
– **Separate bank accounts** – Mixing personal and business money is like… well, it’s stupid. Don’t do it
– **Insurance** – Because Murphy’s Law is real and he’s got it out for small business owners
## **Money Matters (More Than You Think)**
Listen, I’ve seen brilliant businesses fold because they ran out of cash. Not profit. Cash. There’s a difference.
**The reality check you need:**
Most businesses take 2-3 years to actually make decent money. Yeah, I know that Instagram guru said you’ll be rich in 6 months. They lied.
You need:
– 6 months of personal living expenses saved up (minimum)
– 3 months of business operating costs in reserve
– A realistic budget (emphasis on REALISTIC)
– Someone who actually knows tax law on speed dial
## **The Legal Minefield**
I’m not trying to scare you but… actually, yeah, I am. A little fear here is healthy.
**Don’t skip these:**
– Contracts for EVERYTHING
– Terms and conditions that actually protect you
– Privacy policies (yes, even for tiny businesses)
– Understanding your industry regulations
One bad contract can sink your whole operation. I’ve seen a handshake deal cost someone $50,000. Get. It. In. Writing.
## **Building Your A-Team**
You can’t do everything yourself. Well, you can try, but you’ll burn out faster than a cheap candle.
**Who you actually need:**
– A good accountant (not your mate who “knows Excel”)
– A lawyer who speaks human
– A bookkeeper who’s obsessive about details
– Maybe a business mentor who’s been where you’re going
Yes, they cost money. No, they’re not optional. The money you “save” by DIY-ing everything will cost you 10x more in mistakes.
## **The Tax Trap**
Here’s where most newbies mess up royally. They think about tax once a year. Wrong wrong wrong.
**Tax is a year-round sport:**
– Keep every receipt (yes, that coffee counts)
– Track your kilometers if you drive for work
– Understand what you can actually claim
– Put aside 30% of everything for tax (better safe than crying)
And please, for the love of all that’s holy, don’t wait until June 30 to organize your paperwork. Your accountant will hate you. And charge you extra.
## **Systems Save Sanity**
You need systems from day one. Not when you’re drowning in work.
**Start with:**
– Cloud accounting software (Xero, MYOB, whatever)
– A CRM to track customers
– Templates for quotes, invoices, emails
– A real filing system (“somewhere on my desktop” doesn’t count)
Future you will thank present you. Trust me on this.
## **The Reality Check Nobody Wants**
Starting a business is hard. Like, really hard. You’ll work more hours than you thought possible. You’ll stress about money constantly. Your friends won’t understand why you can’t just “take a break.”
But here’s the thing…
If you do it right – if you set up the boring stuff properly, manage your money like an adult, and get help when you need it – it can be the best decision you ever make.
## **Your Next Move**
Stop reading blog posts (after this one) and start doing. Pick one thing from this list and knock it out today. Tomorrow, do another.
And seriously, get yourself a good accountant. Someone who’ll answer your 11pm panic texts about GST. Someone who actually cares if your business survives.
Because at the end of the day, the difference between the businesses that make it and the ones that don’t? It’s not luck. It’s not even the idea.
It’s doing the work nobody wants to do. Getting the foundations right. Being boring when you need to be boring.
Your future successful self is counting on you to not screw this up.
No pressure.
