Let’s Launch: Peking Duk's guide to starting up your business

Start your business like a boss (and don’t do what we did)

When we started our first business, we had no idea what we were doing. After stumbling through some business blunders, we managed to nab the hang of it and now we’re flying.

We put together this guide so you can avoid all the hoo-ha we’ve had to encounter. It takes you through what you need to get sorted before launching and any legal stuff the suits will throw at you.

The eight steps to a ridiculously solid business startup

1. Carve out your niche

You know that feeling when you rock up to a party and someone’s wearing the same Hawaiian shirt as you? You want to avoid that when it comes to business — it can bruise more than your ego. Before kicking off, develop your business idea by researching the market and finding a gap that you can own. Do your market research, analyse your competitors and get feedback from potential customers.

2. Have a plan… and a plan b

When we started, we didn’t have any goals — other than to melt people’s faces off with bangin tunes. Which we did. But when things got serious, we needed a real-life business plan.

A good plan sets out your goals, target markets, marketing strategies and financial projections, so you actually know how you’re tracking. Here’s a free business plan template to get you started. Oh, and double down with a solid plan b, just in case.

3. Secure the moolah

Starting a business can cost a mint. You need to secure funding to cover your startup costs and expenses. Think about where you can find investors, what loans you can apply for, or whether you want to use your personal savings, aka Grandma’s inheritance. And no matter where you get your funding, remember that having a budget (and sticking to it, Reuben) is crucial. Check out our funding and finance guides .

4. Erect a business structure

One person you don’t want to make angry is the tax man. Making sure the legal structure of your business is the right one will impact what you owe, your liabilities and more. Some common business structures are:

sole trader
partnership
company
trust

To make things easy-peasy, use this to find which business structure fits like a glove.

5. If it isn’t registered, does it even exist?

Yes, but you legally won’t be able to make any money. Boring! Do these three things:

Register your business with the Australian Securities and Investments Commission (ASIC)
Get an Australian Business Number (ABN), and
Register for Goods & Services Tax (GST) if your business has an annual turnover of $75,000 or more.

6. Sort out your legals

The law can be tricky. And, as a business owner, you have to dance the funky chicken with it on the reg. Understanding your legal obligations, like tax requirements, employment laws and workplace health and safety regulations, is no joke. If ever in doubt, get professional advice.

7. Build a smokin’ hot brand

Your brand is how customers will see your business, so it needs to be a strong one. Think about whipping up a slick logo, tagline and brand messaging that sets your business apart and gives it an identity your audience can connect with.

8. Develop a marketing strategy

Once you've established your business, you need a solid marketing strategy to promote it. This can involve using social media, advertising and other marketing channels to reach your target audience.

Think about using a business management platform

Pro tip: using a business management platform can transform your business. Before we started using one, we were constantly mucking up things like merch volumes and leave management, and doing our paperwork and finances was way harder than it needed to be.

For us, the MYOB business management platform was a game changer. And because it integrates with over 300 third-party tools and services, there was no drama when it came to slotting it in with our existing processes and software.

The platform handles projects, customers, employees, supply chain, finances, accounting and tax. It grows with our business needs and there’s a nifty online dashboard that we can see from anywhere, on any device. Find out more about the MYOB business management platform.

Aaaand finally…

When it comes to business, you’ve either got to go hard or go home. Follow all the steps in this guide and build your business like a boss – right from the get-go.

If you’re ready to take the headache out of business and focus on the good stuff, get started with MYOB Business Lite from just $5 per month for 6 months, normally $30 per month*.