Understanding these essentials empowers business owners to make informed decisions, adapt to challenges, and achieve long-term success.

Business fundamentals quick links

Get your business set up

Setting up a business involves more than choosing a name and opening the doors. It includes deciding if you’re ready, understanding the key steps to get started, choosing the right structure, and planning how you’ll grow.

Use these resources to help you work through the main decisions, from checking your readiness to selecting a business structure and planning for future growth.

The Australian Securities and Investments Commission Act (ASIC) website can help you check your eligibility to start a company or business, choose a business structure and register a business name.
Read the Guide to starting a business to work through the main steps and understand what’s ahead before you start.
Use the Are you ready to start a business? checklist to think through your personal and financial readiness.
Use Business Victoria’s business structure guide to compare structure options and work through the step‑by‑step tool.
Read the Victorian Small Business Commissions information for tenants to understand your rights and responsibilities.
Use the Australian Business Licence and Information Service (ABLIS) tool to find out which licences you need to start, run and grow your business.
Use the Growing your business checklist to explore opportunities for growth and understand your obligations as your business changes.
Get advice for starting an Indigenous business and the visit the Business Victoria website for information about Aboriginal business support.

Business planning

A business plan gives your business clear direction by setting out what you want to achieve and how you’ll do it. It helps you prioritise your goals, and identify and manage risks so you can make better decisions and secure finance or other support as you grow.

Use these resources to help you plan your business:

The Business Plan Tool is a step‑by‑step online tool to guide your planning process.
Business Victoria’s planning guide and templates to create your business plan.

Legal essentials for business

The Australian Competition and Consumer Commission (ACCC) promotes competition in markets to benefit consumers, businesses, and the community. They are responsible for making sure that individuals and businesses comply with Australian competition and consumer protection laws – in particular the Competition and Consumer Act 2010. Understand what this means for your business.

The role of Consumer Affairs Victoria, as the Victorian consumer regulator, is to create a competitive and fair marketplace for businesses and consumers. They have a range of business resources to help you understand your rights and obligations.

The Victorian Legal Aid website has information on support for business and commercial matters. That helps you understand where to get legal help and other support for business and commercial matters.

The Business.gov.au website has important information about the common laws your new business may need to comply with, such as registrations, contracts, marketing and employment.

Organisations have a number of responsibilities that are set out in the Equal Opportunity Act 2010 and federal anti-discrimination laws. The Victorian Equal Opportunity & Human Rights Commission can work with you to help you meet your legal obligations and develop policies to prevent discrimination, sexual harassment and bullying in your organisation.

Tax and bookkeeping

Understanding which taxes apply to your business, what records to keep and how to manage your cash flow is essential to paying your bills, staff and the ATO on time.

Use these resources to understand tax, manage money and keep good records:

Read key information about starting your own business and the main tax and registration steps.
Use Business Victoria’s finance guides and templates to help you manage your finances, cash flow and record keeping.

Registrations and permits

Depending on your location and industry, your business may need different registrations, licences and permits before you can start trading.

Use these resources to find out what applies to you:

Learn when you need a business permit on the Mornington Peninsula and how to apply.
Visit Business Victoria – licences and registrations for information on registrations and licences in Victoria.
The ABLIS tool helps you find out which licences and permits you need for your business.
Visit the Business Registration Service to apply for an ABN and key registrations in one place.

Know your responsibilities as an employer

If you employ staff, you have legal obligations around fair pay, conditions and workplace health and safety in Victoria.

Use these resources to learn more about your responsibilities as an employer:

Read information on employment types, hiring processes and managing staff from Business Victoria.
Read detailed information from WorkSafe Victoria about employer health and safety duties and how to provide a safe work environment.
The Small Business Showcase page but the Fair Work Ombudsman makes it easy for small businesses to access information about their workplace obligations.
Visit our Staff and employment page for information, inspiration and key insights on hiring, retention and workplace culture.

Know your market and customers

Marketing is how businesses attract and engage customers through branding, advertising and communication. Marketing is essential for building awareness, driving sales and staying competitive. It helps you understand your customer needs and deliver them value.

Use these resources to understand your customers and improve your marketing:

Visit our Marketing and Sales page for local information and support.
Read essential information on marketing and advertising on business.gov.au.
Explore practical guidance on marketing and sales strategies from Business Victoria.
See insights from local experts on our website.

Risk and resilience

Every business faces risks such as accidents, equipment failure, cyber incidents and natural disasters, so it helps to identify what could go wrong and plan how to reduce the impact.

Use these resources to help you plan for risk and build resilience:

Learn how to plan for events that could disrupt trade, damage your assets or affect the safety of your people.
Find out how to manage cybersecurity in your business.
Learn how to spot and manage risks in your business and build a simple risk management plan.
Find out which types of insurance may be suitable for your business, such as public liability, property or professional indemnity insurance.
Learn how to prepare, respond and recover from emergencies on our emergency management resource page.