Starting a small business

Starting a business in Australia involves a few key steps:

• Choose your business idea and structure (e.g. sole trader, partnership or company)
• If applicable, register your business name and get an ABN. Check licences, permits and tax requirements
• Create a business plan, including costs, pricing and cash flow

Once your business is set up, you’ll also need tools to accept payments, manage cash flow and track expenses.

CommBank can help you get started with business accounts, payment solutions and finance tailored to new businesses.

To start a business, you’ll typically need:

• A business idea and plan
• If relevant, an ABN (Australian Business Number) and registered business name
• Any licences or permits required for your industry

Depending on your setup, you may also need:

• To consider a business bank account to keep finances separate
• Insurance (e.g. public liability)
• Accounting software or systems
• Funding to cover start-up costs
• A way to get paid, such as EFTPOS or online payments

Having the right tools in place early can make it easier to manage your finances and grow your business.

There are a few common ways to fund a new business:

• Personal savings or income
• Business loans or overdrafts
• Government grants or support programs
• Investment from partners or investors

Before choosing funding, it’s important to consider:

• How much you need to start and run your business
• How you can comfortably repay borrowed funds
• Whether you prefer flexibility (like an overdraft) or structured repayments (like a loan)

Funding options vary depending on your business stage, but can include:

Short-term or flexible funding

• Business overdrafts for day-to-day cash flow
• Credit cards for smaller expenses

Long-term funding

• Business loans for larger investments or growth
• Equipment or asset finance

Non-debt options

• Government grants (if eligible)
• Personal savings or investor funding

Some lenders offer tailored solutions for newer businesses, including loans designed to support early growth or cover start-up costs.

A good business bank account should help you manage your finances clearly and efficiently.

Common features include:

• Low or no monthly account fees
• Unlimited or low-cost electronic transactions
• Easy online and mobile banking
• Integration with accounting software
• The ability to connect to loans or payment solutions

For example, a Business Transaction Account is designed for everyday use – helping you manage cash flow, receive payments and pay expenses in one place.

Keeping your business and personal finances separate can also make tax time, reporting and budgeting easier.