Starting a Business

Let us help guide you through the process of setting up and financing your business.

Be prepared

Setting up a business

There are a lot of things involved in setting up a business, from creating the business idea, to preparing a business proposal, and working out how your business will run. A lot will depend on the size of your business and the way in which you want to operate. 

How much does it cost?

The cost of setting up and running a business depends on a number of things, such as the size and structure of your business, and any overheads your business needs to get going and stay running.

How can I finance my business? 

Businesses can be financed a number of ways. We provide a range of products including accounts, loans and credit cards, specifically with business needs in mind.  

What are my business needs?

Your business needs will determine how much money it will cost to set up and run your business. Consider these needs:

  • Statutory requirements such as licences and insurance
  • Preliminary accounting and legal advice
  • Equipment, installation and running technology
  • Tenancy costs such as transfer (stamp) duty and lease agreement advice
  • Setup of office / shop space
  • Staffing and wages
  • Vehicles 
  • A salary for yourself
  • Insurance
  • Initial marketing
  • Initial raw materials / stock purchases
Knowing the cost

How much will I need?

This will depend on your business needs. Determining the amount can be tricky so you might like to seek advice if you’re feeling in over your head. Business Queensland suggests a number of ways you can go about researching the cost of setting up your business. These include:

  • Checking financial statements of any publicly-listed businesses in your industry
  • Talking to industry associations
  • Calculate ongoing and one-off costs
  • Get support and advice
  • Set realistic expectations
  • Overestimate costs
  • Use Business Queensland’s startup costs calculator

What is cash flow?

Cash flow is simply the money coming into your business via revenue and money going out via costs. While it is a simple concept, it is important to practice good cash flow management to ensure your business is successful.

Cash flow can be affected by:

  • Customer payment terms
  • Supplier payment terms
  • Loan payments
  • Future spending decisions
  • Unexpected necessary costs

Poor cash flow could mean you might not have enough money in your account to pay expenses when they are due. This could result in issues such as suppliers cutting supplies, or foreclosure by a bank.

Equipment Loan
4.40 % PA
Financing your business

There are a number of ways to finance the start up and running of a business. The size and type of your business may determine how much you’ll need and whether you will need to seek extra funds via a business loan or overdraft. 

Using savings

The benefit of using savings is that you will not pay any interest or loan fees, helping to keep your debt as low as possible. You might like to consider ways to save money before you launch into your business, or think about continuing on with your current work to give yourself a financial boost while you set up. 

Do I need to borrow money?

Once you have worked out a business plan, including a budget, and how much of your savings you can use, you will have a better idea on whether you will need to borrow money and how much. It’s important to understand how much taking out a loan will cost you in interest and other fees, and what this will mean for your business. 

How We Can Help

See all business accounts

Browse our range of specifically designed business accounts.

See all Business Loans

Our business loans are designed to help you reach your business goals. Whether it be for a vehicle, or to help with cash flow. 

Business Payment Tools
Improve the day-to-day efficiency of your business with our wide range of business and payment tools, including MINT merchant facilities.
Self Managed Super Fund Account
Manage your self-managed retirement funds in one place with a flexible transaction account, online savings account and competitive investment rates.
Business Visa Secured
9.65 % PA