STEP 1: Celebrate your ambition Ambition is one of Australia’s biggest untapped resources. More than half of us say we dream of starting a business or side-hustle, but only six percent of us have actually done it. What’s going on there? It’s time to buck the trend and celebrate our ambition. Feed it. And follow where it takes us.
STEP 2: Work on your mindset Successful entrepreneurship is as much about mindset as it is about practicalities. If you have a business idea that you want to pursue, take some time to mentally prepare yourself for the action ahead. Accept that challenges will come, but remind yourself to focus on the big picture so you are not tempted to give up when the going gets tough.
STEP 3: Plan carefully This means putting in the work to create a full business plan (as Thea’s business advisors say, “Writing a business plan sounds scary. Not doing one is scarier.”), and ensuring that things like industry regulations and appropriate insurance covers are in place.
STEP 4: Prepare for growing pains Every new business faces growing pains – they are a side-effect to success. Be strategic and think ahead to the types of hurdles you might face (or ask for advice if you’re not sure) so that you will have an action plan in place to help you grow through them and keep going.
STEP 5: Choose a support-team You don’t need to do this alone. Choose the right people to help you where there are gaps in your skills and experience, and to support you when challenges arise.
Rescue your ABN
“When you want to revive your business, the first thing to do is have a friend or colleague give an honest and frank opinion about it,” says David. “Based on this, it may be appropriate to look at what has changed since the business was abandoned, including changes to the business, the market, technology, and distribution channels. If a sensible proposition remains after you’ve made that assessment, then it’s time to write or rewrite a business plan.”
As soon as you’ve decided to get back into business you’ll need to check if your ABN is still active or cancelled with the Australian Business Register (ABR)’s ABN Lookup tool: https://abr.business.gov.au/
Your next steps can be:
1. If your ABN is still active – you need to update your ABN record within 28 days if your business details change or you decided to end the business.
You can update/cancel online with the ABR here: https://www.abr.gov.au/business-super-funds-charities/updating-or-cancelling-your-abn/update-your-abn-details
Note: You can’t update the business name this way – that’s done via the ATO or ASIC.
2. If your ABN is inactive/cancelled – you’ll need to re-apply for your ABN with ABR.
When you re-apply, select ‘Recommenced business’ as the reason and fill out the form here: https://www.abr.gov.au/business-super-funds-charities/applying-abn
Tip: Watch the video on the ABR site for information about how it all works.