Thursday, 21 February 2013

Case study: starting a new business

The Millionaire on Heels was catapulted into the subject of starting a new business for quite an innocent reason – getting a .au domain name for this blog.  But it has also served as an impetus to make some progress on bringing an idea for a different small business to life.

Posting under a .com domain is quite easy – you just need to purchase the domain name and DNS services.  However, to get a .au domain, you need to have an ABN and actually run a business.

So, following my tips in http://www.millionaireonheels.com/2013/02/starting-business-registering-for-abn.html, given the small size of my business and the fact I have no employees yet, all I needed were an:
  • ABN
  • Business name(s)
  • Domain name(s)
I was able to apply for all of these successfully online via the links on www.business.gov.au and through a local domain registrar.

While the Millionaire on Heels is great fun, I don’t anticipate it will earn enough on its own anytime soon to make me a millionaire or for that matter generate an income anywhere close to my current full-time job.