The small business life cycle has 5 phases: idea, start-up, day-to-day, change, and transition.

You are at the beginning of the business lifecycle, where you are thinking about how to set up your business.

This lifecycle helps you think of your future direction in business. If you have a hobby and over time you find yourself running a business day-to-day, this life cycle helps you think about where your business is right now, so you can plan future phases.

business.gov.au has information and tools to support your business in each phase and directs you to the tools and resources provided by the ATO and other agencies to help you. 

It’s important to identify where you are in the business lifecycle and take charge of the direction your business goes by planning ahead.