It’s important to know if your idea is a hobby or a business for tax, insurance and legal purposes.  Key questions to consider: 

• Is the activity for commercial reasons? 

• Is your main intention, purpose or prospect to make a profit? 

• Do you regularly and repeatedly undertake your activity? 

• Is your activity planned, organised and carried out in a businesslike manner? 

If you answered yes to most of these questions, you're likely to be running a business.  However, it depends on your individual circumstances. The ATO website provides further information and examples to help you understand the differences between a hobby and a business. 

8 Steps to starting a business 

The Small Business Development Corporation (SBDC) is one of the best places to find information on starting your business. They have developed an 8 step guide to help you through the early stages of establishing your business. Follow the steps to help you decide if you are ready to go into business, how to get started and where to seek help along the way. If you need to speak to a business advisor for guidance, contact the SBDC.