Starting a Business in 2026? 7 Things to Get Right Before You Make Your First Sale

Starting a business is exciting.

You have the idea, you've found your first customers, and you're ready to get moving.

But before you send that first invoice or make your first sale, there are a few things worth getting right.

The decisions you make at the beginning, from your business structure to how you manage tax and cash flow, can have a big impact as your business grows.

Here are seven things to get sorted before you make your first sale.

1. Choose the right business structure

One of the first decisions you'll need to make is how your business will operate.

Common structures include:

• Sole trader

• Partnership

• Company

• Trust

There isn't one structure that's right for every business.

A sole trader can be relatively simple to establish and operate, while a company or trust can have quite different tax, liability, asset protection and succession implications. 

The right structure can also depend on your expected income, business risks, whether you'll have employees or partners, and your plans for growth.

Changing your structure later is possible, but it can also create additional costs, tax consequences and administration.

Get advice before you register, not after.

2. Get your ABN and registrations sorted

Before you start trading, make sure you understand which registrations your business needs.

Depending on your circumstances, this could include:

• An Australian Business Number (ABN)

• Business name registration

• GST registration

• PAYG withholding registration

• Employer obligations

• Relevant licences, permits and insurances.

An ABN doesn't automatically mean you need to register for GST.

Generally, businesses must register for GST when their current or projected GST turnover reaches $75,000, although different thresholds apply to some types of organisations and businesses. 

You can also choose to register voluntarily in some circumstances.

Understanding your obligations before you start trading is much easier than trying to fix them later.

3. Separate your business and personal money

This sounds simple, but it's one of the easiest things for new business owners to get wrong.

If you're using the same bank account for your groceries, mortgage, Netflix subscription and business expenses, things can become messy very quickly.

Having a separate business bank account makes it much easier to:

• Track business income

• Pay business expenses

• Reconcile transactions

• Keep records

• Understand your actual cash position

• Prepare your tax return

It also creates a much clearer separation between business money and your personal money.

And remember: money sitting in your business bank account isn't necessarily money you can spend.

You may still need to allow for GST, tax, super, wages, supplier invoices and other business expenses.

4. Set up your bookkeeping from day one

Don't wait until tax time to work out where your money went.

Good bookkeeping should start with your first transaction.

Set up an accounting system that allows you to track your income and expenses, reconcile your bank account and keep the records you'll need for your tax and reporting obligations.

You should also get into the habit of keeping appropriate records for business expenses.

That means keeping invoices, receipts and other supporting documents rather than relying on your bank statement to tell the whole story.

Good bookkeeping isn't just about making your accountant's life easier.

It gives you visibility over how the business is actually performing.

5. Understand GST before you start charging customers

GST can be one of the first areas where new business owners get caught out.

If you're registered for GST, you'll generally charge GST on taxable sales and claim eligible GST credits on business purchases.

But registering for GST also means taking responsibility for reporting and paying the GST you owe.

So before you send your first invoice, make sure you know:

• Are my prices GST-inclusive or GST-exclusive?

• Do I need to charge GST?

• Does my customer need a tax invoice?

• How am I going to set aside the GST I've collected?

That last question is particularly important.

GST collected from customers isn't business profit.

It is money you'll generally need to account for to the ATO.

A simple approach is to regularly move the GST component into a separate savings account so you're not caught short when your BAS is due.

6. Work out how you're going to pay yourself

Starting a business doesn't mean you should simply transfer money from the business account whenever you need it.

How you pay yourself depends on your business structure.

For example, a sole trader generally doesn't pay themselves a wage in the same way an employee does. The business income is generally included in their personal tax return.

If you're operating through a company, different rules can apply when you pay yourself through salary, wages or other distributions.

Superannuation can also come into the picture depending on your structure and how you're paid.

And from 1 July 2026, Payday Super means employers generally need to pay Super Guarantee contributions on payday, with contributions generally required to reach employees' super funds within seven business days.

Before you make your first payment to yourself, understand what it actually means from a tax, super and cash-flow perspective.

7. Build your cash-flow plan before you need it

Profit and cash flow are not the same thing.

You can have a profitable business and still run out of cash.

Why?

Because your customers might take 30 or 60 days to pay you while your suppliers need to be paid today.

You might also have tax, GST, super, insurance, software subscriptions, rent, wages and other expenses that need to be covered regardless of whether you've been paid yet.

Before you start trading, work out:

• Your expected monthly revenue

• Your fixed costs

• Your variable costs

• Your payment terms

• Your tax and GST obligations

• Your minimum cash buffer

• How much you need to take home personally

Then keep an eye on the numbers every month.

Your cash-flow forecast doesn't need to be complicated.

But it does need to exist.

Bonus tip: Don't wait until you're making money to talk to your accountant

One of the biggest misconceptions about starting a business is that you only need an accountant when it's time to lodge your tax return.

In reality, the earlier you get advice, the more useful it can be.

Before you make your first sale is a great time to discuss:

• Business structure

• Tax registrations

• GST

• Bookkeeping

• How to pay yourself

• Superannuation

• Cash flow

• Business expenses

• Record keeping

• Growth plans

Getting the foundations right can save you from having to untangle them later.

Ready to start your business?

Your first sale is exciting.

But before you make it, make sure the business behind that sale is set up properly.

The right structure, systems and financial plan can give you a much clearer picture of where your business is going and what you need to do to get there.

At Maher Group, we're more than just your tax return.

Our team can help you get your business set up, understand your obligations and put the right financial foundations in place from day one.

Starting a business in 2026? Let's get the numbers right from the start.