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Fraud protection.
Now it’s personal.
ANZ Falcon® technology monitors millions of transactions every day to help keep you safe from fraud.
Falcon® is a registered trademark of Fair Isaac Corporation.
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Cyber Security
Awareness Month 2024
Cyber security is everyone’s business, explore easy ways to help protect yourself and your business.
More and more Australians are choosing to start small businesses from the comfort of their homes. It’s a smart way to trial a fresh business idea on a lean budget. Before setting up a home-based business, it’s worthwhile contemplating the ins and outs of working from home.
If you haven’t worked from home before, it may take some getting used to. Before setting up a home business, take some time to weigh up the pros and cons.
If working from home sounds like it’s right for you, consider how it will work for the type of business you’re starting.
Service and consultancy businesses (freelance writers, bookkeepers, financial advisors, marketing consultants, virtual assistants), technology businesses (IT consultants, software developers), online businesses (ecommerce retailers, digital course providers) and microbusinesses (dressmakers, artisans) are generally well-suited to being based at home.
Other types of businesses may not be as suitable. If you have regular meetings with clients or customers, having children at home or dogs barking during phone calls can be challenging. Renting space in a serviced suite of offices or co-working building will afford you some privacy and enable you to benefit from facilities such as a reception and waiting area, meeting rooms, and shared business equipment including photocopiers and printers.
Your local council or regional authority is a good place to find out if permits are required to operate your business from home. If you’re renting, you should also check your lease as there may be restrictions you’re not aware of. For example, there may be restrictions on the number of employees you can have working in the business, noise levels or number of customers you can have visiting the premises.
Your local council is also a good place to find out about signage rules, licenses, building modifications (such as smoke alarms if you’re running a homestay business) and special requirements such as OH&S, food-handling and liquor licensing.
It’s common for small business owners to sometimes feel isolated. People accustomed to busy offices can find it harder to remain motivated and disciplined.
Strategies to stay motivated include:
Communication is key when managing interruptions from your family or friends. Explain to family members that you need to be left alone at certain times to do your job. Make your office hours clear to your friends – and treat them more formally if they do ‘pop in’ when you’re working.
Normal home and contents insurance policies may not cover equipment used for business purposes, so it’s worth checking with your insurer.
Growing your business sometimes means moving out of your home office into larger premises. For many businesses, moving out of home can spark a real growth phase. Other people prefer to maintain the freedom that a home-based business offers. Ultimately, it comes down to being clear about what’s important to you.
Put a contingency plan in place to manage challenges such as power outages, website glitches, overlooked tax payments or cash flow issues. Having a network of experts (such as accountants, lawyers and business bankers) to turn to will help you navigate common business challenges with ease.
Succeeding in a home business takes discipline and flexibility, but always remember you're part of a great tradition. After all, Apple was formed in a suburban garage. So stay focused on your goal - and don’t forget to reward yourself regularly for your achievements along the way.
Download our Business plan template (PDF 591kB).
Separating your personal & business finances can help you save time & reduce admin. Discover ANZ's guide on managing finance streams.
This is general information only, so it doesn’t take into account your objectives, financial situation or needs. ANZ is not giving you advice or recommendations (including tax advice), and there may be other ways to manage finances, planning and decisions for your business.
Read the ANZ Financial Services Guide (PDF) and, if applicable, the product Terms and Conditions. Carefully consider what's right for you, and ask your lawyer, accountant or financial planner if you need help.
Any tools, checklists or calculators produce results based on the limited information you provide so they are an estimate or guide only. As they are incomplete, they are not a substitute for professional advice.
Terms and conditions, fees and charges, and credit approval and eligibility criteria apply to ANZ products.