Migrate customer from Telstra T-Suite to Open Licensing

I have a new client that is currently on the Office 365 E3 plan via Telstra T-Suite where they pay monthly of course, and they want me to set them up with Office 365 Business Premium via Open Licensing which I will be purchasing using via our Open License vendor.

The client no longer needs Microsoft Access, hence why we are taking them to a cheaper plan.

Is the process I've outlined below the best way to proceed, or have I missed a/some steps? I'll be using our SkyKick account for data-only migration.

Step 1

Acquire Microsoft Office 365 Business Premium licenses for required number of users i.e. 2

Step 2

Setup the required users in the new Office 365 Administration Portal and apply license keys

Step 3

Arrange a time to setup the migration of data from the Telstra T-Suite Office 365 E3 user accounts to the same user accounts in the Open License...