Starting your own business is an exciting time. You’ve got a brilliant idea, great skills and heaps of passion and energy. You can’t wait to turn it all into a business, stop working for someone else’s benefit and start running the show yourself. Unfortunately, it is not always an easy road ahead. The statistics are stark; according to the Australian Bureau of Statistics:
SO YOU’RE SETTING UP YOUR OWN BUSINESS…
WHY SO MANY START-UPS FAIL
Put simply: businesses fail because most small business owners lack basic commercial management skills, whether it be financial know-how, sales and marketing techniques, dealing with staffing problems and awareness of regulatory and legal frameworks.
Moreover, estimates are that only 3 to 5 per cent of Australian small businesses starting from scratch prepare a business plan – that is, assess in a methodological way whether or not their business idea is feasible and then put in place a formal plan to operate that business. The reality a lot of business owners spent more time planning their wedding or their 40th than they did planning their business… Don’t let this be you.
THE GOOD NEWS
You can avoid all those common pitfalls. In fact, you’re in the enviable position of being able to set up your business right, right from the start. All it requires is the following: