There is no perfect time to start a business in Australia than now. Ideas are in a boom, the economy is on a roll, and consumer market is very upbeat. The conditions are just perfect to have your own business and contribute further to the country’s economy.
We had shown you before the seven important things you need to remember when starting a small business in the country (click here if you missed it). But entrepreneurship is such a challenging, albeit exciting road to take, we have seven more important details to keep in mind when having your own startup.
Take note, mates. These could skyrocket you to success.
The best entrepreneurs in the world didn't become the best because of their Master’s Degrees or training in their belt. They became the greatest by actually starting their businesses and learning from it. No amount of business books or entrepreneurship seminars can prepare you for what’s coming. Learn the ropes by going ahead and starting your business.
Mark Zuckerberg didn’t finish college. So as Bill Gates. And Steve Jobs. We are not saying you should quit your education. Our point is that these guys did not let their lack of a diploma stop them from launching their companies. So do it. The learning starts when you fail and take notes from what happened.
There are two sides to the population of starting entrepreneurs. On one side are those cowering in fear of failure, on the other are those who fall for the survivorship bias. These people focus only on the successful businessmen and think the same thing will mostly happen to them.
Here’s the thing. Your business can fail. And if you don’t set up any safety nets such as insurance, your failure will hurt more than it should. Business insurance is not only a security measure but a requirement in Australia. There are currently three types of business insurance available: the asset and revenue insurance, personal and workers insurance, and liability insurance. See which one is best for your business well apply for one.
As Thank You Group founder Daniel Flynn puts it: a smashing idea doesn’t always equate to success. Everybody has a good idea. Your execution, however, shapes the fate of your business. Have a good business plan. Keep your priorities clear, as juggling too many balls in the air will only lead to them crashing. Be consistent with your execution plans. And revisit your strategies to tailor-fit them to the numbers you are getting, but never change your end goals.
It is also important that you surround yourself with people and employees that will provide a positive and productive culture to your business. You might have planted the seed of the idea, but their aggregate efforts and concepts borne from brainstorming will be the water and the sunlight that makes sure that seed grows strong and big.
The Australian Government never leaves its entrepreneurs alone. It gives them access to grants and assistance such as commercialising your products, business expansion, idea research and development, and even import and export of goods and services.
You just click the link, check the kind(s) of assistance your business needs. State your industry, period of operation, and annual turnover. And you will receive help from the government.
Most entrepreneurs underestimate the importance of having a mentor. They think that mentorship is only for those “want to keep their level of success maintained.” Mentors are positive forces that keep you inspired when the numbers seem to go against your plan. They will guide you to make the best choices (No, they cannot make the choices for you. Every business situation is different). And best of all, mentorship is personalised. You may read a thousand motivational and business books from the greatest authors, but nothing beats the advice of someone who can see your strategies, operation, and results on a first hand basis.
A seasoned mentor has already walked the path you are trailing right now. He or she is armed with experience, insights, and networks that you do not have right now. Take advantage of these and build your way to success.
Depending on the type of your business or the products and services you offer, you will need to follow mandatory safety laws, including construction, performance, testing, labelling and information requirements. Click here to get a full understanding of these laws.
The codes of practice also give a minimum standard of security to consumers and businesses in certain industries. Contact your state or territory consumer affairs office for further details on codes of practice in your area or you may click also here.
And finally, you need to be aware of the safety and labelling standards in the country in case you are trying to sell products. Click here and here for more information about them.
Most young entrepreneurs will jump from one opportunity, idea, or product to another, neglecting their original priority. This is a rookie mistake. As we said, juggle one too many balls and you will end up crashing them to the ground. Once you created your core product, funnel your time, efforts, and resources on it. Develop it, make it grow, perfect it. This will raise your chance of success.
And once everything is stable and expansion is the only way to go, scale up slowly. You are entering a new realm you are not familiar. Better to look ahead carefully before you leap.