Imagine being your own boss, calling all the shots and not having to answer to anyone else. Imagine a world where you are the sole recipient of all the rewards associated to your hard work and effort. This is the romantic vision that makes many people wonder how to start up a business and become masters of their own destinies.
Although “going it alone” seems a daunting task, Australia is a country that is entrepreneurial in spirit. According to a recent Australian Bureau of Statistics (ABS) study, in the period of 2009 -2010, there were over 2 million registered small businesses in Australia which employ about 4.8 million Australians in the workforce. What’s more, according to an article published in the Australian, a vast majority of small businesses in Australia are still around up to 5 years after registering the business.
Research and plan your business
Starting a business is an exciting and uncertain prospect, which can be managed by a bit of research and proper planning.
Here are some things to think about when considering starting your own business:
- The What: envision the product or service which you want to sell. Put your ideas down on paper. Think them through, and develop them.
- The Who: who are the people who might be interested in buying your product or service?
- The Where: what locations do the people you are hoping to sell your product or service to come from? How best can you get the message to them?
- The Competitors: who are other people/organisations that currently sell the product or service that you envision selling? Think about what will make your product or service different and preferred to other available options in the marketplace.
Once you’ve thought through these things consider whether your idea ‘has legs’. Keep in mind the idea of supply and demand. If your idea is the same as an existing product on the market that has huge market share, then it would be difficult to break into the market and be successful. On the flip side, if your idea, in the form you are thinking, doesn’t exist out in the marketplace, then you could be on your way to becoming an entrepreneur.
If after doing the initial analysis you decide to go for it and start up a business, you need to establish the following:
- A business plan – which will act like a road map navigating your way to establishing your business. There are plenty of on line resources out there that can help you start planning.
- A marketing strategy – that helps you define all sorts of things like the way you will brand yourself so that people recognise your product or service, the message you want to get out there to your prospective customers about your offering and how you’ll communicate with the market.
- A Financial Plan – this outlines how you will finance and develop your exciting ideas and get them to market.
The next steps to starting a business
Why not think about taking a course to help you on your way? Select tertiary institutions offer short courses, diplomas and degrees in business administration, marketing and management. Depending on where you are in the spectrum of your working/studying life, you could pick the right course to meet your needs and time constraints to fast track you on your way to small business success.