So you are thinking of starting a small business
Starting your own small business is both an exciting and a scary time. It is a big step for you and for your supporters, be they family or friends.
There are many areas you will need to consider including:
- Registering the business
- Accessing premises
- Purchasing stock
- Employing staff
- Pricing and so on.
But before you get too far into the operations of the business it is worth taking the time to reflect and understand why you are starting the business. It is a good idea to think, discuss, test and refine your idea and decisions at every step on the journey.
Statistics put the failure of new small businesses at almost 42% within the first 12 to 36 months. There are many reasons for this statistic but some of the reasons a new business might fail include:
- Lack of a plan
- Not understanding who the customers are
- Inability to stand out from the competition
- Poor product knowledge.
If you are thinking of starting a small business the advice from the Skills Shack team is Plan, Plan and Plan again.
The Skills Shack resource library contains some great resources to help you get started in business and introduces planning tools including:
- Business Plan
- Business Model Canvas
- SWOT Analysis
People decide to start a business for a number of reasons. It could be the result of a wonderful idea you have, it could be a lifestyle choice or maybe you are drawn to the lure of being your own boss. Perhaps the decision is simply a natural extension of your career.
Whatever the incentive, establishing and operating your own business can be both rewarding and scary. People who run their own business point to the flexibility, freedom and sense of accomplishment that comes from running a successful business.
While exciting and rewarding starting a small business is also a risky undertaking. Business failure can cost you significantly in terms of ongoing debt, lost income, stress on your health and relationships and the effect on your own self esteem.
Research, planning and asking questions are important tools to use when considering starting a business.
Remember, just because you have a passion or interest in something it doesn’t mean others share your passion or your interests.
Check out The Skills Shack Resources at http://www.skills4biz.com.au/