Running a small business is a goal that many Australians have set for themselves, either now or in the immediate future.
The idea of being one's own boss, making money doing something you are passionate about and being able to branch out in whichever direction you please is very appealing, but it also involves long hours, a lot of uncertainty and several sleepless nights.
People who are their own bosses have the least holidays, because they know exactly what is at stake if they don;t put in the hours! Having said this, owning your own business can still be an incredibly rewarding, not to mention lucrative option, and we've put together a few pieces of business advice to help you on your way to success.
Enjoy! Offering A lot of people have great ideas for small businesses, but a high percentage of them fail.
This is due to a number of factors, but a primary one is what you are offering.
We're not talking about whether you sell bananas or batteries, houses or horses--when we talk about your offering, we refer to what you provide that no one else does.
What makes you different from everyone else out there? If you have a clearly defined offering, you're more able to sell that to people, and the more sure you are about your own product, the more easily you'll be able to convince people to invest in it.
It's all well and good to decide you want to sell furniture-but what makes your furniture worth buying over someone else's? You need to define what you are offering, and then make it more attractive than your competitors--of which there'll always be several, no matter how original you are to begin with.
Marketing Once you've defined a strong offering that you think stands out from the rest in terms of quality or value, it's time to start directing people to your product.
You could leave a 12 carat diamond in the middle of the desert, but unless you tell someone you've dropped it there no one will ever find it.
The same principle applies to your marketing strategy-you must make people aware of what you're offering and entice them to come and buy it from you.
Thanks to the Internet, there are several ways in which you can do this relatively cheaply.
Facebook, blogging, Twitter and YouTube are all tools through which you can share what you have with the world for no cost at all.
Above the line marketing is also important, and can cover everything from the way you present your store-front to the packaging of your product.
Everything needs to stay true to the kind of image you want to create for your brand, to reinforce the message that your offering is solid and genuine.
Money Matters Once your small business begins making money, the hard work isn't over-it's only just beginning.
The way you use your profits is in many ways more important than the way you achieve your profits-you need to re-invest them into the business in a way that makes it possible for you to make even more.
Speak to a tax accountant and get a thorough understanding of your tax rights, responsibilities and deductions that are available.
Also seek financial advice as to the most sensible way to distribute your new-found profits, and with hard work, your small business might not be such a small business for much longer!
The idea of being one's own boss, making money doing something you are passionate about and being able to branch out in whichever direction you please is very appealing, but it also involves long hours, a lot of uncertainty and several sleepless nights.
People who are their own bosses have the least holidays, because they know exactly what is at stake if they don;t put in the hours! Having said this, owning your own business can still be an incredibly rewarding, not to mention lucrative option, and we've put together a few pieces of business advice to help you on your way to success.
Enjoy! Offering A lot of people have great ideas for small businesses, but a high percentage of them fail.
This is due to a number of factors, but a primary one is what you are offering.
We're not talking about whether you sell bananas or batteries, houses or horses--when we talk about your offering, we refer to what you provide that no one else does.
What makes you different from everyone else out there? If you have a clearly defined offering, you're more able to sell that to people, and the more sure you are about your own product, the more easily you'll be able to convince people to invest in it.
It's all well and good to decide you want to sell furniture-but what makes your furniture worth buying over someone else's? You need to define what you are offering, and then make it more attractive than your competitors--of which there'll always be several, no matter how original you are to begin with.
Marketing Once you've defined a strong offering that you think stands out from the rest in terms of quality or value, it's time to start directing people to your product.
You could leave a 12 carat diamond in the middle of the desert, but unless you tell someone you've dropped it there no one will ever find it.
The same principle applies to your marketing strategy-you must make people aware of what you're offering and entice them to come and buy it from you.
Thanks to the Internet, there are several ways in which you can do this relatively cheaply.
Facebook, blogging, Twitter and YouTube are all tools through which you can share what you have with the world for no cost at all.
Above the line marketing is also important, and can cover everything from the way you present your store-front to the packaging of your product.
Everything needs to stay true to the kind of image you want to create for your brand, to reinforce the message that your offering is solid and genuine.
Money Matters Once your small business begins making money, the hard work isn't over-it's only just beginning.
The way you use your profits is in many ways more important than the way you achieve your profits-you need to re-invest them into the business in a way that makes it possible for you to make even more.
Speak to a tax accountant and get a thorough understanding of your tax rights, responsibilities and deductions that are available.
Also seek financial advice as to the most sensible way to distribute your new-found profits, and with hard work, your small business might not be such a small business for much longer!
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