Starting your own business can be one of the most rewarding and satisfying experiences you can have. Find out more with our guide to getting started.
Starting your own business and entering the world of entrepreneurship is something that more and more Australians are doing.
The increase in connectedness across the globe means that the structure of employment has changed rapidly, enabling more people to realise their dream of becoming a business owner.
Create the future
You don’t need a degree or a detailed knowledge of business studies to have a good idea. Your business can be made from something that inspires you, a gap in the market you’ve noticed or a necessity you are capitalising upon. History’s great entrepreneurs didn’t wait to be told what was next, they defined it.
Starting your own business means a lot of hard work, long hours and financial risk, but it can also be the most challenging, rewarding and wonderful experience you will ever undertake. So how do you know if self-employment is the right career direction for you?
The three basics
There are many facets that an entrepreneur needs to have, however a foundation can be built on three elementary factors:
Have a plan
It is important to devise a map to lead your business to success. You must measure your results to enable fine tuning and be able to change as the market does. A strategy doesn’t have to be set in stone and unyielding, however you need a clear plan to make it more than a hobby. Your plan should include research around your product, its audience, unique value and the milestones that will mark growth and progress.
Build a team
Starting a business means that you will take on the jobs of an entire company, at least in the beginning. This doesn’t mean you are alone though. Develop connections through LinkedIn, Facebook and other social networks, as well as through clients, friends and family. This support network will answer your questions, offer their expertise and share their experiences.
Have enough capital
With most enterprises, success comes down to how long you can sustain your efforts. While some entrepreneurs manage to work full-time and build a business that takes off, it is more likely that you will need to devote all your time to the success of your enterprise to see real results. This can mean a lean period before you start to make enough money to perpetuate the company, let alone pay yourself a wage. You should have enough capital to pay your rent or mortgage, utilities, any loans, food, clothing, and all the little bits and pieces you need, for at least six months.