Starting a Small Business: Set Yourself up for Success

Thinking about starting your own small business but don’t know where to start?

You’re not alone. There are more than 2.1 million small businesses operating around Australia – but according to the Australian Bureau of Statistics (ABS) more than 60 per cent of small businesses fail within the first three years of starting.

The upside is you can avoid becoming another small business statistic by building a plan, networks and a clearly thought-out strategy around your great idea.

One of the most common mistakes budding business owners make is to invest in setting up a business without the proper education and training.

David Hoey, Chief Executive Officer of MiTraining, said being technically capable doesn’t necessarily mean you’ll be a naturally competent business owner.

“It’s important to understand that the skills and attributes that make someone a technical expert in their field don’t always translate into the know-how required to build and manage their own business,” Mr Hoey said.

“The dream of being your own boss or having an unbridled passion for your business idea are good things – but they can’t be the only things. Pair this with a solid understanding of the practicalities, risks, resourcing and planning required to take a small business from concept to reality and you’ll really be setting yourself up for the best chance of success.”

Tips for Starting a Small Business

Invest in yourself

Have you studied small business management or gained practical experience working in a small business environment? Better yet, have you done both?

Your success as a small business owner will be largely influenced by how ‘ready’ you are to tackle the challenges that come with being one. Do the research, invest in your own professional development and you’ll already be ahead of the pack come launch day.

Build networks

Owning your own business can feel lonely, but it doesn’t have to be. Some of the most successful entrepreneurs surround themselves with smart, trusted people who they can bounce ideas off, play devil’s advocate with or just talk out a problem.

Do the numbers (then run them again)

The biggest reason for small businesses stalling is lack of capital – quite simply running out of money. Get the right financial advice and develop a sound business plan that includes a budget.

Looking for a course to skill in starting your own small business? Learn more about MiTraining’s nationally accredited BSB30220 Certificate III in Entrepreneurship and New Business.