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Happy New Year!  It’s the time of the year when people follow their New Years resolution and take the plunge into self-employment. Australian Prime Minister Malcolm Turnbull encourages ‘Start-ups’ of all ages to follow their dreams and become their own boss. The Australian Bureau of Statistics published last year data, which confirms a business entry rate increase from 11.2 per cent in 2012-13 to 13.7 per cent in 2013-14. So why not give it a go?

Starting your own business is a big step and a life changing experience. To ensure you have all boxes ticked before making your decision final, you will need a business plan. Here are five tips for starting up a business:

1. Know your customer/client! Don’t assume just because your friends and family believe that your business idea will attract lot of customers/clients, that it will happen. First of all work out who would want your products/services, than analyze the age group of your main customers/clients. Spend as much time as possible to research your target market.   As more you know what your customers/clients want, as better it will be for your business.
2. What makes your business different? If your business idea is not a totally unique idea, you will highly likely have competition in your industry. To stand out amongst your competitors you will have to think of your unique selling proposition (what makes you different).
3. Get help! Build a network of mentors and people in business around you who can provide you with guidance. Don’t be afraid to ask for help. This starts with your friendly accountant, bookkeeper, lawyer or business advisor. Once that is established, join various business networks.
4. Keep a sharp eye on your finances! One of the key challenges for business start-ups is money. Operating a business is costly. You will have monthly ongoing operational costs, still if you didn’t sell anything yet.
5. Never give up! Starting a small business is a learning experience. There will be many ups & downs and frustrating times. However, don’t give up. It is part of the self-employment deal. The problems will not magically disappear but you will get smarter and stronger. Give it time and you will succeed.

Before you take the plunge into self-employment, spend some valuable time writing a business plan. The hours invested in gathering solid research, will provide you with a sound platform to start your business.

Need help?  Our friendly team at Synergy Consulting Australia (www.synergyaustralia.com.au) is only a click away.