In Australia, there are more than 2.3 million small businesses actively trading in the country (as of June 2018) and the number continues to increase.Business Preparation
More and more Australians decide to enter the entrepreneurship world, considering some of the most popular reasons to start a business, including having a unique business idea, designing a career that has the flexibility to grow with you, working toward financial independence, and investing in yourself — it’s no wonder that small businesses are everywhere.
But sadly, not every small business is positioned for growth and success. In fact, according to statistics, only about 65% of businesses with employees survive at least two years, and about 50% survive five years.
So you may be a type of person who loves challenges and decides to quit your regular job and finally become an entrepreneur. However, when starting your business can set the foundation for success, you have to keep in mind that the stage is often set in the beginning, so making sure you follow all of the necessary steps.
The first thing aspiring small business owners should do is to identify a business idea. Once you have done that, it’s time to balance it with a little reality. Does your idea have the potential to succeed? You will need to run your business idea through a validation process before you go any further.
Successful small businesses have the capability to fulfil the needs of their customers. They know how to solve their customers’ problems and offer something that the market wants constantly. There are a number of ways you can identify this need, including research, focus groups, and even trial and error.
Starting a business is never an easy task so you really need to be prepared financially, physically, emotionally and psychologically if you want to be successful. For more on starting a new business, click this link: https://www.business.gov.au/Guide/Starting/Prepare-for-business