How to start your own business
Starting a business can be one of the most rewarding and exciting things you can do. It can also be slightly overwhelming, especially not knowing where the best place is to start.
It’s one thing to have a great idea for a small business. But it’s another, being able to convert that idea into an operational venture. And not just any business. One that makes money.
With one in three new small businesses in Australia failing in their first year of operation, there’s good reason to give yourself as much of a leg up as you possibly can.
By making ongoing learning part of your overall business strategy, you’ll be setting yourself up for continued success. Knowledge is power. So the best thing you can do to make sure your brilliant business idea doesn’t become another statistic, is to gear yourself with information and knowledge.
Gaining relevant knowledge about how to start and operate a small business will give your small business the best possible opportunity for it to not only survive, but thrive.
How are you supposed to know where to start if you’ve never done it before?
There’s a lot of decisions that need to be made when you start a small business in Australia. Starting out on the right foot will give your business idea and yourself a little head start.
While there’s no one “right” way to start a small business, you can make the prospect a whole lot easier once you’ve empowered yourself with knowledge about how to get started and how to operate it.
What is a small business?
The Australian Bureau of Statistics (ABS) defines a small business as an actively trading business with 0–19 employees. Micro businesses is a term you may also hear quite frequently. Although they’re small businesses it refers to those that operate with 0–4 employees.
According to the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), small business accounts for between 97.4% and 98.4% of all businesses.
Why choose small business?
Small business in Australia represents the ‘engine room’ of the economy and the heart of our community. So whether you’re looking to launch your own start-up idea, or looking to buy an existing business, there’s a lot of opportunity within the small business sector.
There’s a range of reasons people look to small business for their career path including:
- Motivation to achieve something for yourself
- Following your interests and passions
- Achieving financial independence
- Having more control over what you do and how you do it
- Gaining more flexibility with your work
- Being able to start over with something new
- Tax benefits
Although starting a small business doesn’t necessarily need to be risky, there’s certain attributes you might find useful if you’re considering starting or operating your own small business.
- desire for independence
- a motivation for achievement
- ability to innovate
- resilience to face challenges
- knowledge on market trends
What skills do you need to start a small business?
When it comes to starting a small business, learning on the job often isn’t an option. And you don’t want to be in the position where “learning from your mistakes” could jeopardise the future of your business.
Although everyone makes mistakes, and in fact many businesses become more successful because of them, we don’t want to see you experience failure before you’ve had a chance to find your feet.
There’s a few skills that will help you from the start when it comes to starting or operating a small business.
- Financial management. Being able to effectively manage your finances is critical
- Marketing, sales and customer service
- Communication and negotiation
- Project management and planning
- Delegation and time management
- Problem solving
Creating a path that allows you to get some skills in this area is a great place to start.
Courses for small business management
Small business management courses can provide you with the skills, knowledge and direction you need to confidently become part of the small business sector.
Finding a course that offers real outcomes, with skills that you can use is the key. Monarch Institute specialises in providing education that gives you real skills for your chosen vocation.
Although there are many courses offering business skills, one targeted specifically to small business will provide you with more relevant learning.
Monarch Institute offer two courses specific to small business:
Certificate IV in New Small Business
Being able to articulate your business idea and how you can make your business work can be challenging. As part of the course you’ll complete a comprehensive business plan. The process steps you through each aspect you need to consider when planning, relevant to your business idea. The result is you’ll have a business plan you can put into action right away.
From start to finish, you’ll be guided by successful small business founders. People who have relevant experience, have navigated the process of starting a business and even learnt from mistakes along the way.
You’ll explore various ways to understand the concepts of managing a business and you’ll gain the confidence you need to kickstart your own business.
Certificate IV in Small Business Management
Most businesses need some reinvigoration at some point. This course is designed to give you a fresh perspective on what changes you can make to improve your business. You’ll be guided by successful small business founders with loads of experience.
You’ll use your business as a real scenario, learning the skills and then applying them to your business.
Plus you’ll explore ways to make your business processes more efficient. You’ll examine what technology will benefit your business, plus plan for your business’ future by creating a digital technology plan.
Flexible courses with great outcomes
You’ll also get other benefits like:
- Flexibility with online learning
- Support from experienced, approachable and helpful educators
- A nationally recognised course that’s part of the Australian Qualifications Framework.
Being nationally recognised means you can use your qualifications as a pathway to further education at institutions around Australia. So as you and your business grow, so too can your skills and knowledge.
Having the capability to fit your studies around your other commitments, has been a game changer for many of our students. We understand the challenges you face juggling your study with existing work or start-up commitments. That’s why you can complete the course when it suits you and at a pace that’s achievable.
But aside from all the other benefits, the ones our students appreciate the most is the invaluable real-world knowledge they get from educators who have real-world experience.
How will you structure your small business?
One of the first decisions you’ll need to make is how you will structure your small business.
There are a few options to consider when deciding the structure, so having a plan for your business will help. That way you’ll be able to consider the option that not only suits you now, but will be the right one for the future too.
The most common business structures in Australia are:
- Sole trader – an individual trading on their own.
- Partnership – a number of people or entities running a business together, but not as a company
- Company – a legal entity separate from its owners.
- Trust – an entity that holds property or income for the benefit of others.
Understanding each of these options will help you make a decision that’s right for you and your business. But it’s always a good idea to get some advice from a financial or legal professional, who understands the intricacies of each option.
Your business structure has an impact on a range of things when your business is operational such as:
- tax liabilities
- responsibilities as a business owner
- potential personal liability
- asset protection
- ongoing costs and the volume of required paperwork.
Real life solutions for starting and operating a small business
Starting a small business is a big decision. And you’ll soon find there’s many more decisions to make as a small business owner. Giving yourself the best possible start with a Certificate IV in New Small Business will give you the skills and confidence you need to get your business off the ground.
And if you’re already operating a small business but need to sharpen things up, then the Certificate IV in Small Business Management will help. Get the skill and know how to reset and approach your business with a fresh perspective to boost your business’ success.
Your trainers know the intricacies and unique challenges of starting and operating a small business. You benefit from their real-world experience.
With Monarch Institute’s online supported course delivery you get the flexibility to balance study with work and other commitments. Chat to a Course Consultant about your options today on 1300 738 955.