Running your own business offers a lot of perks. Maybe you’re motivated by the idea of being your own boss because of the freedom, satisfaction and flexibility it offers. Or perhaps you know it will give you the pace you need to pursue your passion. And then there are others who are motivated by the idea of making money for themselves.
Regardless of whether your motivation is business or entrepreneurial minded, getting the tools to know how to start your own business is the best way to set the foundations for success.
Starting your own business can be daunting, but it’s also incredibly rewarding. As a small business owner, you have the opportunity to create something unique and valuable while building a career that aligns with your interests and goals.
But it’s important to know that starting a business requires a lot of effort and commitment. You need to be aware of what’s involved and if you’re suited to business and self-employment.
So, if you’ve made the decision to start your own business, it’s time to find out how to turn your idea into a reality. Running a business can be stressful, as there’s a lot to consider if you want to do it properly. It often feels like there are a hundred things to work on all at the same time. There’s no avoiding the to-do list. But by learning what’s involved and then doing some planning you’ll take the stress, overwhelm, and uncertainty out of starting your own business.
Here we explore a few things you can do to help give your start-up business the best chance of survival. And even better the opportunity to thrive.
How to start your own business
Setting up your own venture is exciting, but can also be challenging if you’re not prepared. Knowing how to start your own business is often the challenge and once you start compiling a list of all the things you need to do, the overwhelm can be all too real.
With around 20 percent of new small businesses in Australia failing in their first year, and up to 60 percent of start-up businesses not reaching the five year mark, it’s important to do what you can so your great business idea doesn’t become another statistic.
Many businesses don’t fail because of a bad business idea. They fail because they don’t operate effectively or efficiently. There are a few fundamentals you can do to increase your chances of success:
- Research your business idea
Take a step back and ask yourself if others will see value in your idea. Talk to other people about your idea and see if there’s interest, or if there’s anything you can flesh out more in your product.
- Learn what’s involved with starting your own business
If you’re lucky, you may have a trusted mentor you can rely on to help you. If not, completing a relevant course is highly recommended. Take a look at Monarch Institute’s Business and Management courses.
- Work on a business plan
There are lots of tools available online to help you prepare a business plan. It doesn’t have to be exhaustive but those who plan have a better chance of success. Business.gov.au has useful tips and templates that can help.
- Sort out your finances
Knowing how much money you’re going to need to get your business started as well as how much it will cost to operate is essential. Then you need to ensure you can actually get the money. Remember there’s no guarantee of sales so you need to have some contingency in place and a cash buffer to give your business time to get established.
How to start your business from home
Due to COVID-19, many people have been operating their businesses from home and have realised the benefits. However, it takes some thought to know how to start your business from home so you can still have work-life balance. The good news is, It can be a great option to help reduce your start-up costs and it can also let you get some experience by starting small, before branching out.
When you start a home-based business you need to establish boundaries between work and home life. Try to set up a dedicated work area, so you can escape from work when you’re not actually working. Another tactic is to schedule working hours.
It’s important to consider balance so you don’t become overwhelmed by your new business. But regardless of being at home you still need to think about the major components of starting a business such as:
- Tax obligations
From your business structure to Business Activity Statements, tax returns and knowing what expenses you can claim. There are a few things you are obligated to do to make sure you meet all your tax obligations.
- Insurance requirements
Regardless of the fact that you’re working from home you may still need insurance such as public liability, professional indemnity or product liability.
- Registrations and licences
The registrations and licences you need for your business will vary depending on your industry and the state you live in. As a minimum you need to register for a business name and ABN. Remember it’s your obligation to know what business licences and permits are required.
Starting your own business in Australia
Starting a business in Australia has a few minimum requirements that you need to address before you can start operating. Getting professional advice is highly recommended (think lawyers and accountants) so you can feel certain you meet all your obligations.
- Decide on a business structure and set it up
- Choose a business name
- Register your business
- Secure any necessary finances
- Know the laws that will affect you including your Work Health and Safety (WHS) obligations
- Get any necessary insurances or licences you need
- Learn what your tax requirements will be
One of the best ways to make sure you’ve ticked all the necessary boxes is to learn directly from someone who’s gone through the process before. Monarch Institute Courses are developed to help you set up your new business for growth. And they’re led by experienced business owners and entrepreneurs.
Best courses to help start your own business
The biggest benefit to choosing one of Monarch Institute’s business and entrepreneurial courses is you won’t just come out of your course with real-world skills and knowledge, you’ll also have a qualification that’s accredited and recognised Australia-wide.
Studying a course aimed specifically at innovation, starting a new business, and entrepreneurship will give you the knowledge and skills you need to help your start-up or established business succeed.
With 167,646 new businesses in Australia in 2022, Monarch Institute has recognised the need for those with innovative and entrepreneurial minds to get the skills they need to succeed, with two tailored courses.
1. Diploma of Entrepreneurship and Innovation
This course is all about the fast strategic thinking you’ve got to do to get a winning viable product to market.
It’s designed for those with creative ideas who have the drive, passion and determination to see things through.
Key learnings of the Diploma of Entrepreneurship and Innovation
- Business planning essentials
- Defining and validating product ideas
- Securing start-up and growth funding
- Thinking critically and innovatively as a team
2. Certificate IV in Entrepreneurship and New Business
This is the perfect course to help you get where you need to be to run your own business effectively. Developed by entrepreneurs, business executives, and academics with real experience, it’s specifically designed to help you navigate the path to successful business ownership.
Key learnings of Certificate IV in Entrepreneurship and New Business
- Understanding small business fundamentals and how to get started
- How to set up your small business in the digital age
- Where does marketing, advertising and promotion fit into your business plan?
- Managing and improving overall business finances
Study with Monarch Institute
Get on the front foot if you’re thinking of starting your own business and learn the fundamentals to ensure the success of your new venture. Monarch Institute offers courses in Business and Management including the Certificate IV in Entrepreneurship and New Business and a Diploma of Entrepreneurship and Innovation aimed specifically at business owners and go-getters thinking about starting their own business. Not only will you learn all you need to know to get started, but you’ll also learn skills to help your small business thrive.
Turn your great idea into reality by enrolling in a course with Monarch Institute. Get in touch with a Course Consultant who can help you choose the right course and enrol today.