2020 has brought challenging times to Australia. The world is not able to trade as it used to, and for anybody hoping to start a small business, the prognosis may look bleak. But being bitten by the business bug is something that entrepreneurs cannot ignore. Whatever your big idea, finding a way forward is possible with research and planning.
It’s not always easy to see a way ahead if what you offer cannot be accessed online (take hair stylists and taxi firms, for example), and that’s why we’re going to start from the ground up. Securing funding for your project will come later – you may wish to look into small business loans for more information dedicated to funding your small business. But for now, let’s begin with how to plan your small business.
Find a Mentor (and Buy a Notepad)
Step one. You need to find a mentor. Shift the dynamic away from following anyone who claims to have all the answers for all small businesses. The fact is that your small business is different. It has to be. If it weren’t, you’d be trading in the same goods or services as your competitors. Your business needs an edge. Given that your business is unique, how can anyone have all the answers?
The realisation here is that a mentor who has taken similar steps can explain things in ways that broad business courses won’t touch on. You will learn how to channel your time and resources. You may have to swallow your pride, but search for videos online and reach out for pointers from industry leaders.
Accept Your Weaknesses (and Map Your Improvement)
Australia is rife with entrepreneurs. Small businesses pop up and disappear all the time. The difference between the business models with longevity and those that fall by the wayside often comes down to leadership. As the leader of your business, you must embrace your weaknesses to protect your company (the chain is only as strong as its weakest link).
For example, you may be avoiding getting to grips with bookkeeping. You could lack online marketing prowess. You may even struggle to speak confidently in groups, which could affect business acquisition. Address your shortcomings to fail proof your business.
Tighten the Screws on Your Business Plan (Make it Good Enough to Sell)
Is your business plan written on the back of a napkin? Perhaps you have a few bullet points roughly edited and filed away on your laptop. Or worse, maybe it’s all stored in your head. That doesn’t sound like a business plan you would pay for, so don’t expect paying customers to be impressed either.
Your business plan should have a dual purpose. First, this is the document you will present to potential investors. That means you need to lay out measurable business goals with realistic projections. Secondly, your business plan will act as a guide, giving you a signpost to help make business decisions when it matters.
Follow these tips to give your business the best chance of success!
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