One Response to “I Am Thinking Of Starting My Own Business In Australia And Need Advice?”

1. Baby Backpack Carriers Says:
   June 20th, 2009 at 1:19 am

   Here are some siteshttp://www.formidable.com.au/http://www.australia.gov.au/Small_Busine…http://www.sbdc.com.au/
   The 12 Most Common Mistakes New Entrepreneurs Make & How to Avoid Them
   A large number of people who start their own business do not realize how much work and time will be involved. They fail to carry out any primary research and as a result become
   quickly overwhelmed. Perhaps the first question to ask yourself then is whether you are in fact ready to start your
   own business. Do you have an entrepreneurial mindset? Are you committed to spend all the time you need to succeed? And are you ready to take massive action? At first, you will have to wear many different hats; you will be the CEO, the general manager, the accountant, the salesperson, the computer technician, the secretary, the receptionist. You must therefore prepare yourself because there will be days when you are disappointed, depressed, or frustrated. You have to realize that success will not happen overnight. And it may take a year or two before you achieve your expected results.
   To avoid these disappointments, here are The 12 Most Common Mistakes New
   Entrepreneurs Make & How to Avoid Them:
   Mistake # 1 – Failure to spend enough time researching the business idea to see if it’s viable
   Numbers of new entrepreneurs have often failed because they were not truly interested in the business; they were more interested in making money. It is important to start something that you really like, because you will be spending a lot of time on it. Your assignment Spend all the time you need working on your business plan, which should include: your mission statement, your business strategy, research on your target market (demographics), industry analysis (size, economics, trends, success factors, challenges, etc.), your marketing plan, your financial projections and sales.
   Mistake # 2 – Failure to determine whether the business actually adds value The most sustainable businesses, those that withstand the test of time, provide value by performing a service that people need. Your assignment Make sure your products or services provide value and benefit to your clients. Be ready to solve any business problems that your clients may have.
   Mistake # 3 – Failure to gain a complete and total understanding of the business. Every business has drivers; hot buttons and key levers. What drivers exist in your business?
   Many business leaders, executives and management consultants would say that success largely depends on attention to detail.
   Your assignment Understand all the aspects of your business, and of particular importance,
   know how to present them in an easy and simple manner.
   Mistake # 4 – Failure to describe the business in only one or two sentences
   No doubt youve experienced the entrepreneur whose business is so technical or complex
   that he cannot explain the concept in plain English. Or, it takes 20 minutes to convey thepurpose of the business. What value or benefits does your business offer?
   Your assignment Have an efficient 15 to 60 second elevator pitch that introduces you, your
   business mission, focuses on the benefits you provide and makes you and your business
   memorable.
   Mistake # 5 – Failure to conduct the primary research
   There are many great ideas you can latch on to, but the key in business is to make sure the
   ideathe central theme or mission of your business venturecan attract customers and
   generate sales and profits. A great idea in and of itself is not enough to start a business.
   Your assignment Take the time to gain experience, study the business, understand what
   makes the business work (how to serve the customers and generate profits) and what leads
   to losses.
   Mistake # 6 – Failure to contact professionals who can help you get started
   Numbers of new entrepreneurs ask their friends and family for advice when starting a new
   business. The problem is that they often ask people who have never started a business; so
   in reality, these people are not in a position to offer sound advice.
   Your assignment Get a mentor or two. Surround yourself with experts who possess skills
   and expertise that you lack. Team up with professionals who can complement your
   strengths and cover for your weaknesses.
   Mistake # 7 Failure by underestimating financial requirements
   Do you know how much capital you need to start your business? Do you know the market,
   did you calculate your cost, did you project your sales, do you know the number of clients
   you need? Do you know how long it will take before you get your first benefits or before you
   will run out of money?
   Your assignment Invest the time to work on ALL aspects, especially the major ones, of your
   business before you start.
   Mistake # 8 – Failure to make marketing a priority
   Many new entrepreneurs start their business without determining their target, niche and
   demography first and as a result have failed to attract any clients. Marketing should be one
   of your top priorities. Devising a marketing plan will help you determine how to promote
   your products or services and create a system that will generate more clients for your
   business.
   Your assignment Dedicate a good portion of your time and energy to working on and
   implementing your marketing plan. Set up a meeting with yourself once a week to work on
   your marketing plan and whatever happens never cancel this meeting; it is essential for
   your business.
   Mistake # 9 Failure by under-budgeting the marketing costs
   Today the world is overcrowded with businesses and probably a number of those in your
   market perform essentially the same functions as you do. This means that you have to
   differentiate yourself from them by making your business stand out. Publicity is essential to your livelihood; otherwise you will not attract any customers.
   Your assignment Make sure you have a strategy that puts the word out there. Provide
   adequate publicity, business cards and marketing materials that project a professional
   image. Dont try to save money on these; they are reflecting your business. A cheap
   business card or flyer will not make a professional impact.
   Mistake # 10 – Failure to focus on the business
   Many new entrepreneurs are energetic and enthusiastic people (which is essential to
   success), but they can also be overly optimistic and pursue too many targets and directions
   at once. This typically results in mediocre results. Define your business mission as succinctly
   and narrowly as possible. When you move in too many directions at once, especially in the
   early days of your business, you are likely to fail to execute anything correctly; so you end
   up working on the business instead of in the business. In other words, you will spend all
   your time operating each task on your own. You wont have the time to sit back, and decide
   on the best way to develop your own marketing plan, create new products, or improve your
   services.
   Your assignment Know you goals. Put them in writing. Make sure they are realistic, specific
   and measurable and that you set yourself a deadline to achieve them.
   Mistake # 11 – Failure by over-marketing
   Once you have developed your product or service and have perfected your offering, you
   may think that your offering is the best in your marketplace. But unfortunately, to be
   efficient you cant sell to everyone. You need to select a specific target market and stick to
   it. By doing this you will have a more efficient message and will more likely achieve success
   much sooner.
   Your assignment Carefully determine your niche, your demography, your ideal clients,
   where they go, what they read, what their hobbies are, etc. Once you have a full
   understanding of your clients profile you will then have a full understanding of how and
   where to find more of them.
   Mistake # 12 – Failure to follow-up with clients
   Many new entrepreneurs are often so desperate to constantly find new clients that they
   neglect the clients they already have and in fact end up losing business. Statistics show that
   it takes seven more interactions to secure a new client than to sell more to a repeated
   client. So develop and maintain a useful and organized follow-up system to offer new
   services to your clients and dont let them slip away.
   Your assignment Constantly and consistently communicate with your current clients.
   Start a newsletter, offer special sales, create new products to upsell, join affiliate programs
   if you dont have your own products. People who have already bought from you will
   appreciate it when you recommend other products. Statistics show that up to one out of
   three clients will take advantage of this new offer. It is essential to build a very, very special relationship with your clients. They are your best audience.
   10 steps to start new business:
   - What is your business plan
   2- what is your financial backing
   3- Rent or own the building
   4- regulations and licencing – taxes and insurance
   5- equipment ? computers, machines, etc
   6- do you understand your customers wants and needs- how will you meet those wants/needs
   7- location location, will the area sustain your business- is their room to grow?
   8- advertising plan: to whom, where, what, when, how, cost
   9- hours of operation – will you be open when your customers want/need you
   10-Taxes- how much will you be paying?
   good luck

Leave a Reply