The rewards of running your own business often far outweigh the risks and it’s easier than ever to become your own boss.
We’ve put together this guide to show you how you can bring your own business to life (with a little help from the government and some industry insiders). But first; why should you bite the bullet and go out on your own? We spoke to some of the participants who came to us for Self-Employment Assistance (SEA) to see why they started their entrepreneurial journeys.
Why you should start your own business?
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You’ll be pursuing a passion
The average person in the workforce spends almost 2000 hours a year at their job. That’s a lot of time, but it can feel even longer if you aren’t passionate about what you’re doing. Starting your own business means you’ll be pursuing something you’re interested and engaged in.
Rachel Milligan started GUMDROP Native Oils this year. It’s a skin care company born from her own battles with self-esteem. Her mission is to help others avoid the same dilemma.
“I struggled a lot with my skin when I was younger and I was using a lot of chemical-based products to overcome that and it never worked. When I looked at harsh-chemical free products it became something that was really simple and accessible to me to create my own products. When that healed my own skin I then though ‘this is huge for young people struggling with self-image. That’s my business concept; self-love!’”
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Financial independence
If passion isn’t your motivator, maybe you’re in it for the money. There’s certainly no shame in that! Bills need to be paid, and inflation isn’t helping. Everyone want to be financially independent, and starting your own business is one avenue to get there. When you’re in charge, you decide how much you take home. If your business is successful (positive outlooks please, people!) you’ll never have to worry about asking the boss for a raise again!
It’s for this reason that Brett Smith started Mystic Union, a massage stones and crystals business in Far North Queensland.
“It’s about being able to work smarter. It’s about being able to put something into place so that you can give something to the kids. I see my business going from strength to strength so that I’m not living month to month.”
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You’re the boss!
When you start a business, it’s not just your salary that you’re in charge of. You decide how many hours you work, who you work with, how you market your business, business strategy… the list goes on.
Tammy Green was a retiree who still believed she had something to offer the community, but knew she didn’t want to work for anyone else ever again. When it came time to open her Sewing and Alterations shop, she decided the buck was going to stop with her.
“It’s the best decision I’ve ever made. I have the freedom to make my own choices and I don’t have to check other people’s work. I know that I’m going to get a good result every time. It’s the perfect job. I’ve kept focussed on the big picture, and this is the result, so it was definitely worth it.”
These are just some of the reasons to start your own business, and if you’re not inspired yet, you haven’t been reading!
That being said, getting your business idea off the ground isn’t as easy as snapping your fingers. As we’ve outlined below, there are several important steps to take before you’re established as a small-business owner.
How to start your own business
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Do your research
It may seem like the simplest step, but you’d be surprised how many would-be business barons are left in the lurch after pushing ahead with an awesome idea… but no market research. Before you begin your business, you need to take stock of the market.
Is your product/service a new idea? If not, how many competitors are there? Are they offering a better or cheaper experience? What’s your point of difference? Try to take a holistic, impartial view of the industry you’re looking to enter. If you’re struggling at this stage of the process, don’t give up; there are organisations such as us that can assist you with your investigation.
My Pathway Business Mentor, Hilde says, “Don’t underestimate the importance of planning, like the old saying goes – failing to plan is planning to fail. Through Self-Employment Assistance we help you establish your business and financial plans, and this becomes your roadmap to growing your business.”
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Source some support
You may have come up with a brilliant business idea, but you don’t have to do the rest on your own. There are plenty of grants and government initiatives to get more people starting their own business. As some of our Self-Employment Assistance (SEA) participants shared; they had a product/service they believed in, and My Pathway’s team of business mentors were able to help them turn their dreams into dream-jobs.
My Pathway Business Mentor, Hilde says, “Surrounding yourself with likeminded entrepreneurs and asking for support can help propel your business forward. As a Small Business Mentor my mission is to help give you the support, tools and connections so you never feel like you are alone in building your business.”
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Address the admin
Now that you’ve got an idea about how you’re going to bring your idea to life, it’s time to dive into the exciting world of… legal compliance. In Australia, you’ll need to register the following to make sure your business is taxed appropriately, avoids penalties and protects your brand and ideas:
- Australian business number (ABN)
- Business name
- Tax registrations for your business
- Any licences and permits you may require
- The company itself.
It’s also handy to trademark your business, though this isn’t required by law.
While this may sound overwhelming, business.gov.au have put together a simple guide to help you work through each step. Or My Pathway’s self-employment team will happily guide you through the process and assist where needed.
My Pathway Business Mentor, Hilde says, “It’s so important to have your business set up correctly from the start. Our business planning sessions along with our Certificate IV in Entrepreneurship and New Business will have you feeling confident you’ve set up the foundations for business success. The best part is, we help you through the whole process.”
Congratulations for making it this far. We hope this guide has helped and wish you the best of luck in your business.
If you would like more information on the training courses or Self-Employment Assistance My Pathway offers, visit our website or contact us to find out more.
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