Small Business makes up more than 2.1 million active businesses and offers a lot of hope for the entrepreneurs who chooses to start a business.
However, a lot of people balk at the idea of a start-up especially when statistics tell us that around 29% earn between 0- $50,000 and more than half earn less than $200K, work between 50-60 hours, 60% fold after three years due to cash flow, securing new leads or debt and of those another 60% work alone. If someone offered you a job with those conditions you would turn them down.
Yet success is possible with 130,416 small businesses earning more than $2 million. My intention is to increase that figure so more businesses are thriving and succeeding.
For Australia’s economy to grow, it needs plenty of small businesses with the ideas, passion and confidence to turn big ideas into concrete business initiatives. Already dubbed as “the hope of the side” or declared as making a huge contribution to national prosperity and supporting Australian jobs. It’s critical for small business to succeed, not only for your own life but for others too.
Sometimes we might worry about generating leads? Investing our savings? Wonder how to support the family, have security or scale the business etc. but if we have good advice and overcome the worry and the fears then this is when you can make it work.
Despite common belief only 1.5 per cent of small businesses shut down after the first year whilst more than 60 percent will cease operating within the first three years of starting. It’s a daunting figure and something that may discourage many an enthusiastic entrepreneurs who announce they’re about to embark on a new venture.
It’s those years of growth, which are the biggest risk, the business will catapult in its second, third or fourth years and if you can make it through the first four years, your chances of survival increase.
Each business encounters its own problems and sometimes a critical decision can come down to not having the right advice. Just the right amount of ambition will see the business grow when it’s ready, but too much could see a business owner getting ahead of themselves and expanding without the right building blocks or knowing the correct steps in the process.
Entrepreneurs need to be adaptable and make business plans. You’ve got to be in business to be in business and working on the business means building a plan and strategy for the direction of your business. You wouldn’t go into a sports game without knowing your position, game play, direction of your goal, and knowing who your team mates are, so why would you do this in business? plus at half time you evaluate and see if the strategy is working, if not, change it!
The other big factor is losing control of the cash, particularly those with little experience in bookkeeping and account management. If it’s not your strength then get someone whose forte it is.
These are the types of things your coach is there for to help guide you to the next post. I can’t promise that I can fix everything but let’s talk and see if we can turn that dream you have into a lucrative business that will deliver all you hoped for.
Contact me today to see if we can turn your little to big business.