There are many benefits to running your own small business. For example, you can focus on something you’re passionate about, set your own hours and potentially involve family or community members in your venture.
You may also have the upper hand in running your business as your previous career and life experience allows you to see the bigger picture and focus your time and energy more efficiently.
Here are some things to think about when starting a small business.
Play to your strengths
Throughout your life, you’ve gained a wide selection of skills and knowledge, whether this is from your career, study or your life experience. Starting your own business is your opportunity to use what you’ve learned, to build on something you know that suits your lifestyle.
Ask some small business owners how they started out
If you’ve admired some small businesses in your community, think about arranging a time with the owners to chat about how they started out. A friendly chat may help you understand some of the tasks and behaviours needed to run a small business and steer you on the right direction as you start your journey.
Take advantage of resources to help you start a small business
There are number of resources, many free, to help you set up your small business. A good place to start is business.gov.au. This website provides information about starting and running a business. Another source industry.gov.au provides information about innovation opportunities and research about small business. Business Enterprise Centres Australia is a great local source to support you start up and maintain your small business. You should also check out jobs.gov.au for guidance about setting up a small business.
Speak to an entrepreneurship facilitator
Entrepreneurship Facilitators provide practical assistance to individuals to start a business and create their own job. Entrepreneurship facilitators can help you turn your business ideas into a meaningful job. From January 2019, 20 facilitators will focus their time to help Australians 45 years and older with their business ideas.
You may also be eligible for the New Enterprise Assistance Scheme (NEIS). NEIS can provide small business training, income support while you set up your business and mentoring as you launch it.