Starting a new business is an enormous undertaking and, despite the blood, sweat and tears from passionate people, not all new businesses survive their first few years. No one plans for their business to fail – so what goes wrong?
Chris Mooney from My Business discusses this further in this article here, but there are some things new business owners can do to give themselves the best possible chance of success. They give the stats about businesses in their first year.
Passion and enthusiasm for what you’re doing are hugely important and will likely help sustain you through the hard work to come. But, it’s also crucial that you have the skills and knowledge to back this up. The market research also comes into play here – if you don’t know what’s happening in your industry, things will be much more difficult for you.
Another common stumbling block is cash flow.
It can take several years for a small business to start making a profit and it’s essential to plan for this potentiality early. A realistic budget and well-considered financial choices can really make or break your venture.
Of course, this is only touching the iceberg of things to consider when starting up a small business. Remember to work hard, learn from the mistakes of others and ask for help when you need it.
Feel free to contact our expert team at (07) 5536 3755 or contact us here about the latest new financial year updates. We are experts in making sure you are on top of your finances to get the cash flow correct.