Home – New Forums Starting your journey What did you wish you knew before starting your business?

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  • #995224
    avalas
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    Hi all,

    New here.

    About to embark on beginning my new business.

    Keen to hear if anyone has one thing they wish they knew before planning/starting their business.

    Thanks!

    #1200675
    Easysmb
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    Hi There
    Your question is too brief, start a new business is a broad topic, of course you need to know your target market and know how to get new clients, that is the most important thing, other than that if you have not been running business, you will also need to know:

    • Business legal structure, sole trader or company or trust
    • Business compliance: BAS, tax and others

    Also based on your industry, you can get some free online resources to present your business in a professional manner with minimum cost

    • Design your own logo
    • Get your own email for free from Zoho mail
    • Get your own website for free from Zoho sites

    There are various other resources for new startup on our web’s entrepreneur section, hope they are helpful.

    #1200676
    Paul – FS Concierge
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    Hi And Welcome to the Forums. It is great to have you Avalas!

    One thing I would have liked to know about is the term ideal customer. Once you can define your ideal customer, you can design a good pitch that speaks to them and it helps with how to position your business and price your products or services.

    Good luck

    #1200677
    James Millar
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    avalas, post: 237744, member: 83812 wrote:
    Hi all,

    New here.

    About to embark on beginning my new business.

    Keen to hear if anyone has one thing they wish they knew before planning/starting their business.

    Thanks!

    By far the biggest mistake we see if failure to undertake and understand an objective analysis of the business proposition. I put this down to one or more of the following

    1. Deciding to go into any business because they can’t stand being employed. The mindset being that it must be better to be self-employed. Sleep ins. Profits. No boss. Sounds great.

    2. Don’t know what you don’t know. ie Many don’t even realise how woefully out of depth they are.

    3. Not seeking professional advice and not listening to it. I don’t think its lack of access but rather too many consider these costs non essential. Nothing could be further from the truth.

    4. Not having enough resources to execute the entire plan including marketing.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1200678
    Natalie Khoo
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    Hi Avalas. I’ve been working for myself for 7 years (initially alone), and for the past 3, I’ve hired staff and run my own company. Looking back, I sometimes wonder if running a business was really the best idea… It’s rewarding as we’re growing but it’s really hard work for less pay than what I might earn elsewhere. So think about what matters to you: Do you want to report to a boss each day that you might not like, or do you want to be in control and have a lifestyle you’ve dreamed of, but with some financial sacrifice and many peaks and troughs of income woes! Running a profitable business is marathon, not a sprint – and there’s no such thing as an overnight success!

    #1200679
    LukeHally
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    The thing I look back on in wonder is how I thought things would happen much faster than they have.

    Something I’m glad I did, that I know other people wish they did, is have clear equity agreement with my cofounder.

    #1200680
    Johny
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    For all the “expert” (and I use that word very loosely) advice, nothing beats the highs and lows of first hand experience.

    #1200681
    Meld
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    Hi,

    Firstly, good luck in your new venture!

    I would say that I underestimated the time it would take to get all the admin things done before even starting to trade. Things like registering a business name, a domain name, an ABN, opening a bank account, finding the right accounting software. The list goes on!

    #1200682
    James Millar
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    Johny, post: 237940, member: 34822 wrote:
    For all the “expert” (and I use that word very loosely) advice, nothing beats the highs and lows of first hand experience.

    Provided it doesn’t cost you hundreds of thousands of dollars in a failed business that could have been avoided or in some way mitigated by seeking professional advice. I have seen two cafe / restaurant owners in the last four weeks that have lost in excess of $300k in 18 months in their operations. Neither had any significant advice pre commencement. And trust me most of these people don’t have a lazy $300k to blow and and write off as a lesson learned.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1200683
    J.Zkan
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    Biggest mistake that i did 2 years a go when starting my first company, was hiring employee’s from Employment Services and Disability Employment Services contracts on behalf of the Federal Government.

    Long story short, none of them wanted to work, they were forced to work just so they don’t get their centrelink allowances cut off.

    This costs my company over $125,000 is losses, in just a 3 months period.

    Wanted to help people who couldn’t get a job, that’s all really.

    Should of done more research before jumping into a employment program like that.

    #1200684
    Johny
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    I have seen two cafe / restaurant owners in the last four weeks that have lost in excess of $300k in 18 months in their operations. Neither had any significant advice pre commencement. And trust me most of these people don’t have a lazy $300k to blow and and write off as a lesson learned.

    The world is full of people who crash and burn in business – even business advisors. That is never a good thing of course, but there is also the point that everyone thinks being self employed is the panacea to their life goals whereas they may not have been suited to running a business in the first place. Could have dropped tens of thousands more seeking advice that would never have helped them too.

    #1200685
    bb1
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    Biggest mistake I made was believe the marketers spin that the customer is always right. Sorry its just rubbish and is only there to give the marketers something to do.

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