Some of us just aren’t meant to live that 9 to 5 life. If the thought of a desk job answering to the man is literal hell to you, you’re not alone. The answer for you could be to start a business.
At last count there were more than 2.17 million actively trading businesses in Australia. About 9 out of 10 of those businesses were either sole traders or small businesses with less than four staff. That’s a fair chunk of Australia that has decided to take their career and financial future into their own hands.
Start a business: The pros and cons
There’s a lot of evidence out there that says business owners are happier than people who work in regular jobs. Some of the reasons for this happiness are having control over your life and your time, and doing something that you are truly interested in and passionate about.
That said, a lot of responsibility comes with being the boss. Owning your own business can be lonely. It’s not necessarily a ticket to riches either. Most small business owners make less money than the average Australian worker. They do tend to own more assets though, which can be good for long term financial health.
You might also have heard scary statistics about the failure rate of small businesses. The truth is it is tough for new businesses. Around 1 in 3 will fail within the first three years. The failure rate is lower or higher depending the industry. For example, cafes and restaurants have a harder time staying afloat than health care businesses.
But don’t let that scare you. For every business that doesn’t make it, two do. And success is due to a few things:
- good financial management
- finding your point of difference and knowing how to market it
Get the inside tips
There’s loads of resources online that can help you plan a new business or boost your existing one.
- SelfStart steps you through the key things to think about when you want to get a business up and running. It can also connect you with a business community in your area.
- If you get a payment from Centrelink, you might qualify for the New Enterprise Incentive Scheme (NEIS). It’s a great program that for the past 20 years has helped hundreds of Australians start a business.
If you’ve got a minute, check out the Boost Your Business video series. You’ll get the inside tips from top Australian business people like Eagle Boy’s Pizza founder Tom Potter.