✦ If you’ve ever thought of starting or buying a business, you’re not Robinson Crusoe. In July 2021 it was estimated that 344,000 new businesses were started in Australia.
The statistics also show it is likely that half of these businesses will close within two (2) years of opening. What can we do to reduce our risk of losing our investment, our money and of burning out?Some things we can do:
BE AGILE
I’m sure after many of us have watched MasterChef or My Kitchen Rules we think “I could do that”. After all if Julie Goodwin or Poh Ling Yeow can do it, surely we can. Our friends come for dinner and they say that was spectacular.
Do you really know everything that’s involved in operating a restaurant. Are you going to enjoy being in a pressure-cooker environment? Look at how over the past two years people have been forced to change how their business operates to succeed.
Agility for someone who wants to open a restaurant might look like this.
First operate a food stall at a market. If you enjoy that and want to go to the next step maybe you operate a food van.
Then and only then you might invest in the substantial set up costs of a restaurant.
FEASIBILITY STUDY
A business feasibility study helps you work out if, and under what circumstances, the business will work and how successful it might be.
If you’re starting a new business, some questions to ask are:
Is there a market demand and need
Can a market be created
How much competition is there
Is the market static or growing
Are there any legal requirements
For an existing business other questions can include:
Why is the existing owner selling
How are similar businesses performing
How good is the business location
NETWORKING WITH LIKE MINDED PEOPLE
The Micro Business Forum in Port Macquarie is a friendly group of micro business owners who meet several times a year to learn and to network.
For Small Business Month the Micro Business Forum is holding a small business forum at the CWA Rooms on Wednesday 16th at 6:00pm for prospective or existing small businesses to ask questions or chat with experts in various fields. Look at the Micro Business Forum’s Facebook page for more information.
As always, the advice in this article is general in nature and you should contact an accountant or tax agent for advice that is specific to your circumstances.
Contact John Clarke:
a/ 6/114 William Street, Port Macquarie, NSW 2444, Australia
t/ 0481 039 851
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