Do you have an idea for a business start-up that you haven’t put into motion yet? Perhaps you should get cracking. Plenty of others have, and are reaping amazing rewards.
Plenty of people launch their start-up while holding down a full-time job. When things pick up and they’re earning some regular income, they might go part-time, or hire a staff member to help them.
If you believe in your idea, you should think about it, with statistics revealing that the time might be better now than ever before. Those who have the most success find a niche in a sector they know well; then work hard.
StartupAUS confirms that Australia’s start-up ecosystem is currently booming. It lists a number of government funding resources for those wanting to find out more here.
Due to stronger business performance, Australia’s start-ups are more confident of their revenue growth compared to 2013. The latest MYOB Business Monitor revealed that 62 per cent of start-ups experienced rising or steady revenue in the 12 months to February 2014. 21 per cent of start-ups reported an increase in revenue, and 41 per cent reported steady revenue, which is up from last year.
Looking ahead, their confidence of revenue growth has also increased. 38 per cent of start-ups expect revenue to rise in the 12 months to February 2015, up on 34 per cent.
Polly Green, co-founder of NSW Central Coast start-up online toy store, Green Ant Toys says she has laid the foundations and set the structure for her business in her second year of trading, which is really starting to pay off. In fact, the business enjoyed 75 per cent growth year-on-year.
“It hasn’t been an easy ride, but having robust systems in place to help manage crucial things like cash flow, inventory and accounting has allowed for us to shift our focus to growth strategies,” Green says.
MYOB general manager, business division, James Scollay says the enthusiasm and confidence of start-ups is something everything can look to emulate, regardless of age, size or type of business.
“Australia is a nation of entrepreneurs, with, according to the Australian Bureau of Statistics, over half a million people involved in early stage entrepreneurial activity at any point in time. It’s vital that government and the wider business community continue to support their important sector to help ensure that confidence continues to rise.”
Many start-ups begin slowly, often from a home office. However, co-working spaces are emerging as a secret weapon for start-ups wanting to give their business a competitive edge. For around $120 per week, these spaces give business owners the chance to run shoulders with like-minded start-ups.
How to launch a business:
* Write a business plan, and do some research
* Develop a marketing plan for both online and offline
* Get financially savvy right from the start