Tips for Making Your Business A Success

It is said that 50% of new business in Australia fail in the first year. That is no worse than in the rest of the world where the figures are pretty much the same. The main reasons given are underfunding and a lack of business knowledge. Many new business owners do not always realise just how many other jobs have to be dealt with, and the need to be aware of much more than the product or service they are selling.

Being an Employer

Your workforce can be your biggest asset or your biggest problem, and that is down to you. They need to be in a safe and pleasant working environment and there are laws relating to their employment. Some new employers are completing a Master of Human Resources online as with this they will not only learn good man-management skills, but it will give them a great insight into the world of business and how it works. This has to be an advantage for any business owner.

As you can complete the course online, it allows you to do this while still running your business. It is cheaper than completing the same course at an educational facility, and you can work at your own pace. You will be learning while you are working and this could stop you making the wrong decision.

If the business still fails, you will have a qualification that will help you in the search for employment.

Marketing Your Brand

It does not matter how good your product or service is if no-one is aware of it. This is where marketing comes in. You could spend some money with a marketing agency who are the experts in these matters. However, if your budget is tight you will need to look at ways of getting your brand known as cheaply as possible.

One option is to use social media. As long as you are prepared to dedicate the time it needs, you can build up a following quite quickly. Although people will only be your social media friend, they will often buy from someone that they ‘know’, as they feel they can trust you.  It is up to you to build that trust by always being positive, even if someone is complaining. Never ignore comments and do not make all your posts promotional. Social media users love the human angle, so let them know about some of the good things happening in your life.

They also love a freebie. You could hold a competition for your social media friends, and you will very soon find the numbers you have grow dramatically. Make sure they have to like your page as part of the process for entry and you may be amazed by the response you get.  The prize does not have to be expensive, and something from your own range could be ideal.

It is all about getting your brand known, and you can also achieve this by taking part in local events, such as fetes and trade shows. Perhaps consider sponsoring a local event or sports team. The more your brand is seen the more familiar it will become. This encourages consumers to buy from you.

Keep Compliant

Like all countries, Australia has its rules and regulations that businesses must comply with. It can be costly in fines and penalties if you get it wrong, so make sure you know the rules relating to your type of business and stay compliant with them.

You also need to make sure you are compliant with the laws relating to tax matters if you want to avoid falling foul of the tax authorities.

Bookkeeping and Accounts

Bookkeeping is often one job that gets put on the back burner. It then builds up to a large amount of work and can become stressful. The secret is to do tasks like this daily, and then they will only take a short while.

Your record-keeping needs to be up to standard or when it comes to time for your accounts you will have problems. As accountants charge by the hour for the work they do, you could also create yourself a much larger accountancy bill than if your records were in good order.

Without the information that good bookkeeping and accounts can provide, you will not be sure if your business is on the road to success or failure. If things are going wrong, it can show where the problems are and help you to put matters right so your business can survive.

Outsourcing Mundane Tasks

That are so many hats a business owner has to wear that it can all get overwhelming. You should be able to concentrate on running your business and one answer to this is to outsource some of the jobs.

There are freelancers in most trades. Bookkeepers, social media managers, payroll specialists, content writers, web designers and graphic artists are just a few examples of the freelancers you will find readily available on sites designed specially to partner businesses with them.

There are several advantages to outsourcing. These include that you are only paying for the work that is done and you can gain access to expertise that you might not otherwise be able to afford. Even some very large companies still outsource some jobs as it can be a very cost-effective and successful way of getting tasks handled.

The Road to Success

You will have to be prepared to work hard for long hours at the start of your business, but as it grows the rewards will start to pay off. Sacrifices will have to be made but working for yourself can be very fulfilling and that encourages you to continue to take your business forward. Some people refuse to work for others and have several attempts at their own business before finding success. You will make mistakes along the way, but the secret is to learn by them and then you stand more chance of your venture being successful.

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