Hi ladies
I’m just wanting some advice about starting a business from scratch, I have a few ideas and I think it’s a given that a boss typically can’t juggle every aspect of a business which is why they hire people for certain roles and taking wages and the business itself into consideration I know a start would be to try and outline and plan for every cost to even get it off the ground and maybe estimate what type of return we would get but I’m not sure where to source the money to put into the business, i’m in the process of clearing any negative credit history and I own every thing I have out right but I still don’t know why the next move would be would I need to speak with a bank, lender or try and seek a couple of investors any shred of advice would be greatly appreciated
Starting a business
Starting a business
Posted in:
IM's In Business, Money
3 Replies
First step is to go to your local small business centre and get loads of advice. Look at your local adult education centre as they usually run courses on how to set up a business.
It’s also a good idea to have some skills in accounting and payroll. You can learn how to use digital systems at adult education centres too.
You need lots and lots of capital, most businesses fail in the first few years because they didn’t have enough savings before they started. Banks usually won’t lend to new businesses and to get investors it usually has to be something pretty special and established at some level already.
I own two small businesses trying to get funds as in a bank loan for a start up business is extremely hard. You will need make business plans and expected forcases of income. Also something that no body remembers as an expese is work cover and if the business is open to the public then you need public liability cover. Banks are very weary of start up businesses as they run a high risk than a franchise or already existing business. My suggestion even if it's not in a field your interested in spend a few days with them. And see what it's like, if you can't cope with high stress situations then its a bad idea.
Go to centerlink. When my husband started his business there was a NEIS scheme that helped with a small business course and you got paid a small amount for a year to help get everything off the ground. This was 9 years ago now. Don't know if it still exist though