Got a small business? Here’s how Australia’s market leaders became so successful.
Building a successful small business is one of the most exciting and rewarding experiences you can have, but where do you begin?
Sound advice is hard to come by. Budding small business owners often don’t have the luxury of a strong mentor or role model, so they look to other successful businesses for guidance.
Whatever type of business you want to start, we’ve rounded up six top tips from successful businesses owners across a variety of sectors to help you shape your strategy.
But first, let’s kick off with a helpful tip to get you started.
1. Get a set of new wheels
If leasing a car (or many cars) is how many successful big businesses operate, why can’t a small business replicate this?
Whether you’re a tradie running from site to site, or a road warrior who clocks up the kms, having a reliable car is paramount. But instead of wasting valuable start up cash on a new car, you might want to consider the Mitsubishi Motors Business Advantage (MMBA).
Essentially a vehicle plan for small business owners, MMBA bundles all your vehicle needs into one flexible, fully maintained operating lease – freeing up your cash to put back into the business.
2. Test your product
You may have come up with a killer product, but is it viable? Jake Munday, CEO and co-founder of $18-million dollar global business, Custom Neon, advises to test it out.
“You can easily test the demand for a product by listing it on an online marketplace such as ebay, Gumtree and Facebook,” he says.
“They allow you to test your product without the outlay of any advertising budgets. If the products you list get little to no interest, it’s probably advisable to go back to the drawing board.”
3. Be flexible with your vision
“Most businesses start out with a strong idea of what they want to do and who they want to be, but you have to go where the market takes you,” says Elizabeth Meryment of Local Publishing Co.
“There’s no point offering a product or service that nobody wants. Once you learn to be led by demand, then you can build success, even if that’s not exactly what you envisaged in the first place.”
4. Marketing is king
Aodhan MacCathmhaoil of waster.com.au says the most important advice he received when starting his business was to learn how to market.
“If you can market 90%, you only need to sell 10%. Even if you build the best product – if no one sees it, you won’t sell it!”
5. Start local before going global
Catherine Cervasio, Founder of AROMABABY, advises to start off small begin with.
“Many start-ups want to sell their product or service fast by going global, however focusing on one area first – a postcode, state or country – ensures you’re tailoring your efforts and can refine your processes along the way.”
6. Delegate the small stuff
“As much as possible, delegate menial tasks,” advises Hugh Roxburgh, Director of Buckley’s Rye Whisky.
“As the founder of the business, you should be focusing as much of your time on growing your customers or clients. You won’t be able to do this if you spend all your time doing paperwork. Delegate!”