Be your own boss! (We don’t mean a mob boss!)
We make it look easy, but there are lots of traps for young players.
At 30 June 2024 there were 2,662,998 actively trading businesses in the Australian economy. 97% of those are small businesses according to ABS.
UTS says: one in three new small businesses in Australia fail in their first year of operation, two out of four by the end of the second year, and three out of four by the fifth year.
What can you do to increase your odds of surviving and thriving?
There are lots of free tools available.
Business . gov . au says: Starting a business requires a lot of effort and commitment. It’s important to know what’s involved and if you’re suited to business and self-employment.
We recommend you take some time to critically evaluate yourself and the challenges of owning a business.
It’s important to research and analyse your business idea and consider its potential.
Some questions to ask yourself are:
– Is there a want or need for your product or service?
– How hard will it be to develop your idea?
– Is your idea financially viable?
– How will you protect your idea?
– Who are your competitors?
Researching your business idea involves gathering, analysing and evaluating information to that will also help you write your business goals.
Work out if your activities are that of a business or a hobby. There are different tax, insurance and legal obligations depending on what you are. 
Follow the guide here: https://business.gov.au/guide/starting
If you decide to go ahead and be the boss – prepare yourself for a wild ride!
