Big dreams do bear fruit
FOR generations, the great Australian dream has been to own your own home.
Running your own business has also been a long-term goal for many Australians.
The idea of becoming your own boss and working to your own schedule appeals to many. Let’s take a look at some of the facts around small business ownership.
Over the last two years there’s been a 1 per cent increase — roughly 21,000 overall — in the number of new businesses starting in Australia.
Contrary to popular belief, financial rewards are not always the primary reason why people consider going into a business of their own.
A survey by Suncorp last year found that the No. 1 motivator was simply the desire to be their own boss.
Finding better work-life balance, taking greater control of your life and doing what you are passionate about came in ahead of the potential for greater financial reward.
However, a word of caution: if you’re contemplating starting your own business, make sure you important. Have you researched your business idea and the market for your business thoroughly before taking the keys to your new shop or office, buying stock, hiring employees or going live with your new website?
It’s useful to check the marketplace to understand what your potential competition is doing so you can offer a point of difference.
According to the Australian Bureau of Statistics, 60 per cent of new businesses will likely fail or wind up within their first three years.
While that’s a confronting statistic, don’t let it put you off.
It’s a fact that 97 per cent of all businesses in Geelong — and across Victoria — are small businesses employing fewer than 20 employees.
The Geelong Chamber’s Small Business Smart Business Program offers small business owners the opportunity to connect with industry experts and fellow small business owners, who have a wealth of knowledge in their respective fields.
This low-cost service offers a wide range of business support opportunities such as access to one-on-one mentoring sessions with subject matter experts, providing important connections and business networks that can regularly be turned to for advice or guidance. officially launched this week and we’re excited to enter into a new naming rights partnership for these prestigious awards with Deakin University.
Last year the awards received a record number of nominations and entries and, as the longest continuously running business awards in Australia, they provide an important opportunity to recognise and celebrate business excellence.
There are 20 categories, including the coveted Business of the Year Award, to enter along with new individual categories Business Leader of the Year and Young Entrepreneur of the Year.
So, whether you’re contemplating starting a new business or seeking the reward of recognition for your business success, there is a tonne of support out there to make 2018 your time to shine! Bernadette Uzelac is CEO of the Geelong Chamber of Commerce. Follow the Chamber on Twitter @GeelongChamber