Three tips for starting your own business
Many Australians dream of starting their own business, with the accompanying freedom of making strong business decisions and the ensuing pride of it becoming a success. However, it can be tough to make it on your own. According to the Australian Bureau of Statistics, more than 60 percent of small businesses cease operating within the first three years of starting.
That’s a high figure, one which can be intimidating to those looking to strike out on their own. Taking a more structured approach and ensuring that you have the right support can help you become a part of the 40% that make it. As NAB executive general manager for small business Leigh O’Neill says: ‘starting your own business is a bold and life changing experience – but it is important to take time to plan before you take the plunge.’
One option is to become part of an already successful franchise like Jamaica Blue cafés. This will give you access to initial resources which will help you succeed, as well as ongoing support and advice.
Three key pieces of advice for would-be entrepreneurs are:
1. Sell what the market wants to buy
You may dream of selling antique buttons but does the market want to buy them? Starting a café in a market that loves coffee like Australia is a means to establishing a ready clientele. Jamaica Blue have tapped into the coffee culture by establishing a contemporary café franchise business that is guided by a belief in sourcing, roasting and preparing the very best coffee and using only fresh, locally-sourced ingredients.
2. Have a regular cash flow
This may seem obvious but one of the main reasons that small businesses close is that they are under-capitalised. You need to be very clear about your flow of financing from the outset. As part of the Foodco Group, which has been running successfully for over 26 years in Australia, Jamaica Blue franchisees have a smoother path to attaining financing. The chain is accredited with all of the “Big Four” banks in Australia: Commonwealth Bank, NAB, ANZ and Westpac.
3. Ensure that you have proper training and the skills to succeed.
Another common reason that businesses fail is that owners don’t actually have the skills they need to succeed. Running a café is a lot more complex than many people realise. This is another area where becoming a part of a franchise can be an advantage. Jamaica Blue provides comprehensive training courses for all new and existing franchise business partners and staff. It will give your business the edge in a competitive market, whilst still allowing you the freedom of making decisions and being ultimately responsible for the success of your venture.
Enquire below for more information about starting your own business with the support of Jamaica Blue.