The Benefits of Starting a Small Business

February 20, 2024
6
minutes to read
by
Michael Nuciforo
Table of Contents

Starting a small business is a great way to turn your passion and profession into a viable source of income. Whether you’re looking to be your own boss, take control of your destiny, or make an impact in the world - starting a small business can help you achieve your life goals. Let’s look at some of the benefits that come with owning and operating your own small business.

Control your own destiny

One of the biggest advantages of running your own business is having complete control over how you manage it. You get to decide which products or services you want to offer, how much you charge for them, and when and where you want to do business. This level of control gives you more flexibility so that you can make decisions that are best for both you and your customers. Controlling your own destiny does come with pressure though, so it’s definitely suited to people comfortable with risk, and making constant decisions.  

Create your own opportunities

When running your own business, there are no limits on what types of opportunities you can create for yourself. Have an idea for a new product or service? You can make it happen! Want to work with certain clients or expand into new markets? With enough hard work and dedication, nothing is out of reach! The sky really is the limit when it comes to creating new opportunities for yourself as an entrepreneur.  If you find yourself constantly thinking up and executing on new ideas, and generally taking a proactive approach in situations, then running a business could be a great fit for you.

Build your connections and network

Starting up any type of business will open up networking possibilities far beyond what would be available if you were working as an employee at someone else's company. You'll have access to potential customers and suppliers who could become long-term partners and advocates for your company. And because everyone loves supporting passionate entrepreneurs, there will be plenty of other people who are willing to lend their expertise and advice as well.  

What next?

If you love these benefits and think running a business is a good fit for you, then check out these handy steps to get your small business started.

1.  Decide on the type of business you want to start

The first step in starting a small business is to decide on the type of business you want to start. There are many different types of businesses you can choose from, so it’s important to select one that you’re passionate about and that you have the skills and experience to succeed in.

2.  Develop a business plan

Once you’ve decided on the type of business you want to start, the next step is to develop a business plan. Your business plan should include an overview of your business, your marketing strategy, your financial projections, and your plans for growth. It’s important to have a well-developed business plan as it will give you a roadmap to follow as you start and grow your business.

3.  Register your business

After you’ve developed your business plan, the next step is to register your business. To do this, you will need to select a legal structure for your business and obtain an Australian Business Number (ABN).

4.  Apply for licenses and permits

Depending on the type of business you’re starting, you may need to apply for licenses and permits from state and federal government agencies. For example, if you’re starting a food-related business, you will need to obtain a food license from the relevant state or territory government agency.

5.  Open a bank account

Once you’ve registered your business and obtained any necessary licenses and permits, the next step is to open a bank account in the name of your business. This will allow you to keep your personal and business finances separate, which is important for tax purposes. Thriday offers business bank accounts* and a Visa Debit card* that is perfect for small businesses.

6.  Start marketing your business

The final step in starting a small business in Australia is to start marketing your business. There are many ways you can market your business, such as through online marketing, social media marketing, or traditional advertising methods such as print or television ads              

Taking the leap into entrepreneurship has its risks, but it also has tremendous rewards. Owning a small business allows you to pursue financial independence while also giving back in meaningful ways by providing employment opportunities in your community and bringing innovative products or services into the market. If starting up your own small business sounds like something that interests you, then now may be the perfect time to act

Do some research about what type of venture would be best suited for your skillset and resources, set realistic goals for yourself, surround yourself with support from family and friends—and then start building the future that you envision! Taking that first step is often the most difficult part—but once you've done it, everything else will fall into place from there. If you need any assistance with any of the above, feel free to reach out at wecare@thriday.com.au.

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360  AFSL 241167 (Regional Australia Bank).  Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you.

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