Quitting your day job to start up your own business venture can be a scary and daunting process.
Statistics show that 50 percent of all new businesses fail within the first five years and only 3 per cent of those remaining ever make it tot he 10 year mark.
A simple lack of planning is the reason that a vast majority of businesses fail. So first and foremost, have a business plan. Outline your goals, budget, strategy, target market and marketing strategy.
Next, start out part time so that you can still generate an income while things are starting out slow.
Without a safety net of income you are going to need some backup capital to cover the slow times of your new business. Income does not come flooding in the first day you start your business. Save every penny you can so that you have some capital to survive off.
Test and measure which advertising and marketing strategies work for you and don’t keep pouring money into things that do not work. And finally, seek advice from a specialist and business coach to keep you on track.
Plant and Associates Pty Ltd