Is small business right for you?
For a lot of new entrepreneurs, their business is essentially a one-person show when they’re first getting it off the ground! So a successful small business owner needs to have a wide and varied set of skills and attributes.
Being highly organised with a sound understanding of core business practices, including a basic knowledge of accounting, finances and legal requirements, is a good start. You’ll also need to develop a strong business plan, including a marketing strategy.
If/when your small business takes on other employees, strong communication and leadership skills will serve you well in managing your team effectively to keep the business running profitably.
One of the most important qualities of successful entrepreneurs is that they are driven and self-motivated. When you own your own business, you set your goals and have the responsibility to make sure you achieve them.
And finally, don’t forget the money involved in setting up a small business. You’ll need to have or raise some capital, and/or seek out investors who are willing to be part of the business financially.
The majority of Australian businesses are small businesses. With the economy thriving on small businesses, there’s never been a better time to follow your dreams of becoming an entrepreneur. Here are a few quick facts about small business in Australia:
- There are over two million small businesses throughout Australia, with over 40% of the workforce employed in small business.
- More than 60% of Australian small businesses are sole traders.
- In 2014-15, two thirds of Australian businesses had an annual income between $50,000 and $200,000. (Earning potential is virtually unlimited, but does tend to be smaller at the outset of a small business endeavour, increasing annually if the business is successful.)
Types of courses
There’s so much to learn when it comes to running a small business. Luckily, there’s a range of specific small business courses that will teach you everything you need to know to get your business up and running. Here’s a breakdown of the different types of courses available and what you’ll learn in each.
There are a range of small business short courses available to introduce you to the basics of running your own business. These courses will help you understand what’s involved in entrepreneurship, covering fundamentals such as creating a business plan, mitigating risk, managing finances and marketing your business.
A Certificate III-level course will help you assess small business opportunities and teach you the basics of creating business proposals, arranging finances and more.
There are a number of Certificate IV courses that will set budding entrepreneurs directly on their career path, with specialisations ranging from New Small Business to Small Business Management to Franchising. After completing a comprehensive Certificate IV course, you will be equipped with the skills and knowledge you need to launch your new business.
When you pursue a career as a small business owner, the world is truly your oyster. You might want to open a café, sell goods you make yourself, provide services as a sole trader – the possibilities are endless! Potential job titles include:
- Small Business Owner
- Small Business Manager
- Office Administrator
- Operations Officer
- Small Business Analyst
- Civil Celebrant
- Marriage Celebrant
- Small Business Operator
- Small Business Retail Owner