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Top 4 Startup tips for small businesses
The small business failure rate in Australia is high. But there are some smart things you can do to make sure your startup business won’t be one of them! Here’s our Top 4 tips.
Tip 1: Research your potential market and your competition before you start
It’s important to research both your market and your competition before you start. That will help you to identify if there’s a viable market for your business idea and how you can develop a competitive edge so that people will choose to buy your product or service.
Tip 2: Set realistic goals and develop a business plan
Set realistic short (less than a year), medium (two to five-year) and long-term (more than five-year) goals for your startup business. Once you’ve done that, do up a business plan that explains how you’re going to achieve them. Then regularly monitor your progress toward achieving your goals, making changes to your plan if necessary.
Tip 3: Don’t spend money on unnecessary expenses!
One of the biggest mistakes that startup businesses make is spending money on things that aren’t important and that they can’t afford. As Thomas Jefferson famously said, “You should never spend your money before you have it.”
Tip 4: Hire a bookkeeper
A good bookkeeper can help you set up an automated system to help save you time and money. They’ll also be able to advise you on which business expenses are essential, and which ones aren’t.
How we can help
At Scorpion Bookkeeping, we can help you to set up a Xero online bookkeeping system for your startup small business. We’re a Xero-certified advisor.
We can also help you with any bookkeeping support services that you may need, no matter what type of business you have. We currently have clients in a diverse range of industries in South Australia, Victoria and New South Wales.
Contact us today to find out how we can help your business!