{"id":14771,"date":"2017-11-30T01:00:40","date_gmt":"2017-11-29T14:00:40","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=14771"},"modified":"2017-11-30T01:00:40","modified_gmt":"2017-11-29T14:00:40","slug":"what-everyone-needs-to-know-about-starting-a-small-business-frank-dalzotto","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/what-everyone-needs-to-know-about-starting-a-small-business-frank-dalzotto\/","title":{"rendered":"What everyone needs to know about starting a small business – Frank Dalzotto"},"content":{"rendered":"

Many Australians dream about starting a small business.
\nThey dream about being their own boss and having more flexible working conditions as well as hours.
\nWhile being\u00a0self-employed<\/a>\u00a0or running a small business can be one of the best ways to create wealth, it is not easy.
\nAbout 90 per cent of Australian businesses are classified as small, which means they employ less than 20 people or have an annual turnover of less than $2 million.
\nSmall businesses account for more than 30 per cent of Australia\u2019s GDP, employ more than 40 per cent of our workforce and are responsible for about 12 per cent of total company tax revenue.
\nThere are more than 2.1 million small businesses in Australia, with about 1.2 million being businesses that have no employees \u2013 that is, it is a person who is classified as self-employed.<\/p>\n

It\u2019s an uphill battle for new businesses and start-ups<\/h3>\n

Given those types of numbers you would think that their importance would attract some form of government financial assistance.
\nIn reality, they don\u2019t really.
\nIn fact, according to\u00a0Federal Government research<\/a>, small business is the least assisted sector of the economy. Only 15 per cent of small businesses report receiving any form of government assistance, compared to 30 per cent of medium businesses and 57 per cent of large businesses.
\nAnother interesting statistic is that survival rates for small businesses are low.
\nAbout 50 per cent of small businesses don\u2019t survive more than five years.
\nSo while starting a small business can seem like a good idea \u2013 and for many people it is \u2013 it is also an uphill battle to make the numbers work.
\n\"\"<\/p>\n

Building a viable small business plan takes time and research<\/h3>\n

So if one in two small businesses don\u2019t last more than five years, what can you do to give yourself the best chance of success?
\nOne of the first steps, long before you launch your small business, is to prepare a\u00a0business plan<\/a>.
\nWriting a small business plan will perform a number of functions, with the first one being that you can proactively identify any strengths and weaknesses of your proposed business.
\nAnother benefit of a small business plan is that you can develop your goals, define your business objectives, as well as create strategies to help you navigate the ups and downs before you need them.
\nOne of the key advantages of a small business plan, however, is that it can assist you with securing finance for your business.
\nWhen approaching lenders, banks want to see that you have a strong business plan that shows that your business has financial viability.
\nIt\u2019s not rocket science to understand that banks need to see evidence that the money you\u2019re asking to lend is for a business idea that has a solid chance of success.<\/p>\n

Financing your new business is a crucial and complex step<\/h3>\n

Many small businesses need some form of financial assistance to get off the ground.
\nSmall business finance<\/a>\u00a0is a common loan product, which can be used for expenses such as business equipment or software; supply of stock; staff wages or advertising expenses in the early days of your small business; and the purchase or leasing of premises for your business.
\nAs with other types of loans, small business finance can be secured by assets such as the property you\u2019re buying for your business or your principal place of residence.
\nBanks assess small business loans differently to other products, which is another reason why you must understand how to write a small business plan.
\nLenders will want to see that your business idea has financial legs and will be a profitable venture.
\nA well-crafted small business plan, which includes your cash flow forecast and profit and loss predictions, is one of the keys to loan success as it shows lenders that you\u2019ve thought long and hard about starting a small business.
\nStarting a small business can be an important step towards creating financial independence or freedom.
\nAnd while many small businesses can struggle, it is those businesses who have spent time planning, researching and creating a small business plan that will have the best chance of success.
\nThese articles originally appeared at Intuitive Finance.\u00a0<\/em>
\nhttp:\/\/intuitivefinance.com.au\/starting-a-small-business\/<\/a><\/em>
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

Many Australians dream about starting a small business. They dream about being their own boss and having more flexible working conditions as well as hours. While being\u00a0self-employed\u00a0or running a small business can be one of the best ways to create wealth, it is not easy….<\/p>\n","protected":false},"author":176692471,"featured_media":14773,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2,9,13,25],"tags":[70],"class_list":["post-14771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-andrew-mirams","category-frank-dalzotto","category-latest-story","category-sponsored-channels","tag-featured"],"yoast_head":"\nWhat everyone needs to know about starting a small business - Frank Dalzotto - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/what-everyone-needs-to-know-about-starting-a-small-business-frank-dalzotto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What everyone needs to know about starting a small business - Frank Dalzotto - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Many Australians dream about starting a small business. 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