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4 tips for launching your own business 

Before you go into business for yourself, be properly prepared for success.

 4 tips for launching your own business 

Sole trader doesn't mean you are alone. TAFE NSW has got your back

1. Make time to network

To be in business is to make connections. So take the time to 'network'. That really just means finding people, businesses and organisations that make sense to you. 

People also like to share their success stories. That means they can be very generous with advice and are often willing to share their knowledge with people (like you) who are open to listening. Here's some more tips from a TAFE NSW small business expert.

Simple equation: more people who are aware of what you do equals more opportunities.

2. Have the money up-front

Before you quit your day job, sit down and crunch those numbers. One of the main reasons small businesses fail is that they simply run out of cash.

Creating a business plan can help you avoid business failure. When it comes to cost planning, remember not to underestimate your expenses. Even as your business succeeds and grows, outgoings are likely to rise as well.

3. Know your customers, know your product

By improving your understanding of customers - including their purchasing habits and motivations - you will improve your customer service.

Understanding your customers will help you:

  • Decide on price-points
  • Build positive relationships
  • Increase the amount and frequency of purchase
  • Decrease the cost of attracting new customers
  • Develop new products and services

If you know your customers’ purchasing processes, map them out. If not, go right to the source and ask customers about what products they want, and the problems they have trying to get them.

4. Accept support to get skilled up

An initiative by the NSW Government and TAFE NSW, Skills for Business offers fully subsidised business management, digital or financial skills training for NSW small businesses. Skills for Business can help entrepreneurs by ensuring you have all the skills and knowledge needed. Learn how we can help you find success as a sole trader.

 

Get skills for business