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Reflections on starting a new business – The challenges and opportunities

The 19th of October was Support Small Business Day. Over the past week we’ve been sharing advice for small businesses, through our social media presence on Twitter, Facebook, Google+ and LinkedIn.

Syneka Marketing was founded in 2009 and while our core business remains strategic marketing, we also offer creative and online solutions to complement our service delivery.

Support Small Business Day provided an opportunity for reflection on starting a relatively new business. The greatest challenge for any new business is when the owner decides to take the plunge and work on their new venture full-time.

There is never an opportune moment to make this decision, as it means leaving the stability of paid employment to venture into the unknown. A business owner, however needs to balance the time required to maintain current projects, as well as to build future sales. If you find yourself not having sufficient time to build a sales pipeline due to work volume, then it is time to consider working on your business full-time.

Begin your business with a solid foundation

Begin your business with a solid foundation

As a business owner it is imperative that sufficient time is allocated to creating new opportunities and sales. If these tasks are not being undertaken then it will jeopardise the future viability of your business.

While there may be short-term challenges in leaving secure employment, it will ensure that you can dedicate time to growing your business.

Time management can also be a challenge. You need to be able to set your own tasks and motivate your performance. Keep a list of the tasks that need to be undertaken and ensure that they are completed in a timely manner. Working on your own business needs to be treated the same way as working for someone else. Establish working hours and ensure ongoing performance measurement and review.

Uncertainty, is another significant challenge and this is why it is important to allocate time to generating new opportunities. Planning is essential to combat business uncertainty. Business and marketing plans should be considered essential documents. While it is easy to get caught up in the excitement of starting a new business, sound planning will ensure that you have a successful framework and the ability to measure outcomes.

According to data sourced through the Australian Securities and Investments Commission (ASIC), poor strategic management has been identified as a cause for approximately 43% of all  business failures. Starting a new business is challenging, but sound planning can reduce uncertainty and help deliver a viable future.

Alex Makin

Author Alex Makin

In a career spanning over fifteen years, Alex has been instrumental in transforming, reinvigorating and growing the capacity of businesses and not-for-profit organisations. He is a visionary who understands the big picture. Alex’s expertise is a Certified Practising Marketer and as Chair of the Victorian State Council of the Australian Marketing Institute. Alex is also an accomplished speaker, author and mentor and former Mayor and Councillor for the City of Maroondah.

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Join the discussion 2 Comments

  • I agree with this phrase”Support Small Business Day provided an opportunity for reflection on
    starting a relatively new business. The greatest challenge for any new
    business is when the owner decides to take the plunge and work on their
    new venture full-time.”Thanks for sharing this informative post.

    • Alex Makin says:

      Hello, thanks for your comments. Judging when time is right to work on a business full-time is definitely a challenge, but one which often leads to having the time and energy to work on your own business.

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