Advertisement
AAP (AAP)

Running a small business takes hard work. Lets find out how to start and what does it take to be successful. 

By
Wolfgang Mueller
Presented by
Euna Cho
Published on
Tuesday, August 1, 2017 - 21:44
File size
3.3 MB
Duration
7 min 18 sec

There are many benefits to having a business: financial independence, flexible working hours and the possibly of building an asset that later can be sold at a profit or left to the children.

The Australian Bureau of estimates that there are currently more than 1.2 million sole-trader businesses in Australia, up 32,000 over the previous two years.

Many of these enterprises operate in construction, professional services, food retailing and online.

Analysts say that growth in the small business sector is linked to the recent increase in Australias population and that many of the business operators are migrants.

Mohamed Suleiman is one of them. He came to Australia from the small African nation of Burundi.

A strong passion for what you are doing is one of the most important ingredients of success, says business strategist Juergen Schmechtel. He says a good business is driven by enthusiasm.

Even without any start-up capital its possible to get into business, says Juergen Schmechtel. Whats needed is some get-up and go.

Lets say you want to be a painter, there is not much you need. You need a brush but you dont even have to buy that. You could just go from door to door in your neighbourhood and say, Im the new painter around here, is there anything I can paint for you? I give you a good price, the only downside is, I need half of the agreed amount upfront, he said.

With the money received, tools and paint can be bought and a new business venture is on its way.

Its easy to start a business in Australia.

Most legal and banking formalities can be completed online but Mohamed Suleiman suggests getting professional help from an accountant.

Among the biggest challenges in running a business - a challenge that can decide over success or failure - is customer service and presentation.

Business strategist Juergen Schmechtel acknowledges that going into business is hard work and can end in failure.

But he says that striking out by oneself and trying to build a fortune is part of the Australian way of life.

If a business does not do well, says Juergen Schmechtel, its important to take decisive action and stop trading quickly before the losses mount up.

He says there is no shame in failing but always an opportunity to start again.

Settlement Guide: how to start your own business in Australia
Starting your own business rather than working for an employer is becoming more and more popular in Australia. Business ownership has grown 2.4 per cent in the last year, according to the latest numbers from the Australian Bureau of Statistics.

More from Korean Settlement Guide
Korean Settlement Guide
Are you a new Migrant in Australia? Korean Settlement Guide offers useful tips and information about life in Australia.