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It’s often said that the majority of new businesses fail in the first year. Some people even go as far as to say that 90 percent of new businesses fail within their first twelve months of operation, but is this statement really true?
According to the Australian Bureau of Statistics it’s not. The number of new businesses that fail in the first twelve months is closer to 30 percent, or 3 out of every 10.
However, just because a business survives its first year or even the second or third, doesn’t necessarily mean it’s a successful one.
If a business isn’t able to pay the owner a wage that equaled or exceeded what they could have earned elsewhere as an employee, it’s not successful.
Further, if that business hasn’t generated a profit or positive cash flow, it’s still not successful.
Nor is a business a successful one if it hasn’t had enough working capital to service their debt, pay taxes and suppliers, and so forth.
New businesses are incredibly risky; and even if you have a great idea for a start-up or years of experience in your particular field of expertise, that doesn’t guarantee success.
Ensuring a new business is fail-safe requires a solid business plan. A business plan is like a road map—it shows you exactly what route to take in order to arrive at your destination—and without one you’re literally driving blind.
If the idea of writing a business plan seems a little daunting, you’re not alone. It’s one of the key components to running a successful business, but it’s also the most often overlooked, which is why we are now offering a Small Business Management course.
Among the subjects included in the course such as, researching the market and creating a marketing action plan, you will also learn how to write your very own roadmap to success—a business plan.
So if your New Year’s Resolution was to start a new business in 2013, then join us online with the new Small Business Management Course, which was especially created by Maggie Richardson from the Australian Small Business Centre for Australian Small Businesses.-- Did you like what you read? Want to receive these posts via email when they are published? Subscribe below.