Are you looking to start up a business in the North Burnett?
North Burnett Regional Council’s Economic Development team is developing a series of workshops to assist entrepreneurs establish a framework to advance their business ideas.
The key factor preventing most business ideas from progressing has been identified as FEAR! FEAR of the unknown – We quite often fear something because we do not understand it; or have limited knowledge of it.
The Business workshops will provide information to relieve this ‘fear factor‘ so that entrepreneurs understand exactly what is required to start up a business.
Some key points to consider when starting a business are:
Do I have skills in the industry I want to establish my business?
It is important to have relevant industry skills so that a business can operate effectively and efficiently. This ensures that the business does not have to rely on the additional outlay of employing skilled persons or struggle with excess costs to make the business function.
What is the product and/or service that the business is really selling?
It is important to identify what it is that the business is selling. Quite often there is more than just the product or service sold by the business. Common lingo in the business world are tangible and non-tangible products and / or services. For instance, builders build structures; the finished structure is the tangible product. However, the customer will more than likely want a structure that is completed on time and within budget, factors recognised as the non-tangible parts of the product.
Who are my customers?
Identifying customer types and what is expected from the product and/or service is key in making sure there is a market to trade in the particular location that has been selected for the establishment of a business.
Do I know how much I need to sell so that I can afford business expenses, wages and most importantly make a PROFIT in due course?
In order to maintain a successful business that supports a chosen lifestyle, it is important that entrepreneurs have financial literacy skills to be able to make decisions based on the income/expenditure of the business model. Budgets, cashflow forecasts and income and expenditure statements are all examples of methods to help you to understand and evaluate the potential earning capacity of a business model.
Finally, there is one important word that should be considered when starting a business and that is RESEARCH. To create and sustain a successful business enterprise, it is important to do your homework before you start.
If you require business assistance and support to help you plan for your business success, please do not hesitate to contact North Burnett Regional Council’s Economic Development Manager on email or by phone 1300 696 272 (1300 MY NBRC). Please save the dates for the ‘Are you ready for Business’ workshops as shown in the link below, more information will be available in due course.
For further information please contact the North Burnett Regional Council’s Economic Development Manager on 1300 696 272 (1300 MY NBRC), or email Council.