Many Australians have a dream job they'd love to bring to life, but they lack the confidence to take the leap.
Thankfully, there's plenty of help when it comes to turning your dream business idea into a reality.
The entrepreneurial spirit is alive and well in Australia, with small businesses dominating the economy. Around 99% of all Australian businesses are small to medium enterprises (SMEs) that employ fewer than 20 people.
The vast majority of these businesses don't actually have any employees; they're just run by an individual working hard to make a go of it.
The dream of working for yourself
While there's something to be said for the security of a traditional job, especially during these difficult times, many Aussies would rather not spend their days working for "the man." We have big dreams.
Almost half of Australians agree that starting a small business has greater appeal than a traditional job (47%), according to a recent GoDaddy survey.
We like the idea of working for ourselves, being our own boss and building something from the ground up.
Of course, even for those who do have a traditional job, the idea of working nine-to-five in an office five days a week is set to become a thing of the past for many people.
The future of work is likely to include working from home several days a week. This makes it easier to strike a better work/life balance, plus you don't need to waste time commuting.
This kind of flexibility could also make it easier to nurture a side hustle while keeping your day job until you're ready to take things to the next level.
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Taking a leap of faith
One in four Australians dreams of a side hustle, but hasn't put it into action. So what's stopping them from pursuing their passions?
Half of them (52%) cite money as the biggest obstacle to putting their small business plan into action, but it's not simply a lack of funds that’s holding them back. Other key issues include:
- Lack of confidence (41%)
- Uncertainty about their business idea (39%)
- Lack of expertise (37%)
- Lack of time (32%)
- Lack of tech skills (11%)
So it's clear that budding small business owners don't just need an injection of cash to get their idea off the ground. They also recognise that they need some sound advice to help them develop a solid plan for their business and put that plan into action.
Areas of greatest need
According to the GoDaddy survey, people say their greatest needs in terms of advice are regarding:
- Financial and tax (55%)
- Branding and marketing (45%)
- Website building and development (42%)
- eCommerce (29%)
- People management (28%)
They're not mistaken, as people who have already made the leap to start their own small business agree that it's a pretty good list.
When current and former small business owners were asked about the most important support they needed when deciding to go it alone, they ranked the issues in almost the exact same order as people who are still thinking about taking the leap:
- Financial and tax (69%)
- Branding and marketing (51%)
- Website building and development (49%)
- People management (37%)
- eCommerce (35%)
While those people who are still dreaming about bringing their side hustle to life are clearly concerned about the right issues, it seems they actually underestimate their importance in every category.
Once people actually make the leap, they appreciate even more how much they need great advice in all of these areas.
Asking for help
So where can you turn for help when it comes to starting your own business and making it a success?
The Australian federal government provides a handy guide to starting a business, which is an excellent starting point. It includes an extensive checklist that covers everything from:
- Planning and registering your business
- Sorting out your finances
- Setting up your operations
Also take a look at the Australian Taxation Office website. It offers plenty of solid tax-related advice when it comes to starting your own business.
It’s helpful to find a good business accountant who understands the complexities of setting up and running a small business in Australia.
A great accountant can be worth their weight in gold when it comes to structuring your business and tax planning.
It's also worth checking whether there's an industry body or union that offers advice and support for small businesses. There might also be a local small business owners’ association in your neighbourhood.
Turn to GoDaddy for great advice
GoDaddy can help you build a great business website, but it also offers a wealth of information and resources to help you turn your side hustle into a success.
Helpful articles that ease your way
The GoDaddy Australia blog includes more than 400 blog posts written by Australians who are experts in their fields. They can help you with:
- Choosing a brilliant business name
- Writing a simple business plan
- Deciding if you need to charge GST
- Selling products online
- Understanding digital marketing
You'll also find plenty of great advice on where to look for business funding and managing your taxes too.
Videos on starting and growing a business
Building on this are the extensive GoDaddy How To Guides, which provide a wide range of courses that are broken into multiple lessons. These courses cover everything from being an entrepreneur to understanding marketing and creating a content strategy to keep your website fresh.
Live help by phone or chat, day or night
Finally, you can also turn to the online GoDaddy Help Centre if you get stuck. GoDaddy's trained experts are available 24 hours a day, 7 days a week via chat or phone.
Ready to make a different future?
Embracing your side hustle and starting your own business can seem daunting, but you don't need to go it alone.
If you're afraid that you don’t know enough to be successful, it pays to do plenty of research and to check out all the great resources GoDaddy offers. Together we can help your big idea flourish into a great success.