support

Thinking of starting your own business? Maybe you’ve envisioned transforming a passion project into a thriving side hustle?

You’re not alone. According to a 2022 survey by NAB (National Australia Bank), 41% of Australians expressed a desire to become business owners. Yet, only around 9% took the leap into entrepreneurship.

The gap between ambition and action often comes down to hurdles like access to funding, regulatory challenges, economic uncertainty, or the need for a stable income. While these are valid concerns, they’re not necessarily dealbreakers. With the right preparation and support, you can confidently move forward.
Here are several tips and resources to help you set your new venture up for success.

Explore Government Support

Federal and state governments offer a range of grants, tax incentives and business assistance programs for new business owners. What’s available can differ depending on your location and industry, so it’s worth researching.
Start with the Grants and Programs Finder on Business.gov.au to see what support you might be eligible for.

Tap into Free Training and Advice

Many local councils and state governments provide free workshops, short courses and mentoring sessions for small business owners.
Check your council’s website, local newspapers, community noticeboards, and newsletters for upcoming events or programs. In some states, you can even access free one-on-one business advisory sessions—just do a quick search for “small business support” in your region.

Weigh Up Your Finance Options

While it’s always wise to avoid unnecessary debt, some businesses require start-up capital to get off the ground. If you do decide to borrow, compare your options thoroughly.
Lenders offer various business loan products with different features, fees, and repayment terms. Some even provide access to business experts to help you navigate your decisions.
Whenever possible, visit lenders in person and be upfront about your needs—it could make all the difference in negotiating favourable terms.

Build a Cash Reserve

Unexpected expenses or temporary drops in income can quickly derail a new business. Having a financial buffer gives you room to breathe.

A qualified accountant or financial adviser can help you calculate how much to set aside and suggest places to store that reserve—keeping it accessible while still working for you.

Master Your Inventory

If your business involves selling physical goods, inventory management is crucial.

Having too much stock ties up cash flow, while too little risks disappointing customers. Invest in a simple stock control system that helps you maintain optimal stock levels year-round.

Keep the Cash Flowing

Cash flow is one of the biggest challenges for new business owners. To stay on top of it:

• Send invoices immediately after a job is completed
• Consider shorter payment terms (e.g. 7 or 14 days instead of 30)
• Offer discounts for prompt payment
• Enable easy payment options like phone or online payments

If payments are overdue, the Australian Government offers a standard letter of demand template and advice on managing late payments.

Keep Costs in Check

Regularly review your expenses to identify unnecessary spending. Eliminate waste and look for savings, particularly in high-cost areas like stock purchasing.
Ask suppliers about discounts for buying in bulk or early payment. Don’t hesitate to shop around—some suppliers may offer free delivery or more favourable terms.

Final Thoughts

Starting a small business in Australia is both rewarding and challenging. While it takes time, planning, and resilience, the personal and professional satisfaction can be significant.
According to Lawpath.com.au, around 20% of small businesses don’t make it through the first year. But flip the stat—and 80% do.
With the right strategy, advice from experienced professionals, and the willingness to learn as you go, you’ll give yourself the best possible start.

Need help building your business presence online?

Whether you’re launching your website, looking for branding support, or need guidance on digital tools, reach out for tailored support to make your start-up journey smoother.

Government assistance

Both state and federal governments have a range of grants and assistance packages to help you get started in business. Schemes can vary depending on where you live and the type of business you’re setting up, so to find out what’s available to you, check out the government’s Grants and programs finder.

Training and workshops

Many local government areas offer free education programs aimed at small business operators. For information, visit your council’s website, community noticeboards and local papers and newsletters for program guides.
Some state governments offer free one-on-one information sessions with business advisers. Get onto Google and search for small business support in your state.

Consider finance

It’s always preferable to avoid taking out a business loan, but if you do need some start-up capital, it pays to do your research. Business loans come in all shapes and sizes with various credit facilities, fee structures and Ts & Cs attached. Some even throw in time with a business specialist to answer your questions.
Do some old-fashioned leg-work. Visit the lenders in their offices to get the run-down on what they’re offering, and don’t be afraid to tell them what you want.

Cash-reserve is king

Building a cash buffer against unexpected expenses, or reduced income is vital. Speak with an accountant or financial planner to determine how much you’ll need and where to park it so it works for you while being accessible when needed.

Stock management

If you deal in physical goods, inventory management is a delicate balance. Do your homework and find a system that can help you maintain appropriate stock levels. You definitely don’t want:

• too much stock; this affects your liquidity,
• not enough stock; this affects your ability to service customers.

Cash flow

Possibly a start-up’s greatest challenge! Try these tips for keeping the cash flowing:

• invoice immediately after completing the service,
• reduce payment terms (30 days, 14 days, 7 days),
• consider incentives for prompt payment,
• offer online or phone payments.

If, after a number of attempts, you’re having difficulty getting an invoice paid, the government provides a standard letter of demand, along with advice around how best to use it. Visit the Business.gov website for this and other free tools and templates.

Control spending

Identify unnecessary costs by regularly auditing your spending and eliminating wastage.

For unavoidable spending like buying stock, look for bulk-purchasing discounts and negotiate better terms with suppliers. Don’t be afraid to shop around and find more cost-effective suppliers, or those that include free delivery or other incentives.

It’s true that starting a small business is exciting, ambitious and comes with more than its share of challenges. But it can also be immensely satisfying.
According to Lawpath.com.au, about 20% of small businesses fail in the first year, which only means that 80% don’t, right?

With good planning and advice from trained professionals you can be among the successful 80%. So ask questions, seek help, and set yourself up for future success.

In recent times, the financial markets have been a rollercoaster, challenging even the most seasoned investors. The period following the COVID-19 pandemic, along with ongoing geopolitical strife, persistent inflation, and climbing interest rates, has sparked widespread concern about the best strategies for managing investments. 

This is particularly true for retirees who need to balance the need for steady income with the imperative to preserve capital. As superannuation funds face strains and living expenses increase, many investors wonder if their resources will suffice in the long haul.

Successful investment is no mystery; it demands patience, defined objectives, a long-term perspective, and reliable financial advice. Yet, in uncertain times, it’s common to lose sight of these fundamental principles.

Consider these vital investment strategies during turbulent times:

1. Maintain Focus on Your Goals and Strategy

It’s understandable that dramatic fluctuations in the market might prompt some to reconsider their financial plans.

Humans naturally think long-term when markets trend upwards, but volatility can trigger a shift to short-term thinking. However, deviating from your established financial strategy is seldom advantageous. Keeping your objectives in clear view and adhering to your investment strategy is crucial.

Long-term growth and protection against inflation are best achieved through investments in inherently volatile asset classes like equities and real estate.

2. Value Time in the Market Over Timing the Market

Exiting the market during downturns can lead to capital losses, and you also risk missing potential recoveries. Market rebounds are unpredictable, but history favours the patient investor who stays engaged and benefits from eventual increases in share value.

3. Understand Market Cycles

Investing for higher returns over an extended period typically involves navigating through some downturns.

For instance, indices such as the ASX 200 have seen their share of declines over the years, yet the general direction has been upward. By remaining invested throughout these cycles, your portfolio is more likely to recover and expand over time.

>Remember, markets historically recover and often reach new heights.

4. Set Realistic Expectations for Returns

Exceptional market booms have occurred, but such double-digit returns are anomalies. More commonly, long-term investments yield average annual returns in the single digits. It’s crucial to base investment decisions on long-term data, especially when it comes to superannuation.

5. Seize Opportunities in a Downturn

Market downturns can present excellent opportunities for savvy investors. Purchasing assets at reduced prices can be one of your smartest investment moves.

However, always do your due diligence before investing significant sums. The old adage holds: High Risk – High Volatility – High Return. Invest within your comfort zone of risk. Sometimes, opting for a lower return is preferable, especially if it means peace of mind.

In these challenging times, it is wise to consult with a financial adviser to help navigate the complexities of market downturns and ensure that your investment decisions align with your long-term financial goals.

At one point or another, many of us experience what’s commonly known as ‘analysis paralysis.’ Picture yourself heading to the supermarket to buy a loaf of bread. It sounds straightforward, but once you’re faced with the plethora of choices on the shelves, selecting just one can become a daunting task. Similarly, having too many options can be as problematic as having too few.

Do you find yourself facing the same dilemma with financial decisions? With an abundance of information, choices, and opinions available, it can become overwhelming, often leading to inaction.

You’re not alone if you find yourself paralysed by decision-making in financial matters. Numerous studies have indicated that while having multiple options might seem attractive, it can hinder our ability to make decisions.

If you’re experiencing financial analysis paralysis, here’s a straightforward checklist to help you break the cycle and take proactive steps. Taking action, even small steps, can significantly enhance your net worth, help achieve your lifetime financial goals, and improve your peace of mind.

· Ensure your will is current and reflects your latest intentions.

· Prioritise clearing your credit card and personal loan debts.

· Secure life insurance, especially if you have dependents and significant debts.

· Dedicate a portion of your income to a regular savings plan.

· Build and maintain an at-call emergency fund to cover up to six months of expenses.

· Get to know your superannuation better and fully utilise its benefits.

Sometimes, the best approach is to get back to basics. If you’re struggling with these essential steps, don’t hesitate to contact your financial adviser for personalised guidance and support.