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Posted: 2024-08-27 22:56:59
Six-Eyed Scorpion founder Sandra Seah.

Six-Eyed Scorpion founder Sandra Seah.Credit: Jordana Adams

The business has gotten to a point where its products are stocked at more than 150 locations throughout Victoria alone, with further expansions into New South Wales and South Australia soon to come.

Six-Eyed Scorpion’s success has allowed Seah’s partner, graphic designer Jordana Adams, to also come on board the business full time from this month, after helping shape the company’s brand identity.

Seah’s experience as a business owner so far has shown the importance of problem-solving and careful planning of everything from ingredient purchases to digital marketing.

“I think I’ve come to the conclusion that you are going to be facing challenges, 24/7 - but you just get better at solving the problems. You should be willing to learn, to do the things you don’t want to do, and have a point of difference.”

Don’t sleep without a plan

BDO Australia partner Mark Pizzacalla says if you want to run a successful small business, you must be willing to “do the work” and navigate countless obstacles.

“There are going to be plenty of problems - so get used to it,” he says.

Once you’ve accepted that fact, it’s time to ink a bona fide business plan that nails down some of the most basic questions about your operation.

“When someone leaves their job [to start a business], what are they actually going to be doing on day one?” Pizzacalla asks.

BDO Australia partner Mark Pizzacalla.

BDO Australia partner Mark Pizzacalla.

A business blueprint should account for market research, a plan for business development and an answer to the ultimate question for any company: where is the revenue coming from?

“If you don’t have revenue, you don’t have a business.”

Founders also need to decide on the best structure for their company and work out how much cash they will need to run things. “Have you saved up enough to do this? What sort of capital injection do you need at the start?” Pizzacalla says.

Prepare to board the emotional rollercoaster

Small business mental health expert Leanne Faulkner says successful founders must also have a plan for their own wellbeing.

“Right at the start of establishing a business, you have to have a self-care strategy in place, even if you never use it,” she says. “Ahead of time, plan the sorts of resources you might go to and call on to help you when times are tough.”

Mentwell founder Nikki Williams says aspiring business owners need to be ready for the highs and the lows.

Mentwell founder Nikki Williams says aspiring business owners need to be ready for the highs and the lows.

Founder of health gift card business Mentwell, Nikki Williams, says emotional resilience is one of the most important skills you need in business.

“There’s a certain kind of risk taking that happens as a founder that not everyone has the ability to do. I don’t blame them,” she says.

Williams founded Mentwell in 2023 with the goal of helping more Australians access health and wellbeing services. The platform lets businesses and individuals buy gift cards that recipients can use at any health service provider in the country, from psychologists to yoga studios.

Mentwell recently raised $229,000 to expand the business via equity crowdfunding platform Birchal. The raise was a success, but Williams says it also served as a reminder of the hard work and emotional extremes that you must face when growing a company.

“Every day was literally a high or low on the rollercoaster ride,” she says.

“I was either extremely excited, almost to the point of not being able to hold that excitement, through to some really low periods of wondering if we were going to make our minimum amount.”

Founders need to prepare for those highs and lows, she says. “You can’t really know it until you’re in it, to be honest. But you can get better at it, for sure, and you do get used to it.”

Next in the series: Why a great idea doesn’t guarantee business success.

This story was created in partnership with Google. The content is independent of any influence by the commercial partner.

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