Becoming a small business owner

Being small business owners ourselves we understand the passion that goes into creating and idea and watching it come to life.

With the recent pandemic we have seen a significant increase in the number of small businesses being created across Australia, including our own. With access to more free tools and networks now than in previous years these small businesses can be quite profitable.

Being a small business owner gives you the freedom to be your own boss and set your own hours and schedule, provides you with the opportunity to create something unique to you, fills you with a sense of pride from your product creation and business execution and can have significant financial benefits. For us it has provided flexibility that we needed to help our families grow.

While starting your own small business can be quite stressful due to costings of materials, marketing and execution as well as all the administrative tasks such as; setting up bank accounts, applying for ABNs, business names, domain names etc. In our opinion it is outweighed by the benefits of watching your ideas and hard work begin to take shape and grow. With each new task you can see the journey your business is taking and where you want it to go.

Here are some things no-one tells you when you start your own small business

• It is expensive - yes, you will need to ensure that you have funds available to make payments on the admin side of your business ie; business name registration, domain name registration, website fees, manufacturing, products and more

• Yes, other businesses may draw inspiration from your business model/products or features. It is important to remember that your product is unique to you and to potentially look into additional safeguards such as patenting or trademarks

• Disappointment will be often and harsh. There may be times where your business goes without a sale for a long period of time and this can be extremely frustrating and disappointing

• The hours are endless. Your work is no longer 9-5pm it is 24/7. You're constantly concerned with your next move

• It is extremely rewarding and exciting. There is so much planning that goes into launching your product and to see your ideas come to fruition is extremely satisfying

• You will grow with your business. You will find new ways to perfect your craft to ensure customer satisfaction

• You will be welcomed into an amazing community of likeminded business owners who support you

Starting a small business is scary, you are completely trusting yourself with your vision. Remember to take the time and enjoy the victories, no matter how small.

You're doing great!

2 Mums xx