One of the most overlooked parts of starting a small business is the potential for failure. No one purposefully goes into a new venture with the prospect of doom and gloom. However, sadly enough, the statistics of new business failures within the first two years remain historically in the 50% range. The reasons may vary, but the outcomes consistently result in a complete loss of capital and the default on any small business loans.
What seems most interesting with this statistic is that most of these failures could have been avoided with better fiscal planning, targeted training and a mentoring relationship with an expert in your field. Most entrepreneurs know from the very beginning that the risk of failure, at least from a statistical point of view, is high yet they ignore the subject all together.
History Repeats Itself To Those Who Ignore It
Much can be learned from the mistakes of others. Gaining access to this information should be every aspiring business owners first self imposed training program. The problem with this is knowing where to get access to this data and then knowing how best to break it down so that it is usable for you and your business. Going at this alone can be difficult and expensive.
Fortunately, due to the many government grants and federally backed small business loans in Australia there’s a much better way. The Australian government, working in partnership with state and regional offices allocates billions of dollars per year to the training, mentoring, and financial aid for any Australian starting a small business.
Investing In A Better Australia
By investing in Australian entrepreneurism they are investing in the future of the entire country and for good reason. Successful companies create job growth, technological innovations, and a much broader, revenue producing tax base. When you apply for grants or small business loans through one of these programs you inherit a team of experts whose primary goal is to make sure you succeed!
By providing your start up business with training, mentoring and financial assistance, they are making an investment in you they have skin in the game! This makes their counsel and analysis very credible. When starting a small business, having these experts reviewing your business plan, operational costs and targeted market is invaluable and can mean the difference between success and failure.
When determining capital requirements, often the scrutiny is directed more towards making sure you have enough cash to get you through the slow business cycles. This is typical when applying for small business loans and can mean the difference between success and failure. Combine this with exceptional training and mentoring for you and your employees and suddenly the prospect of starting a small business doesn’t seem so overwhelming after all.
Government Grants Australia
Government Grants Australia is an independent research site and is not affiliated with any Australian Government departments or other agencies.