What Entrepreneurs Won't Tell You About Starting a Business

What Entrepreneurs Won’t Tell You About Starting a Business

For many, entrepreneurship is an adventure. You chase your next big idea, turn it into a business, and live happily ever after. Easy, right?

What you don’t see in this story, however, is what happens between ideation and success. Yes, building your own business is exciting. But the fun of being an entrepreneur comes with days and nights of hard work.

Here’s what they don’t tell you about starting your own business:

1. You don’t have to do everything on your own — or manually

Going on your own doesn’t mean doing everything on your own.

People think that to be a business owner, you must wear many hats. While that may be true, you don’t necessarily have to be a one-person team.

Entrepreneurship requires you to be resourceful — and this includes finding solutions to accomplish tasks the most efficient way possible. Build a small team to help you get started. No budget to hire full-time workers? Consider working with freelancers.

Another effective strategy is to use applications or software for tasks that can be done automatically. Accounting, for example, could be managed through an online accounting platform like Xero. You could automatically import bank data and monitor transactions, generate invoices in a flash, and create reports with one click.

2. Raising funds for your business doesn’t happen overnight

Funding your business is a crucial factor. Without funds, you won’t be able to take the next steps.

Merely having a great idea doesn’t guarantee that investors will come knocking to your door. It would help if you had a plan on how to acquire funds. Not sure how to get started? Sutherland Reid & Farrar could help assess your finances to determine the best sources for your business funds.

3. You will have to be more mindful of your cash flow

When you’re starting, your cash flow might be tight, and there may be instances when you may find yourself living from month to month to make ends meet. In addition, you could be dipping into your overdraft more often than you’d want.

The key is to learn about cash flow forecasting. This way, you won’t have to worry about the long-term availability of cash even when your business might be in a tight situation.

You need grit to be a successful entrepreneur. Furthermore, you have to accept everything that comes with starting your own business — including the challenges. And the sooner you embrace them, the better you’d be able to cope with the life of a business owner.

Are you ready for entrepreneurship? Take the next step with Sutherland Reid & Farrar. We can help you turn your business idea into a reality.

Sutherland Reid & Farrar offers business start-up services, including consultation on the best business structure for you, business plan preparations, assessment of financial requirements, and registration with government agencies.

To learn more about our services, call 02 6752 9700 or send an email to office@srfpl.com.au.

Related Posts



February 2021 Newsletter

JobMaker hiring credit: What you need to know The JobMaker Hiring Credit scheme was passed into law in mid- November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, following the devastating […]



December Newsletter 2020

A run-down of the new loss carry back measure The last Federal Budget carried with it a number of tax changes that were designed to assist the Australian economy recover from the impact of the COVID-19 pandemic. Among the changes announced was the temporary re-introduction of the loss carry back rules for corporate tax entities (it was[…]



November Newsletter 2020

What the “full expensing” write-off deduction means for business The Federal Budget measure of allowing businesses to fully write-off eligible assets is a boon to Australian businesses, even though the measure is temporary. Just to recap, businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital[…]