Hello again. Long time no see. I’m here with a new and important topic. It has a lot to do with empowered women but fundamentally, it is about women over 50 who are eager to live the best life they can by starting their own business in Australia. So here is what you need to know if you are one of those women.
First are foremost here is some data: according to the Australian Trade and Investment Commission, Australia is very proud of its growth and industries which are in constant grow and flourishment filled with new talents and innovation. So according to them, you are in the best time to start your own business, but let me give you some more information.
As I said in my previous article, the point is always to know the why before we get to what are some things you could do.
- Australia is in constant growth providing a safe and low-risk environment in which your entrepreneurship could flourish. This is due to Australia’s highly stable economy and progress. This has become simply an improved lifestyle for people who want to aim higher in life and make more money. I for one like to think that it is a way for women to become millionaires, because why not?! Of course, there are multiple choices you can make in deciding which industry suits you best but this only makes it more fun and easy for you to actually decide to do something about that long lost dream of yours to own a business.
- In case you were wondering, how is it that you will do this alone? The answer is: you don’t have to. Australia offers a wide range and most diverse and skilled labour force in the world and takes the lead in this statistic before Japan, China or America. This is due to their global success rate when it comes to agribusiness, any type of resource and energy industry, alongside with finances, education and tourism.
- Innovation is also Australia’s middle name. This just means you will have a constant flow of opportunities knocking on your door.
Now that you were sold on why Australia is such a lucrative country to start a business in, let’s continue on to why your timing for this is perfect.
While I have to mention that self-employment has become rather popular and is on the rise in the last decade, I can tell you that the biggest trend in new start-up companies is that they are started by women over 50. Way to go ladies!
Women over 50, are definitely more agile and more adept at multitasking. This is simply something we have learned to do during our young adult life while juggling our work, families – both children and our parents, and let’s face it working around the house.
¨Nothing can replace experience, knowledge and wisdom and you can’t buy them or study for them at the university.¨
Entrepreneur Liz Earle
For women over the age of 50, owning a small business will drive many benefits such as additional income, a lifestyle which is flexible and the comfort of knowing you are your own bo$$. And I am not just talking about not having to justify yourself to someone but rather knowing you have the freedom and power to decide the way your business will make an impact on this world. Let’s face it you will bring a great deal to the table, such as maturity, broad networks of contacts and relationships as women are more prone to have better understanding and more empathy which helps them develop friendships and connections.
– Networking and creating new contacts is important. Connecting with potential clients and partners is important. But networking means that you will have an opportunity which we will later discuss in more detail, as it brings more than just a phone number or an email. It is an opportunity to learn from experience and learn from others and increase your competencies and skills.
– Having success on the other hand, doesn’t mean securing some bank loan which will help you pay off this business. Small start-ups have more profoundness than that. Success also isn’t a destination where you will arrive but an attitude, an entrepreneurial attitude and dedication, without accepting defeat when things get rough.
– Adaptability is crucial. As a business owner you will have to continuously assess how your business is performing and make adjustments as you go. This means that you will have to be open to constructive criticism and the fact that things will not always go as planned. This adaptability will help your business stay on the innovative side of progress and opportunities.
One more thing:
There are start-up costs and you have to be prepared for the fact that you won’t be able to pay yourself a salary for some time in the beginning. But this is another opportunity for you to be smart and find other ways of funding your company and business. As I mentioned Australia is the best country for you to find your stepping ground and make a good pile of money. Starting your own company will take time, effort and money, but it is up to you and your innovation, motivation and dedication to find the best way to be successful with your own business.
But I don’t want to discourage you as you have it all in order to succeed, alongside with years of experience, and your will to succeed, you’re far more prepared to launch than millennials are. Starting a business later in life lets you take advantage of the business experience you’ve built up, your network of connections and your road warrior-honed competitive skills.
Something all successful people share is their confidence, hope and drive.
If you are one of those people, I say go for it.
There is nothing a woman can’t do when she sets her mind and heart to it.
And here are the tips to help you get started:
Doing research about the possibilities you have to start your own business is basically building a house on solid ground. What areas are lucrative? Is there anyone who can help you or guide you through this process? Would you consider taking on a mentor? Who will your clients be? What is it you are good at and can transfer into a good product? How much does the market pay for that?
It doesn’t matter what you plan on doing, as long as you know who your customers are and if they are willing to pay for that product which will later help your sales to become greater than your expenses. Until you have a really solid sense of how your business will succeed, you need to keep answering those questions. Research, analysis and testing beforehand is heading you down the path to getting it right.
As I mentioned above knowing your clients and buyers should be your #1 priority. So start by asking yourself what is it that you can do and how it can benefit them. Because at the end of the day, there is no sales unless the buyers know how your product can benefit them. This is the number one rule in sales: know the why, before the how and what! The simple way of knowing what they need is by asking them. Talk to the general public openly and ask them questions and their opinions. They will clearly state what is it they are looking for. This is a great way for you to gather information without spending much money.
No she is not from Wonderland but she does wonders. Alice is a form of artificial intelligence on a virtual platform which helps to connect female entrepreneurs with other business owners, new resources they might need, mentors, clients and funders. Something that you can certainly benefit from.
You can check this AI here: https://helloalice.com/
Alice offers you a chance to create a profile about your company, where you are, what is it you do, which industry are you in, and much more. Alice then works on highlighting your needs and connects you to what you seek and should do.
Now it is time for a business plan of course. As we say, you will have to write a project in order to get financed (if that is the road you are taking). My advice for you would be to write in clear detail and write around 20-25 pages.
I know! Sounds like a lot, but it will offer your funders a chance to find more about you and what is it they are financing exactly.
Writing a business plan is actually similar to doing research – it needs to have a summary, who the customers are (a.k.a. the desired niche), why you are the one who can give them profit, a clear marketing strategy which we will discuss later and similar things like that. Of course, I don’t have to mention that all the core and general information about the company, employees needs to be on there. And in case you are feeling discouraged right about now, there is always a mentor you can get via Alice, or PivotPlanet.com who can help you construct this plan and get you going into the real world.
I SEE DOLLAR SIGNS
Sadly the time has come when we have to talk about money.
But as I said there is no need to feel worried or to invest a lot of money, especially not in Australia, a country which offers so many options. You may already know that many businesses today start from home, without a lot of cost for all the equipment. But there are other factors to consider as I mentioned above:
How much will it cost to start your business and to run it for one year?
Will you need to invest in inventory and what that inventory is?
What kind of advertising are you going to use and how much money will that be?
Is there equipment you need to purchase?
These are some of the questions you need to ask yourself before starting a business. Of course the answers may also be, that you want to start an online business and all these costs will be taken down to a minimum. Of course this does not mean go start an online business. On the contrary the point of all of this was for you to do what you always wanted. So spending some money should be worth it, right?
MARKETING AND NETWORKING
I will genuinely tell you this is the most important part in any business today. As we live in a world dominated by technology, this plan must answer the questions from above, but it can also help you find and get to know your customers.
For many people this is the hard part. As previously you may have worked for some company you did not have to deal with finding and bringing in the customers yourself, now all of that falls onto your hands as you are the boss queen. Fear not!
There are many experts in marketing who can help you with this, of course friendly advice from all your connections and networking doesn’t have to cost you anything or much for that matter.
Of course these are only a few of the tips and tricks you can do to ease your way into starting a business. Some might sound hard and confusing but others I am sure, will be a piece of cake for you ladies. Some women fear success or failure, so they remain in their comfort zones, but life and all those amazing experiences and adventures happen outside of that comfort zone, so don’t be afraid to grow and progress.