Lessons Learnt Starting a Business in Australia

It has been 13 years since I joined Success Tax Professionals and started my practice in Joondalup. In this time I have developed my business from having no clients, to over 3000 clients. I have learnt a lot about running a business, from improving my knowledge to hiring my first staff member.

Learn along the way and do not repeat mistakes. Some important principles I’ve learnt include:

  1. Start somewhere
    I would not be running an accounting practice if I hadn’t taken that first step about 13 years ago, and in my case purchased a franchise.
  2. Always believe in yourself
    If you do not believe in yourself and your services, why should anyone else?
  3. Do not devalue yourself
    Even if you are just starting up and struggling to find clients, it is important not to devalue the services you provide by discounting heavily and appearing desperate. Respect your qualifications and abilities and the right clients will come along. Patience and perseverance go a long way.
  4. Starting a business requires hard work
    Nothing will happen without putting in the time and effort. Be prepared to make changes in your life and priorities.
  5. Never stop learning
    Keep exploring training opportunities, continue reading and researching. There is always more to learn in the quest to be the best in your chosen field and the customer’s first choice.
  6. Find a support system and be an active contributor
    You need to surround yourself with people who understand your industry. Support from family and friends is important but you also need support from other professionals.
  7. Ask for help!
    Lean on people that know more than you, and then mentor someone else. To ask for help is never a sign of weakness. You have to be willing to ask for help, and support others to reinforce your skills.
  8. Learn to delegate and work on being efficient.
    As a business grows it is important for owners and managers to delegate or reassign functions to their staff. A key factor in running a business successfully is to focus most of your time and effort on activities that will bring in the most money. This means you have to minimise the time spent on routine functions that can be performed by others.

In summing up
These factors are applicable to every business- no matter what size, industry or type of business structure. A successful business does not happen overnight, but is a process that never stops. Starting a business has many challenges but the rewards which appear over time can be worth the effort and improve your quality of life.

Author: Audrey de Beer, Accountant, Success Tax Professionals