Starting a small business is exciting – but it also comes with moving parts that many new business owners don’t expect. Passion and a great business idea are important, but they can only get you so far.
To give your business the best possible start, it pays to understand the landscape you’re stepping into and the skills you’ll need to navigate it confidently.
That’s exactly what our ‘Starting a Small Business’ workshop will help you do.
The workshop is led by business and marketing management expert Keat Chiew. With more than 20 years of experience, Keat knows how to help new business owners thrive.
We spoke to Keat about the biggest misconceptions people have when starting a business in Australia, the habits that matter most in the first year, and how his workshop helps you build a strong foundation from day one.
It takes more than a good idea
One of the most common misconceptions when starting a business is believing a strong idea is enough.
“Many [people] overlook the fundamentals,” Keat says.
“Understand [your] unique selling propositions to the addressable market segments, the start-up costs, work with a realistic timeline in the start-up phase, and know your compliance and regulatory requirements.”
“And this is only the beginning.”
While passion matters, successful small businesses are built on planning, structure and a clear understanding of the market environment they operate in.
Know your landscape before you launch
The most vital step to take before launching a new business? Understand the operating landscape.
“Knowing the competencies you bring to the business, understanding the opportunities and risks you’ll face in the day-to-day running of the business – without which, it’s hard to strategise and structure a business to be competitive,” Keat says.
Understanding the landscape won’t just help you plan. It helps you avoid costly missteps.
Refine your idea early
Keat says if you need to refine a business idea before moving forward, there will be warning signs.
“[You must] identify and articulate the core customer segments effectively and align the relevant value propositions of the business to these market segments.”
“If not addressed, it will be hard to convert prospective customers and explain why they should give their business to you and not your competitors.”
Use structured validation to stress test your business idea. Checking assumptions, gathering feedback and refining your offer can make the difference between a nice idea and a successful business.
The habits that matter most
Once your business is up and running, consistency is key.
“Be consistent and stick to [the] plan,” Keat says.
“Develop a business plan that is actionable and measurable. Have self-belief.”
Financial literacy is another critical skill. Keat describes a lack of financial literacy as a costly mistake that new business owners make.
“[They don’t] develop the skill set of financial literacy, such as [being] able to read the balance sheet and profit & loss statement, [they don’t] take cash flow seriously.”
Learn the essentials with expert guidance
In our Starting a Small Business workshop, Keat teaches practical approaches to building a business. You’ll learn how to validate an idea, understand your market, develop a business model and build the financial and operational skills to support long-term success.
By the end of the workshop, you’ll have clarity – not just about what your business could be, but about how to make it work.
As Keat puts it: “Start with the product or service. Validate its authenticity by clearly articulating why you’re the better provider.”
If you’re ready to turn an idea into a successful small business, enrol in our Starting a Small Business workshop to get the tools, confidence and direction to begin.