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Episode 13 – What I wish I knew Before Starting a Business: Strategies for Success

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As a fellow small business owner, this topic is something that I am really passionate about. I opened my business from home when I had three baby boys, and it has grown over time.

Along the way, I’ve witnessed many promising businesses crumble, not because of their lack of skill or dedication, but due to the absence of essential structures and strategies needed to survive difficult periods.

Did you know that the Australian Bureau of Statistics reports that a staggering 60% of businesses in Australia will fail within their first three years of operations, with 20% of those businesses failing within their first 12 months?

It’s a harsh reality that highlights the importance of proper planning and preparation.

In my financial services practice, I work closely with clients to help them understand their business models, assess their organisational structure, create cash flow projections, and set aside contingency funds.

The question I often pose to them is simple yet crucial: Do you have a solid plan for your business, or are you simply winging it?

While some businesses might get by with a “wing it” approach, the odds are stacked against them, and they could easily become part of that discouraging 60% statistic.

In this podcast, my aim is to equip you with effective strategies to counteract the common reasons for business failure.

I won’t just tell you that lacking a business plan or having poor marketing will lead to failure. I’ll show you how to overcome these challenges.

For aspiring entrepreneurs ready to take the plunge into the world of business and those looking to grow their existing ventures, reach. out to me at jenrichardson.co.

Stay tuned because we have a wealth of valuable content coming soon to the Business Growth Academy.

My ultimate goal is to ensure you don’t become another statistic of business failure. Success in business hinges on planning and staying organised. Yes, I’ve made my fair share of mistakes along the way, but I’ve also discovered the solutions and emerged stronger.

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