BUS045 Tips for a successful start-up business (588 words)

While many Australians aspire to entrepreneurship, only a fraction take the leap - often due to funding challenges, regulations, or economic concerns. This article discusses key considerations, government support, financial planning, and cash flow management strategies to help you turn your business idea into reality.

Ever thought of setting up your own business? Maybe you’ve dreamed of turning a hobby into a side-hustle?

A 2022 survey conducted by the National Australia Bank (NAB) revealed that 41% of respondents aspired to owning their own business, but only about 9% took the plunge into entrepreneurship.

Some reasons for not going ahead included difficulty securing funding, regulatory complexity, economic instability, and the need for a regular income.