Thinking About Starting a Business?
Read This First.
Starting a business can feel like the ultimate dream: freedom, flexibility, and doing things your way. But here’s the reality. Around 14% of businesses in Australia shut down every year, often due to a lack of planning, unclear direction, or just diving in without the right support.
As someone who’s worked with hundreds of business owners across all stages, these are the 5 things I wish everyone knew before launching. Nail these, and you give yourself the best chance of building a business that doesn’t just survive, but thrives.
1. Are You Really Ready to Be a Business Owner?
We’re not talking about skills here. We’re talking mindset.
Being great at what you do, whether you’re a tradie, hairdresser, or coach, doesn’t automatically make you ready to run a business. The truth is, you go from doing the thing to suddenly managing every aspect of your business:
- Marketing
- Accounting
- Legal & compliance
- Customer service
- HR
- And more…
Running a business is like sitting at a table, you can’t just rely on the tabletop (your skill or product). You need all four legs (the other departments) to hold it up.
And let’s not forget the inner game. You need self-awareness, resilience, and a commitment to learning, because growth only comes when you’re ready to take full ownership.
2. Lone Wolf or Leader of the Pack?
There’s a big difference between being self-employed and being a business owner.
👉 A lone wolf runs a transactional business: it’s just you, doing the work. If you stop working, the money stops too.
👉 A leader of the pack builds a system. One that runs with or without them, through people, processes, and systems. That’s how you create something scalable and sustainable.
You don’t have to build a big empire. But you should be clear on what you’re building, and why.
3. Treat Your Business Like an Investment (Because It Is)
Your business will probably be the biggest investment you ever make, even more than your home. So why do so many people start without doing the groundwork?
Before you commit your time, savings, and sanity, ask:
- Is there demand for what I offer?
- What makes me different from the competition?
- Who is my ideal customer?
- How much will it really cost to start?
- What’s the risk and is the reward worth it?
Then do a proper SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to understand what might hold you back—or propel you forward.
4. Pressure-Test Your Idea (Before It Costs You)
This is your reality check.
Find someone who’ll ask you the hard questions. Someone who isn’t emotionally invested in your dream but wants to see you succeed. It might be a:
- Business coach
- Accountant (👋 hi, I know a good one)
- Industry expert or mentor
Let them pull apart your plan. If it holds up, great. If it doesn’t, better to find out now, before you invest tens of thousands into a business that won’t work.
5. Structure Comes LAST, Not First
This one might surprise you, don’t start with your business structure.
There’s no point spending time and money on company registrations, legal contracts, and accounting setups if the idea hasn’t been tested.
Once your plan is solid and the concept is viable, then it’s time to:
- Choose the right structure (sole trader, company, trust)
- Understand your compliance obligations
- Get accounting software set up
- Protect yourself legally
- Get ready to scale
But only after the research is done.
Ready to Do It Right from Day One?
So many businesses fail not because the owner isn’t talented, but because they didn’t have a roadmap.
That’s exactly why I created The Profit Generator School—to help business owners launch and grow with confidence. Whether you’re starting from scratch or refining an existing business, we give you the strategy, support, and mindset to do it right.
👉 Check it out here: https://ngraccounting.com.au/the-profit-generator-school/
Because business should be built to serve you, not the other way around.