If you’re starting up a business, you know there is a lot to learn from people who have experience in setting up businesses. We spoke to five business owners who bank with us and asked for their top lessons when someone starts up a business.
1. Take care of yourself because you are the heart of your business
Amee Springall, who founded Love Raw Treats in 2015, thought business owners would be best to take care of themselves. From her experience, she said “don’t give all your time and energy away to people… Save your time and energy for the people who really do want it.”
2. Validate your idea as much as possible
Ryan Meyer, Senior Regional Director APAC of General Assembly, encourages people with a business idea to “validate the idea as much as possible. There is always a leap of faith someone has to take if they are starting something from scratch, but now days it is possible to validate the idea as much as you can before you make that risky move into a start up.”
3. Find someone who shares the vision for your business
Rolf Weber, Co-Founder and Managing Director of Marley Spoon in Australia, recommends new business owners “have a close knit team that shares the vision and just works relentlessly towards achieving that vision.” He shared it is “really important that a bunch of people have your back through the ups and downs of start up life.”
4. Make sure you have enough savings for the first 18 months
Nicole Layton, Director of Insearch Talent Solutions, a recruitment firm in Sydney, suggested to “make sure you have enough savings not to earn any money for the first six months.” When you start your business, it can take time to get established and earn your first client.
5. Consider having a business mentor
Carolina Giraldo, Creative Director of Carolina Lifestyle Label who has nine fashion stores in Sydney, told us about her business mentor experience… “Something that has helped me a lot through my business journey is having a mentor. I’ve been extremely lucky to have a great mentor and she has been fantastic to learn from other people’s experiences.”
As you start your business, know there is a lot of support along the way from experienced business owners in your community. You might just find the solution to a problem by chatting to someone who has been there before.
Things you should know
All comments in this article are those of the individual and do not necessarily represent the views or position of Westpac.
This information does not take into account your personal circumstances and is general. It is an overview only and should not be relied upon. The information provided in this article should be used as a guide only. We recommend that you seek independent professional legal and tax advice about your specific circumstances. Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714