BUY OR START A BUSINESS?

Choose carefully before commencing any new venture. Buying an existing business can be very worthwhile, but also dangerous:

• You should be sure you know why it is being sold (The existing owners cannot be counted on to be telling you everything.)
• Have an accountant take a close look at the financial records of the business before buying.
• Be careful of any changes which might be imminent (Speak with people other businesses in the same industry; but from different localities.
• Check with town planning authorities & neighbours).

Do not attempt to start a new business in a locality which is the same as something which is already existing and successful. You will only split the customers, and create two unsuccessful businesses.

Regardless of whether starting a business or buying, you should develop a forecast on what future business might be and systematically evaluate the financial viability of the operation.

Why Study?

Being prepared is the key to avoiding failure; and to be prepared, you need to understand the business world.  This and other courses offered through ACS are very practical, being designed by people with both hands on business experience, and an extensive education in business studies.  Enrol and learn from our team of experts.

WORKING AS A BUSINESSMAN

Most businesses are small businesses.
Though many small businesses fail, the chances of failure can be drastically reduced by careful planning and good management.
People commonly fail in a small business because they are pursuing a dream first, and a business second.
Making money always need to be the first goal of any business.
It’s nice to be your own boss, have flexible hours, and be doing something you like doing; but if these goals are achieved at the expense of making a profit, the business will not survive.

The message is simple: Don’t go into business unless you can keep a clear focus on profit as your first goal.

Opportunities
There are endless possibilities in small business, but that does not necessarily mean that every possibility will be profitable. First, you need to decide what you are going to sell.
Businesses either supply services or goods. Most focus mainly on one or the other. Many businesses are started because the founder has an interest in, or ability to supply a particular type of product or service.

Just because you like or know about a particular product or service does not necessarily mean it is a good idea to start up a business though. You will need to do careful market research and business planning before you get started to determine the viability of your business.

Whatever you offer in the market place, you will need customers, and an ability to convince people to trade with you rather than anyone else.

Businesses that succeed are often those that do things a little differently, or at a different time to everyone else.

In terms of remuneration, you can earn as much or as little as possible. The amount of money a successful business can earn can be infinite, however on the other hand it is also possible to earn no money, or even worse go into significant debt.

Risks and challenges
Maintaining cash flow, dealing with fluctuations in workloads, and getting away for a holiday, can all be a problem at times; but for many, these negatives are outweighed by the advantage of being your own boss.

Different industries bring with them unique risks. If the service you are providing is more dangerous, then liability for something going wrong can be a greater risk. If the work is time sensitive, you will have a greater risk if you fail to meet a timetable.

How to become a Small Business Owner
Every small business owner needs certain basic skills (for example financial management, marketing, time management, resource management, communications, computer skills, etc). Successful but often mediocre business operators may know how to do all of these things to an adequate level; but often do not excel in any. People who develop strengths that are exceptional in one area or another will have an advantage over their competition. You can increase your chances of having such an advantage by ensuring your education is NOT the same as everyone else’s.

If you do the same business certificate, diploma or degree as everyone else, you are more likely to have a similar mix of skills, and think in a similar way to everyone else.

If you choose different electives, or study a course which is not being taken by thousands of others, you are more likely to be capable of thinking in a different way, and finding niches to exploit in the business world which others are less able to exploit.

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