Veechi Curtis - Small Business for Dummies: 6th Edition

Small Business For Dummies, 6th Australian Edition

Published by

Wiley Publishing Australia Pty Ltd

42 McDougall Street

Milton, Qld 4064

www.dummies.com

Copyright 2021 Wiley Publishing Australia Pty Ltd

The moral rights of the author have been asserted.

ISBN: 978-0-730-38484-7

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1. Chapter 2
2. Chapter 4
3. Chapter 5
4. Chapter 6
5. Chapter 7
6. Chapter 8
7. Chapter 9
8. Chapter 11
9. Chapter 12
10. Chapter 13
11. Chapter 15

1. Chapter 2
2. Chapter 3
3. Chapter 5
4. Chapter 6
5. Chapter 7
6. Chapter 8
7. Chapter 9
8. Chapter 10
9. Chapter 13
10. Chapter 14
11. Chapter 17
12. Chapter 18
13. Chapter 20

Every once in a while, I work as a mentor for start-up businesses. I find it fascinating to sit in a room with half a dozen people, and listen to the hopes, dreams and business ideas of each person. Many people are planning to start businesses that others have done before, such as opening a hairdressing salon or a lawn mowing business; other people have ideas that are new in some way, such as a business specialising in making homes safe for toddlers, or a start-up delivering mental wellbeing training to corporates.

Ive realised that no matter what the idea, every new business benefits from strategic thinking. If youre starting a business that others have done many times before, such as hairdressing or lawn mowing, strategic thinking helps define your point of difference and how you can set yourself apart from others. If your new business involves an entrepreneurial idea that nobody else has done before, strategic thinking is the key to safeguarding your business idea, and transforming creativity into practical action.

Despite the challenges of Australias rapidly changing business environments, with the pace picking up ever faster, I believe that most people are capable of running their own business. With the right software in place, you dont need to be an accountant in order to understand your finances; with a decent product or service and an understanding of what makes you different, you dont need to be a marketing guru in order to make a sale. Instead, all you need is some capital, a willingness to work hard and lots of straightforward advice. This book provides the straightforward advice bit in bucketloads.

I find small business exciting. For me, being self-employed is about helping other people, having flexibility in my working life, and making a few dollars to boot. I hope you enjoy the journey too, and I wish you the very best of luck.

Despite the branding, I dont think youre a dummy far from it. For me, For Dummies books are about a can-do attitude. No matter how inexperienced you are, if youre ready to give something a go, this book is here to help.

The whole For Dummies outlook helps me a great deal when Im writing, reminding me to stay creative and think positive. I can be a little risk-averse at times, worrying more about profit margins and making enough to pay the mortgage, and sometimes, I need that push of encouragement to let my entrepreneurial side flourish. Hopefully, I find a balance between practicality and creativity throughout this book, and you can benefit from that, too.

This book (all 20 bite-sized chunks of it) is designed so you can pick it up at any point and just start reading. Perhaps you want to know about hiring your first employee (). Thats fine just skip the first 12 chapters and start off from where you want to be.

One more thing. Throughout this book youll see sidebars text that sits in a separate box with grey shading. Think of sidebars in the same way as you might do about designer brands: Nice to have, but not essential. Feel free to skip these bits.

When you work with small business, you learn to assume nothing. I see everything from clients who time all strategic decisions to fit with the stars (no kidding!) to multimillion-dollar enterprises that have grown out of nothing in a matter of months.

So, in this book I try to assume very little about you. You dont need to know anything about bookkeeping, business planning, marketing or tax, and I try to explain all concepts in the simplest possible way. I focus on the kinds of things I reckon most small businesses are concerned about, combining positive advice about promoting your business and planning for success with practical guidance about the really tricky stuff such as dealing with unhappy employees or digging yourself out of financial difficulties.