Learning how to run a business

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  • Learning how to run a business

    For those of you who do this professionally, or run other small businesses, how did you go about learning how to run a business? I have some ideas for a business, though not necessarily scrap related, but feel a bit overwhelmed by it all.

  • #2
    I’m probably stating the obvious but if you are in Australia the best start would be here - https://www.smallbusiness.wa.gov.au/

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    • #3
      I did a quick small business course to get a rough idea but it's pretty straight forward really, you just gotta research online for something similar to what your doing
      Buying eWaste link here

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      • #4
        TVhunter - running your own small business starts with the basics... record income, record expenses and work long hours!
        The first thing you need to have is a passion for what you are doing, otherwise you will never give the business the effort it deserves.
        I think the stats go something like - 80% of new businesses fail in the first year - and 80% of those that get through one year, fail before 10 years! So you need to have a long term dedication to your chosen field if you don't want to be in those stats. You need to love it and can't wait to get to work each day!
        There are lots of online resources to assist with all the red tape etc.. but don't get too engrossed in all the information. As long as you satisfy legal obligations... sometimes it's better just to forge ahead with what you are doing and adjust as you learn more. No one ever gets things perfect initially and there's nearly always a "better way" - but you will evolve as your business grows
        After having 2 successful 10+ year businesses, I'd suggest not trying to get too big!! Turnover in dollar terms does not always equal success..
        Cheers,
        Chris

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        • #5
          Good advice Chris,i guess the best advice I got was a quote from Mark Twain ,it read IF YOU GRAB A WILDCAT BY THE TAIL YOU WILL LEARN THINGS THAT CAN BE TAUGHT IN NO OTHER WAY,basically what it means is that if you want to figure something out getting in and doing it has a habit of teaching you as you go.Lik Chris said,be sure to satisfy the legal obligations and don't be afraid to ask questions,good luck.

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          • #6
            Cheers guys, and thabka for your input. I'm starting to think that my uni degree isn't going to take me anywhere I want to go in life and that I should do something else. I could see myself running my own metal fab shop or custom Bike maker some day.
            That'd be a several years and maybe an apprenticeship in the future though. In the meantime, I'm thinking of running a side business, maybe in scrap/ewaste, to get some experience in running a business and supplement my TAFE student/apprentice income.

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