business ideas that took off and grew

5 business ideas that went from zero to hero

The secret recipe to any successful business is an original business idea. For entrepreneurial minds, this means finding something that society needs or desires before they even realise that they do! As with any business planning, thorough research must take place before embarking on any business endeavour – and no idea is a recipe for instant success. Except for the extraordinary case, successful business ideas take years to get off the ground and a lot of hard work and time to achieve the anticipated level of success and growth, and with this comes risk!

For these five businesses, their ideas and execution resulted in enormous, somewhat unprecedented growth! Let’s take a look and get inspired!

  1. Apple

Apple is the result of ambition. Picture two men, with only high school certificates sitting in their parent’s garage building computers in whatever spare time they found between tech jobs at Atari and Hewlett Packard. Within 5 years, Steve Jobs and Steve Wozniak had created one of the biggest tech companies around. Fast forward to today and Apple is one of the biggest players in the technology industry. Creating anything from phones, computers, watches and so much more. By the way, at one stage Apple was almost insolvent and was then resuscitated through the genius of Steve Jobs.

Approximate revenue per annum > USD $200 billion

2. Groupon

Human beings love to save money. Whether it’s a discount on our coffee or a special price on a new car – discounts make people happy! Groupon began as a way for Andrew Mason (founder) to get the leverage required to cancel a mobile phone contract and his ‘side hustle’ has since grown into an international business. Groupon has an app where users can search for deals in various locations in industries such as hospitality, entertainment, services and more.

Approximate revenue per annum > USD $2 billion

3. Instagram

Instagram is an app that almost everyone has on their mobile phone. It’s as popular as Facebook (or some may argue even more popular as time goes by!) which makes it hard for us to believe that it only came on the scene just over 10 years ago.

Inspired by the growing success of camera phones, Mike Krieger and Kevin Systrom (founders) created an app and worked at a rented a desk in a shared office space on the weekends and worked tirelessly at their idea. It didn’t take off immediately and with a few tweaks, Instagram began making a profit – sparking the interest of Facebook, who bought it off Mike and Kevin for $1 billion USD.

Approximate revenue per annum > USD $20 billion

4. Etsy

An ‘eBay’ for custom-made arts and crafts, Etsy is a go-to site for those wanting creative gifts, unique pieces or who simply want to ‘support local’. It began small and as time passed grew into the e-commerce giant it is today, with millions of users selling their wares to both local and international markets.

Approximate revenue per annum > USD $600 million

5. Under Armour

A business built out of necessity – Under Armour was created by athlete, Kevin Plank after realising that no sportswear suited his goals (i.e. a lightweight undershirt that keeps you dry during exercise). Frustrated with the competition, he saw a hole in the market and decided to fill it. His side hustle began with car sales, as he sold his creations from his boot, driving up and down the east coast of the U.S. Individual sales morphed into larger-scale production as the brand grew and within 2 years, he had a headquarters and warehouse facility of his own. 

Approximate revenue per annum > USD $4 billion

Noticed a gap in the market and are wanted to chat it through? Or maybe you prefer the security of buying an already established business? Contact Core Business Brokers today, on (02) 9413 2977, or email Roy at [email protected]. Our industry expertise and years of business knowledge will help guide you on your journey, whatever that may be.

guide to selling your business

A guide to selling your business

So, you’ve decided to sell your business. You want to change your lifestyle, spend more time with your family, grow your wealth in a completely different direction… Whatever the reason – selling your business is the means to get there. But you’ve never done this before! So where do you start?

Here’s a handy guide to selling your business from the start to the very end (or shall we say, ‘new beginning’.)

  1. Evaluate the reason for sale and make sure it’s right for you

If you’re selling your business to achieve a goal, create a better work/life balance or are hoping to branch into something new, make sure that selling your business will achieve this goal entirely. Consult your accountant or a business advisor to ensure you are making a calculated, logical decision that will achieve your purpose.

  • Choose your Broker, Accountant or Solicitor

You wouldn’t want to play a Grand Final football match with a terrible team, so why sell your business with one? Contact us here at Core to discuss your business and learn how our combined 80 years’ of knowledge and experience in a broad spectrum of industries could assist in your sale process. Alongside an expert Broker (our principal is a Chartered Accountant), you’ll also need your own Accountant and/or Solicitor to assist in the process. Don’t have a phone number to call? We have connections if you find yourself needing a recommendation.

  • Decide what is included in the sale

Do you want to include all the assets? Intellectual property? Physical premises? Think about whether selling 100% of your business or a portion of your business is the best option for you. Whilst selling a portion of your business will mean that you are inheriting a new partner, we have strategies that can be put in place to ensure a successful outcome.

  • Confirm the value of your business

Here at Core Business Brokers, we will conduct a valuation/appraisal which determines what your business is listed for on the current market. We’ll assess your profitability, ROI, growth and prospects alongside goodwill, assets, stock and equipment as well as the current market to come to a value that accurately represents the business being sold. You will receive an honest opinion as to the value range, together with an explanation of how we arrived at those values and not a high number to get you to sign and then find that the market will not pay that price.

  • Advertise your business and attract potential buyers

Your Business Broker will also take care of all advertising and potential buyer interaction. Depending on your industry, different advertising methods should be used to attract the target buyer with the objective of providing you with a few options from buyers. Here at Core Business Brokers, we also have an extensive network of qualified buyers and business owners to reach out to through years of experience in the industry.

  • Negotiate the sale

This will involve meetings and discussions between yourself and the buyer with your Business Broker acting as a moderator on your behalf. We will lead the negotiations, keeping your priorities front of mind, whilst walking you through the process to come to a suitable sale agreement.

  • Prepare the contract

At the end of the negotiation period, a formal contract will be drawn up that entails all inclusions/exclusions of the sale agreement. It will identify relevant property and assets, stock and fixtures that are being transferred along with the business as well as responsibilities, restrictions, entitlements and more. The more accurate and transparent, the better – allowing a smooth transition between parties. Core Business brokers typically prepares a term sheet which sets out all the agreed terms and conditions and this will make it easier (and cheaper) for your solicitor to prepare the contract of sale.

  • Think about your team

Honesty and transparency about your business sale will alleviate anxiety and stress felt by your staff. Sometimes the team will continue their employment under the new ownership, whilst other times they will not – it all depends on the contractual agreements in place. If your team will no longer be required, you must give them adequate notice of this change. If your employees continue to work for the new business owner, ensure that all prior entitlements be transferred and acknowledged so that your team are taken care of during the transition.

  • Finalise the details

Discuss all taxation requirements with your Accountant, as there may be capital gains tax consequences on your business sale and hence a share sale may be more beneficial to you. Alongside this, you may be eligible for certain capital gains tax concessions depending on your business size. A lot of information can be found on the ATO website, or simply discuss this before embarking on your business sale journey with the Accountant of your choice.

  1. Transfer ownership

And now for the final step! The transferral of business ownership. This includes any lease agreements, permits and licenses as well as the transferral of business names and the cancellation of applicable ABN’s, unless the sale takes place by a sale of shares of the company.

It may seem straight forward, but a business sale is an intricate process and there is a room for many an error if you don’t know how to prepare or proceed. Let our experience in the industry guide you through the steps, alerting you to common mistakes and areas of interest to you and your unique situation. 

Contact Core Business Brokers today, on (02) 9413 2977, or email Roy at [email protected]. With the right Broker by your side, your business sale journey can be the perfect way to wrap up ownership and start that new beginning, stress-free!

preparing your business for sale

Assessing your business through your client’s eyes

If you’re a small business owner, the likelihood of you getting some well-earned time off for a holiday is probably slim. But, for those who are lucky enough to step away and get some R&R now and then, do you ever return to your business and feel inspired to make a change?

For most, the answer is yes. Why? Because some time away from your business has allowed you time to reflect and to return and see it in a different light – through the eyes of your client/customer.

When we spend most of our time working “in” our business, innovating, fixing problems, creating new ways to be profitable, managing staff, dealing with clients – it’s hard to zoom out and see what our client’s see. But this is the most important perception when it comes to analysing and assessing your business and then be able to work “on” the business.

Take time to experience your customer’s journey from the beginning to the end. Walk through the reception area, take it in. Are the flowers fresh, are the cushions dated, are you greeted with a smile? Purchase a product and assess the experience, undergo a treatment or experience a service and imagine you have never been here before. These are just some of the ways you can identify areas of improvement, acknowledge areas of success and pinpoint areas that have been missed and need attention. If appropriate engage a mystery shopper to provide a critical assessment of the business through the eyes of a customer without your staff knowing.

For example, in a customer-facing business like a mechanic’s workshop – What is the current state of the customer bathrooms? You may not notice the stained grout or dirty taps, as you frequent this bathroom several times a day – but your customer will notice these things instantly.

For many businesses, first impressions are the difference between a repeat customer and one that never returns. Poor presentation, products, experience and overall service results in poor word of mouth advertising. In time, this means fewer customers/clients and therefore fewer profits. Looking further down the track, when it comes time to sell your business, it looks less attractive to potential buyers, which then affects the sale price. Importantly, setting high standards will mean that your staff responds to these expectation in all aspects of the business.

So… What do you do?

No, you don’t necessarily need to take out a new loan and renovate your business. However, do what you can to improve the look, feel and experience that your customers receive when they visit. It doesn’t cost the world to touch up the chipped paint and give the business a deep clean, but your customers will appreciate the effort, and you’ll no doubt feel the positive effects.

Need a second opinion when it comes to your business? Contact Core Business Brokers today, on (02) 9413 2977, or email Roy at [email protected]. Our honesty and transparency are just two of the reasons why we are leaders in our field. Let us help you with your business sale journey.

restraint of trade non-compete agreement

Restraint of trade / non-compete clauses explained

Restraint of trade/non-compete agreements are typically included in employment contracts to prevent employees from using insider knowledge to either create their own competing business or to benefit an external competitor in the industry should they choose to leave the company’s employment one day. But what role do they play in business sales? Let us explain…

When selling a business, a restraint of trade/non-compete agreement is crucial to give the buyer peace of mind when taking over the reins. How? Because these legal stipulations prohibit the seller from taking their years of knowledge, expertise, loyal customer base and employees and setting up a competing business just down the road once they have sold their business and received payment for it. If this were to happen, the result would be debilitating for the buyer, who has just spent a great deal of money on a business that is destined to struggle due to a new competitor (the previous owner). This is why a restraint of trade/non-compete clause is so critical when selling and buying a business.

What to expect in a restraint of trade clause?

For restraint of trade or non-compete clauses to be both acceptable and enforceable, they must first be seen to be reasonable. This includes the duration in which the clause is active; the radius in which it covers; non-solicitation components which cover whether the seller can employ current or past staff members of the business, as well as clients and suppliers; and much more. All these components have a large impact on the business after it is sold, so it is important to agree on the finer details of the restraint of trade/non-compete clause before settlement to ensure you (the buyer) are making a wise investment. These restraint clauses will form part of the legal contract of sale.

Examples of restraint of trade clauses

A small café may have a 2-year non-compete agreement where they cannot open a café within 5 kilometres of the existing business and cannot employ/poach/discuss any details on operations with staff, suppliers and patrons. A large-scale distribution business, however, may have a non-compete agreement that prohibits them from operating in the same business nation-wide for an extended period due to the larger investment and risk associated with the business purchase. When creating or discussing a restraint of trade agreement, it’s important to make it reasonable. Consider who the client base is and where they are located to ensure you (the buyer) are not asking unreasonable requests such as a 20-year restraint, nation-wide for a small corner store with no online capabilities. So in the event of a restraint being challenged in a court of law, the court will take into consideration all the above items and determine what is reasonable for that particular business.

Last but not least, we highly advise that all agreements and contracts be reviewed and discussed with your lawyer before signing on the dotted line. A restraint of trade/non-compete can be a highly important tool in business negotiations if done right. 

If you are looking to buy a business or are hoping to sell yours in the near future, contact Core Business Brokers today, on (02) 9413 2977, or email Roy at [email protected]. Our industry experience and knowledge will help guide you through the process, making it a pleasant journey along the way.

buying and selling a business during a covid-19 recession

Buying and selling during a recession

COVID-19. A pandemic that became a daily topic since early 2020 has rocked the world. Now, in 2021, we are still under the firm grasp of COVID but what does that mean for our business?

The 2008 Global Financial Crisis saw many businesses ‘adapt or die’ and our current recession is no different. Businesses have been faced with hard decisions and quick changes in direction in order to survive in the current pandemic climate.

But what does this mean if you were hoping to sell in 20/21? Being realistic, we know that the world will continue to feel the effects of COVID-19 in the years to come, so what does this mean if your succession plan was coming into effect within the next 3 years? What if you were hoping to retire?

But it’s not all doom and gloom. Although you may feel that selling a business or an acquisition in this current market is far fetched or not attractive, this may not be the case. Your business could be the diversification another is searching for, it could be an opportunity for a “bolt on” to another business in your industry, or it could be an opportunity for an individual to start their own journey and to step in with a fresh mindset and make the changes you feel are difficult to make with your long history in the business. Whatever the reason, there are always people who see the glass half full, instead of half empty.  Indeed, we have seen evidence that some businesses have bounced back to pre-COVID levels and are performing strongly again. As an example, we listed a small manufacturing business in October and received 36 enquiries, with 4 offers, within 3 weeks. We then had 3 qualified bidders and the business settled in February. Bottom line, if the business is performing well and is sustainable there is a healthy appetite with Buyers.

All businesses follow a lifecycle. Now this lifecycle differs between each business and the industry in which it operates, however, business buyers in unprecedented times are commonly those in the growth phase, searching for ways to improve sales, increase revenue and find that ‘secret sauce’ to profitability. For this reason, consider broadening your horizons when looking for buyers for your business. What industries are like-minded or complementary? What businesses could gain something from the acquisition of yours? Buying and selling during a recession require out of the box thinking – which lucky for you, is something we specialise at here at Core Business Brokers. Our job is to provide you with an many options as possible to achieve the best possible outcome for you.

Thinking about selling your business in 2021 and want a clear indication of the market? Considering retirement and want to know your options? Or are you looking for that secret sauce and hoping to purchase a business this year? No matter what the driving force behind your decisions, contact Core Business Brokers today, on (02) 9413 2977, or email Roy on [email protected] and we’ll get brainstorming side by side. With our years of knowledge and expertise, you’re in safe hands.

business broker

Why use a business broker?

In a world full of DIY options, ‘do it yourself’ business buying and selling sound appealing to the ever-learning, multi-tasking business owner that you are. You’ve managed to establish and grow a business of your own, maybe from scratch, maybe from one that was previously showing little profit! Either way, you’ve got this… right? Unfortunately, no. We hate to be so blunt, but there is a reason why Business Brokers exist. Actually, there are many reasons! Let’s outline a few to break the ice.

  1. Legal Guidance
    Not only do Business Brokers know their way around all necessary legal documents and agreements that feature in the business sale journey, but they are also able to explain them to you in a way that actually makes sense! Your Broker will be the middleman (or woman, so to speak) between yourself and all other parties you are dealing with; the buyer or seller, conveyancers, accountants etc. Trust us when we say, for this reason alone – they’re worth hiring.
  2. Objective third party for negotiations
    Your Broker assists the sale journey in an objective capacity. Providing advice and guidance along the way, helping with negotiations and providing clear-cut, honest feedback from beginning to end.
  3. The little black book (of Business Broking)
    Contacts and connections! Your Broker (at least if you choose to embark on your journey with us here at Core Business Brokers) is connected and experienced. Their list of contacts is extensive, and they may just know the ideal buyer or seller for what you’re after. Industry expertise can be incredibly beneficial. After all, it’s not what you know – it’s who you know (or in our case, it’s both!)
  4. Time management!
    By allowing a Business Broker to take the wheel, it allows you to focus on your day-to-day in the meantime. Whether that’s wrapping up at your current workplace or working on the business plan, you can trust that we will do our job to the best of our ability, giving you back the vital time needed to continue yours.
  5. Years of knowledge and experience
    Let our many years of business sale knowledge and experience in the industry serve you well. Here at Core, we operate in a professional manner at all times; maintaining confidentiality, providing valuable feedback and advice, sharing our valuation expertise and wealth of knowledge with you during your business sale or purchase journey.

Hoping to embark on your own buying or selling journey in the new year? Contact Core Business Brokers today, on (02) 9413 2977, or email Roy on [email protected] and we’ll schedule an appointment today.  

Business broking myths facts busted

Business Broking – Myth Buster Edition

Many people have never had to deal with Business Brokers. Why? Well, it’s not because Business Brokers are unfriendly or out of reach (come and visit us at Core and we’ll chat it over a cup of coffee!). It’s purely because most people haven’t bought or sold a business… yet. In the world of business sales, using a Business Broker to facilitate the successful sale or purchase is vital. However, we’ve heard a few myths floating around out there and thought it was high time to do a Business Broking – Myth Busters blog to give you the low down on what is fact and what is fiction.

Here are the top three Business Broking myths on the list today:

  1. I don’t need a Broker. It’s easy to sell my business myself

    TRUE AND FALSE.
    Sure, it’s true – you don’t necessarily NEED a Business Broker to sell or buy a business. That’s if you have a thorough understanding of the legal requirements, the paperwork involved, due diligence specifications, non-disclosure agreements, negotiations and more. Importantly, do not discount the emotions that emerge especially when a Buyer disparages the business in order to lower the price. The right broker is experienced to handle this and protect you the seller from emotional reactions. Not 100% sure you’re top dog in all of those areas? Then that’s where this one becomes a MYTH.

    Here at Core Business Brokers, we work on the sales of businesses every single day. By focusing our time and energy on this process for years on end (we’ll just say we’ve been at this game a very long time) we can both agree that we know the ins and outs of the industry and processes from top to tail. Business Brokers can guide you through the sale journey with ease, answer your questions, help you prepare (very important) and negotiate the best outcome. Alongside this, we can provide expert industry advice, guidance and assistance throughout the process. Our job is to provide you with a few options which best suit your needs.

  2. Business Brokers work for the Buyer only

    FALSE
    . The majority of the time, Business Brokers are employed by the Seller, however – we can act on behalf of either party as Selling Agents or Buying Agents. Whichever party employ us are the ones that are responsible for any fees associated with our services. A business broker cannot act for both a buyer and a seller simultaneously.

  3. Business Brokers are extortionately expensive

    NOT AT CORE BUSINESS BROKERS. The short answer to this one is true and false. Some Business Brokers are more expensive for a variety of reasons. Here at Core Business Brokers, our services are priced accurately and fairly for the work and professionalism involved. Nothing more, nothing less. A professional broker will be able to negotiate the best sale price for your business, which makes the commission payable to us almost irrelevant i.e. the added value of the sale price should more than cover the commission and we would have shielded you from a lot of the emotional impact when negotiating a sale. The most important part to consider is transparency. When you embark on your business journey here at Core Business Brokers, we outline upfront all fees associated with our services so clear expectations are set from the get-go. Whether you choose to use Core or another Broking service, we highly recommend you ask for a transparent account of the fee structure at the outset.

Have you heard a whisper about Business Broking and want to clear the air? Contact Core Business Brokers today, on (02) 9413 2977, or email Roy on [email protected] and we’ll alleviate your concerns and answer your questions.  

hospitality business

5 tips to create a successful hospitality business

Hospitality will always be an industry with a lot of competition. Why? Because it’s an industry that turns a necessity into a luxury. Sure, we could always cook our dinners and never travel anywhere – but that wouldn’t be much fun at all! So hospitality has created a world where you can experience cuisines from foreign cultures, stay in caravan parks to lavish hotel suites and everything in between – and although 2020 has thrown some speedbumps in the mix, hospitality will always exist in some way, shape or form. So, it’s no surprise that it’s a popular choice for savvy businesspeople when creating a new business.

But what are some things to consider when entering the hospitality sector? How can your business become a success and stand out from the crowd? Here are 5 tips on making your hospitality business the best it can be, and a successful business in its own right.

  1. Customer experience

Plan your customer’s journey from start to finish. From booking to leaving and everything within that timeframe. How can you make it easy? How can you make it special? Find ways to make your customer say “wow”. Whether that’s an SMS reminder 24 hours before their booking, or a complimentary house wine while they wait for their table – make the customer feel special and they will always return.

  • Find your niche

In a sea of restaurants or hotels, how will yours be different? Is it a design feature? A price point? Particular inclusions? A live music happy hour each night? A specific dish you do exceptionally well? Find what makes you stand out and then make sure everyone knows about it. Soon, it’ll be what you’re known for – so make sure it’s something you’re happy keeping long term!

  • Digital presence

It’s not enough anymore to have a good brick and mortar business. You need to be online and you need to be really good at it. Website, Facebook, Instagram – you name it, you need it. Instagram is a particularly important social media platform when it comes to hospitality, as most people nowadays look on Instagram to gauge the feel of the business before deciding to book their stay/meal. The old saying “never judge a book by its cover” doesn’t apply anymore. These days, almost everyone judges a business based on their cover photo!

  • Care about people and the environment

The world is shifting into a more sustainable place, with younger generations focusing on how they can reduce their environmental footprint in any way they can. Find ways to do your bit for the environment and let your customers know how their business helps contribute to your efforts. Likewise, if you can give back to those in need, why not use your business as a positive platform to do so!? Positive publicity through good deeds is priceless, although it shouldn’t be the sole reason for doing good. Good karma comes to those who care about others.

  • Be a local leader

Take a step forward in your local community and be present. Sponsor local sporting events, attend local gatherings and become a local business that people know and care about. Being an active part of your neighbourhood and community is a valuable marketing tool and encourages loyalty when it comes to your customers.

Thinking about buying a hospitality business? Contact Core Business Brokers today, on (02) 9413 2977, or email Roy on [email protected] to chat through your options. We have a wealth of hospitality experience under our belt and would love to discuss the businesses we currently have available. 

Q&A with Rad Benicky

We recently sat down with valued and knowledgeable Business Broker, Rad Benicky to chat all things business, his career and what makes Core Business Brokers different from the rest.

1. What inspired you to become a Business Broker?
After starting/purchasing over 20 businesses in my life thus far I’m passionate about business. I have only worked 2 years as an employee. The rest of my working life (33 years!), I have been in business. Helping people make this decision is greatly satisfying on both a professional and personal level.

I got inspired when my family escaped from the former Czechoslovakia which was a communist country that made private business illegal. So, when we came here it was the first thing I wanted to do – work for myself. I have owned many businesses myself, some of which I started from scratch and some which have been bought; some which made me millions of dollars and some which were not as successful. My first small business as a 13-year-old was selling calendars on behalf of the blind society door to door. It was so exciting although I could hardly speak English. Tough introduction to sales but I learned a lot.

2. Do you have an industry preference and why/why not?
I love all sorts of businesses as each one is very different in how they are structured and operated. My preference is towards non-food businesses as I have never owned a hospitality business, however the team at Core assist with all business sales, regardless of industry. The diversity keeps my days fresh and exciting.

3. Any advice for small business owners in the COVID-19 era?
My old sports coach used to say if you make a mistake make it at 100 miles an hour! I relate that in business as go for it – jump all in and test every hypothesis and keep learning. It’s a massive action, and it doesn’t guarantee success, but it encourages you to give it your all, to have a go and put yourself out there.

4. What’s the smallest and largest business you’ve sold and what made each one special?
All the businesses I have been lucky enough to assist have been unique. The largest would be a $5M security business which was sold to one of the biggest security businesses in world (listed on the London and Copenhagen stock markets) and the smallest would be an online beach towel retailer. At present I have an offer of $14M on a business with the smallest business listed being advertised at $50K.

5. In your opinion, what are the top 3 things a business owner should be doing in preparation for sale?
1. Take themselves out of the business as much as possible
2. Update all financials
3. Clean up the business both physically and from a financial and operational perspective

6. What makes Core Business Brokers different from other Business Broking firms?
It’s the quality people who care and who will work extremely hard to get your business sold and deliver an excellent result.

If you’d like your own Q&A with Core Business Broker, Rad Benicky. Give us a call on (02)9413 2977. Rad will happily chat all things business, planning, buying and selling to assist you on your own business journey today.

business planning growing a side hustle into a fulltime business

How to turn your side hustle into a fulltime business!

For many, 2020 has been a year of experimentation, hobbies, passion projects and side hustles. Working from home has meant a shift in business activities, a new normal and one giant brainstorm session on how to make money during a pandemic! But whether your side hustle was born out of necessity or simply ambition alone, it takes work to get an idea off the ground and into the sky. So, where do you start? Let’s take a look.

1. Business planning – It’s no secret that the most successful businesspeople are the most organised. Create an in-depth business plan at the very beginning (and don’t rush it!). Document your products, services, predicted revenue, outgoings, state of the market and competitors. Do a SWOT analysis (identifying the strengths, weaknesses, opportunities and threats to your business) and think about every outcome to every scenario. Sure, this takes time and requires motivation, but planning for the best AND worst-case scenario will ensure you are equipped and ready to tackle challenges and grow your business. 

2. Put in the time – At this point, you are growing your side hustle while working, most likely, fulltime. You’re working all day and most nights – and that isn’t going to change anytime soon. You need to grow your side hustle to an acceptable level before transitioning over to it fulltime in order to minimise risk, so keep at it! 

3. Set up the framework – Create a structured, organised business from the very beginning. Map processes, set up business bank accounts and create a framework that you can continuously build on as you grow. A messy beginning will no doubt grow into a bigger mess, so take the time to set yourself up efficiently. If in doubt, give us a call and chat to an Accountant as well which is important to create the correct legal structure for the business. With the help of professionals in the industry, you can simplify your business operations in the long run.

4. Install the correct IT and software systems – This will allow you to automate the business functions as much as possible. This will also assist you in time management and create the capacity to expand the business before you have to employ staff.

5. Scale your business – Have you ever heard of the phrase “live within your means”? The same applies to a small business. Sure, money will need to be spent to set things up. However, think about necessity vs. choice and whether you need to be spending in certain areas. As you grow, you can pour more money into advertising, staffing, and product lines – but as you start out, start with manageable quantities and bite-sized chunks to ensure you are capable of handling the workload while it’s just you behind the wheel. 

6. Transition to fulltime – When your side hustle has grown to a level where the transition is no longer deemed high risk, and you can sustain the outgoings of the business without your current employment, then think about transitioning over to your side hustle full time. The growth you’ve achieved so far will no doubt increase at a faster rate with you dedicating more time and energy to the business, so it’s onwards and upwards from here!

Every business is different and should therefore be treated as unique ventures. Like any business journey, we recommend consulting with a business professional to discuss your business in detail before making large decisions. Contact Core Business Brokers on (02) 9413 2977, or email Roy on [email protected] to get the conversation started. Roy and our friendly team of business brokers are always happy to discuss your business, where it’s heading and all the potential that awaits. 

Core Business Brokers   Suite1A, Level 2, 802 Pacific Highway, Gordon 2072. 
P: (02) 9413 2977   F: (02) 9413 3818   E: [email protected]