Getting Started

Why now could be the perfect time to start a business

- June 14, 2024 3 MIN READ

If you’ve been toying with the idea of starting a business, you’re not alone. More and more Australians are breaking free from the typical 9-to-5 job in pursuit of entrepreneurial endeavors. According to recent Shopify research, 70% of Australians would like to be their own boss. Shaun Broughton, Managing Director, APAC at Shopify shares why now could be the prefect time to make the leap.

Luckily for aspiring entrepreneurs, it’s never been more accessible to follow a passion and achieve independence. Even businesses born during times of economic uncertainty can go on to become wildly successful. Many household brands we know and love today, such as JB Hifi and LSKD, were started during an economic downturn and they continue to thrive decades on.

Here are four reasons why now could be the perfect time to start a business:

Lower barriers to entry

Unlike entrepreneurs in previous decades, today’s entrepreneurs can start a business with very few resources. Overhead costs diminish significantly when a physical storefront isn’t needed. Plus, with online marketing tools, businesses can reach customers, wherever they are and whenever they want to shop, regardless of how niche their product is.

Reduced barriers to entry can help aspiring entrepreneurs determine what works — and what doesn’t — without incurring extensive losses. Almost half (47%) of Australian business owners said they have previously started a business that did not succeed, and 33% have done so multiple times. All this is to say that the cost of failure has never been lower and the ability to experiment affordably can help entrepreneurs find the ideal product-market fit.

All you need is ambition

Anyone with a dream and ambition can start a business. In fact, the individuality, lived experiences, and unique perspectives of an entrepreneur can bring distinct advantages to their business. For example, baby first-aid company Tiny Hearts was founded by former paramedic Nikki Jurcutz. Disheartened by some of the tragedies she saw on the job, Jurcutz made it her mission to empower parents with life-saving first aid, thereby improving infant outcomes during a medical emergency.

From YouTubers and “silver creators” (senior entrepreneurs) to mummy bloggers and everyone in between, we’re seeing every possible demographic participate in entrepreneurship. According to the Reserve Bank, Australia’s First Nations business sector is growing at a pace of around 4%each year, bringing in a total of at least $A4. 9 billion to the Australian economy. In short, the entrepreneurial landscape is more inclusive and accessible than ever before.

Entrepreneurs thrive in tough times

If there’s one thing that every entrepreneur has in common, it’s that they are adaptable. They see challenges as opportunities, and they thrive in the face of adversity. When asked, 16% of Australian business owners said they started their business after being made redundant, and the same number said they started their business over concerns that their previous role would become obsolete.

Economic, political, and social changes are everywhere, and they are constantly changing. Courageous entrepreneurs will learn to adapt and thrive regardless of the environmental factors at play.

Entrepreneurship is hard, yet meaningful

While it has never been easier to start a business, there’s no escaping that starting a business has its moments. The thought of long hours, loneliness, and financial insecurity can be daunting. Almost a third of Australian business owners said they had concerns about personal financial risks when starting their business (30%). Yet, the potential rewards of owning a business far outweigh the challenges and risks.

Entrepreneurs who prefer to take a conservative approach can choose not to go all-in from day one. More than a third (36%) of Aussie business owners said their business started as a side hustle to their primary job, with 18% ultimately turning it into their full-time work.

With ambition and support, aspiring entrepreneurs can create a successful business and reach their goals. Whether looking for personal fulfillment, work flexibility or a creative outlet, becoming an entrepreneur has never been more accessible. All that’s needed is ambition, determination and a willingness to put in the work.

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