Business milestones and how we can help
You’ll encounter highs, lows and speed bumps in business, whether you’re starting out or well established. Below are 20 milestones common to small business owners. Select “read full” for tips and tools to support you along the way.
Registering a business
You’ve done your research, made your decision and are taking an exciting (and possibly nervous) first step. Whether you’re making your unofficial business official or starting a new business and quitting the day job, this milestone is all about doing things properly, being seen as legitimate and feeling like a credible business owner.
Buying a business
Rather than start from scratch, you’ve bought an existing business and are getting a handover from the previous owner. There’s a lot to learn about leases, chattels, customers, marketing and paperwork. Perhaps some of the romance has turned to reality, but you’re keen to get into it.
New business premises
Getting a home for your business feels like a big deal — and it is!
Retail spaces, workshops and offices are all needed to either get customers through the door or get work done. This means:
- dealing with leases and landlords – or real estate agents if you buy your new premises
- paying for insurance, fit-outs and utilities.
Getting a logo or website
Getting a logo, website or business card designed is a really fun step on your business journey. However, it often doesn’t go right the first time (and sometimes costs more than expected).
An unexpected event
Things go wrong, whether it’s an unreliable EFTPOS provider, a bird flying into your new shop window, or a computer server that just keeps crashing.
At these points you’ll need to get stuck in, solve problems and overcome unexpected challenges. This is what makes a successful business owner.
First major sale, client or job
This is what it’s all about — your hard work, persistence and ingenuity are starting to pay off.
But no matter how good it’ll feel to have reached this point, successful small business owners don’t rest on their laurels.
Compliance intervention
If you skip this step, great job. If not, do your best to relax — it’s probably not as bad as you think.
Whether it’s missing a GST payment, or completely forgetting you have to pay income tax, sometimes the government will have to step in to remind you of your responsibilities.
Wanting a better use of time
At some point you’ll likely find that doing different tasks at work are either more personally rewarding, or will be a better use of your time. This is great because it often shows your business is maturing and/or growing.
Common by-products of this milestone include investing in new equipment or getting extra help. For some, steps like these can feel daunting because they might also require a loan or — if new staff are involved — a feeling of lost control.
Realising lack of suitable help available
The thrill of advertising for an employee can be quickly tempered when you start receiving applications. It takes time to go through CVs and talk to candidates. You may feel it takes time away from running your business. But trying to rush the process can lead to hiring the wrong person.
Hiring the wrong person for the job
When business owners realise they’ve hired someone who is just not working out, they typically try to accommodate this by finding tasks they can trust them with. Before too long, this can seem like more work than it’s worth.
A-ha moment
Looking back on it, a business owner’s a-ha moment can seem like a pretty obvious thing. But before it happens, it’s anything but.
Sometimes it’s a shift in business focus, for example, a café emphasising its menu over cabinet food. Sometimes it’s tackling a problem, for example, turning away from an unreliable supplier. These a-ha moments offer new ways forward, exciting opportunities or, maybe, sighs of relief.
Getting investment
Unless you’re one of the lucky ones, launching, diversifying or expanding a business typically requires funding. This often means getting a loan from a bank, family member or getting an investor on board.
Buying a major asset
Things like tractors, refrigeration devices, computers and warehouses all cost — but they can also help your business grow.
Taking time to consider if the asset will make long-term difference. Examples include:
- doing work faster or more easily
- freeing up time
- able to take on more jobs.
Also think about how you might pay for it, for example, borrow money or use cash reserves.
Expanding or diversifying
At some point in your business journey you might ask yourself “What’s next?”
Soon after, you could go in a new direction, introduce new products or services, or find new customers. This can feel a bit like starting out again — only this time you’re a lot more commercially savvy.
Opportunity to purchase
When opportunity knocks, take it — just make sure to look before you leap.
Common things happening at this milestone include when a competitor retires, a supporting business goes up for offer, or valuable real estate becomes available. These things can come out of the blue so you need to act quickly and professionally.
Hitting a growth milestone
Few things in business feel better than seeing your bank account grow. Not only do you feel encouraged and accomplished, it spurs you to further action.
Doing business overseas
Doing business overseas doesn’t happen by accident. It takes a certain type of business owner to dream big, sit down, work out a strategy and execute it.
Restructure
There’s no two ways about it — going through a restructure isn’t fun. This is true for employees and for employers.
If you find yourself at this milestone, you should know that it’s common to worry about the legal process and how employees might react, and to feel bad if you have to let staff go.
Selling or closing
Whether it’s due to new business opportunities, retirement, health reasons, or something else altogether, most businesses eventually either close down or get sold.
Insolvency or bankruptcy
No one thinks about insolvency or bankruptcy before going into a business. This doesn’t change the unfortunate fact that it can happen.
For those that do go through this, it’s common to feel stressed and about the actual process involved. Typically you’ll be supported by a liquidator or official assignee.
Make sure you ask questions, especially if something seems unclear. Make sure you know:
- what money is available to you
- details of any debt repayment plan
- any commercial/ business restrictions on you.
