FEAR OVERSHADOWS BUSINESS ASPIRATIONS: SURVEY
Written on the 9 June 2016
ONE in 10 Australians believe they could do a better job of running the nation's top businesses, according to Silver Chef.
A survey conducted by the Brisbane-based hospitality equipment financier has found that while Australian workers enjoy the financial security of working for someone else, almost a quarter dream about quitting their job to go out on their own.
While 35 per cent have active plans to start their own business in the future, concerns about skills and resources remain.
More than half haven't pursued a business idea due to lack of money at 35 per cent, lack of business knowledge at 18 per cent or fear of giving up a stable income at 12 per cent.
Silver Chef national franchise manager Andy Reeves says although these are realistic concerns, they shouldn't stop people from taking control of their own future.
"There is no doubt it takes a lot of work to build a successful business from the ground up, but you don't need to come from a wealthy background or hold a master's degree to make it happen," Reeves says.
"It comes down to weighing up the perceived risk of giving up a regular income, with the potential rewards of business ownership and building a valuable asset in the long-term."
Reeves says budding entrepreneurs could explore the framework of a franchise to overcome common business pitfalls.
One in five prospective business owners will join a franchise, with 44 per cent doing so because it offers less risk than going solo.
"It's commonly cited that in the first five years of business, 80 per cent of franchisees succeed while the same amount of sole traders fail," he says.
"Joining a franchise provides a proven operative model and a more supportive environment for first time business owners as you are working in partnership with someone who has experience.
"While there is often less risk associated with joining a franchise, regardless of which business model you choose, you still need to be able to execute it well."
Good financial management was considered the most important skill in becoming a successful business owner by 72 per cent of people, with 43 per cent saying it was a skill they lacked.
"While financial management is important, it is a learned and practiced skill," Reeves says.
"Choosing a trusted and flexible funding partner who understands your business model can help support you through the natural ebbs and flows associated with running a business."