3rd Sep 2018
It’s not easy venturing out on your own into the world of business, especially with the surge in start-up companies across Australia in recent years. With investments in startups growing faster than in Europe or the US, Australia has positioned itself at the forefront of the booming start-up ecosystem. While this is great news for the economy, it makes business survival even more challenging for a new company.
The Wall Street Journal suggests the failure rate of start-ups is as high as 3 in 4 (or 90%). Given the noticeable increase in startups popping up across the globe, this daunting figure may be surprising to some, but there are a wide variety of factors at play when it comes to diagnosing why so many new businesses and startups are failing. One of the most common reasons is – unsurprisingly – capital. Monetary issues account for a failure rate of around 29% of start-ups, according to a recent Fortune survey.
Operating in a highly competitive landscape comes with the crucial need to budget accordingly. Since money is proven to be one of the biggest reasons for startups to fail, it’s important to stick to an achievable budget from the outset, and cut down on costs wherever possible.
You may not be able to control the external factors of the marketplace, but it’s all down to you when it comes to managing the processes and expenditure your business. Establishing a budget plan that minimises costs within the first few years is a great place to start, and is sure to set you off on the right foot.
Check out our Computers & IT auctions for some great products that will help cut costs for your business.
Don't feel like picking up? See our friends at Pack & Send to arrange a courier!
Are your auction items sailing away? See McLintock Freight Forwarders to arrange all your shipping & export needs
Bought something big and yellow at auction and need it moved? Call our friends at Loadshift to have it delivered to your door!