How to turn passion into profit and why half of Aussie start-ups fail

Over 300 Founders and SME leaders set to gather at Melbourne's Federation Square on 22^nd November for launch of 'The 4Ps of Business' book

MELBOURNE, Australia, Nov. 12, 2024 /PRNewswire/ -- The growth in Australian social enterprises is projected to generate over $5.5billion by 2030, however, nearly half (48%) of new businesses in Australia fail within the first four years, according to ABS data, and just 77% make their first anniversary. Further, a recent report released by NAB last week warns small businesses are at risk of stalling without adequate support – jeopardising the impact of many well-intended businesses.

Red tape, hiring and training staff and cyber security threats topped the list of things keeping small businesses up at night, according to NAB's Behind our Businesses: Unlocking growth for small and medium enterprises report.

Ramneek Wayne, a successful social impact entrepreneur, author, Founder of 'The Million Dollar Podcast' and co-founder of Australian disability support provider, North Foundation, disrupted a sector in need of innovation, and says social impact founders risk failing to make a 'real impact' without the tools to turn passion into profit.

"While most SMEs start with good intentions and have plenty of passion, many are falling into the trap of complacency, failing to align passion with the 4Ps - Product, Price, Place, Promotion - to ensure the business remains viable," Mr Wayne said

Wayne, who built his first million-dollar business in just three months, attributes much of his success to 'the 4Ps' framework - a marketing tool he applied as a business blueprint for building lasting customer relationships.

"Think of the 4Ps like the legs of a table – remove one and the whole structure collapses. Where most SMEs fall short is in failing to innovate and adapt (product); clinging on to outdated business models and failing to diversify distribution channels (place); not investing enough in their brand and people (promotion); or not balancing affordability with perceived value (price) – each are fundamental to success.

"Marketing's about people first. That's what drives results, and it's the same with social impact work. You don't push a service—you craft it for the person in front of you. The problem with founder-led businesses is that the focus is often on them and their vision instead of making the people who are delivering the product or service highly visible and accessible," he said.

From Centrelink security guard to multi-million-dollar business entrepreneur

At just 32 years old, Wayne, knows what it takes to build something from nothing. Completely bootstrapped, he started North Foundation (previously Tee Care Agency) from his home office in 2022 and grew it into $20 million revenue in less than two years - reinvesting returns back into the business to drive further growth and improve the quality of life for Aussies with disability, through an individualised support model.

He didn't come from the traditional business heritage of many successful entrepreneurs. Wayne grew up in India amongst the turmoil of conflict in the late1980s, watching his family lose everything, including the family business. He migrated to Australia in 2016, from New Zealand, with no money behind him, no support network, just a dream big attitude. In a short space of time he defied the odds, busted socio-economic stereotypes and disrupted the disability support sector, after observing gaps in the system while working as a Centrelink security guard. The experience ignited a passion in him - not just to do better but to create something radically different, and in 2022 Tee Care Agency (now North Foundation) was born.

Robert Iervasi, Ramneek's business mentor, is the former Group CEO of Asahi Beverages and current Managing Director at SPC Global.  He said: "Not too many people would do what he's done. Ramneek's innate self-belief in everything he does is like nothing I've ever seen before. Failure is just not an option in his eyes, which is a great quality to have." 

"Ramneek's personal journey is an example to other young, aspiring entrepreneurs who want to build a successful six-figure business, that anyone can do it," Mr Iervasi said.

Wayne believes Australia's social impact growth spurt may be short-lived if founders don't get the support that they need to build a sustainable and profitable business.

"I always wanted to start my own business. There was never a Plan B or C, only Plan A. However, I'm a big believer that dreams without goals, are just dreams. You can't just dream big, you have to execute and that relies on building the right management structure and the right people around you to fill your skills gaps, whether that means bringing in a CEO, CFO or finding a mentor," Mr Wayne commented.

Alongside his work in social services, Ramneek is now bringing his ideas into the public domain. His 'Million Dollar Podcast' debuted in October featuring guests such as Adam Long, Founder of Ethical CEO and Yasser Zaki, Founder of Tender Loving Care.

 Wayne is also set to release his first book, an entrepreneurial memoir called:'The 4Ps of Business' at Melbourne's Federation Square on Friday 22^nd November. The exclusive event will bring together over 300 entrepreneurs and SME business leaders, who will hear from expert panellists including: Adrian Critchlow, Founder of Booking.com, and Tony Nash who co-Founded Booktopia.

Click here for more information or to reserve your seat. Seats are strictly limited.

Media Enquiries:

Danielle Tricarico, Consultant to The Million Dollar Co.Ph: 0403 688 980E: TricaricoDanielle@gmail.com